CREtech and SIOR surveyed over 5,000 brokers to determine key trends, challenges and opportunities in the commercial real estate brokerage sector.
Since the start of 2019, the commercial real estate brokerage sector has been cautiously optimistic. As technology and startups enhance broker capabilities, worry remains that today’s technologies and services could disrupt the brokerage business.
”The commercial real estate industry is experiencing a period of massive disruption as a result of the tech sector, and embracing this rapidly changing landscape is critical for businesses to stay relevant. SIOR welcomes the opportunity to partner with CREtech and leverage the thought leadership of our global members for this important work. Staying nimble and adapting to this disruption will be vital for today’s CRE professionals, while equally not losing sight of the personal touch that sustains our relationships.” said Robert Thornburgh, SIOR 2019 SIOR Global President.
”The brokerage business is going through a once in a generation shift with the advent of Ai, virtual and augmented reality, and new marketplace technologies. Brokers are better equipped with more data and more exposure to enhance the brokerage experience and deliver faster results.” said Ashkán Zandieh Chief Intelligence Officer, CREtech.
Survey respondents found value in how technology simplifies tasks and adds value, but believe technology still has room to grow in the commercial real estate industry. Survey responses emphasized that while embracing technology is important, true success depends on personal relationships and tech provides avenues to improve those relationships.
Survey highlights include:
• Technology services, training, and adoption remain high priority items for agents and brokers, with 72% of respondents stating that their current brokerage company needs to do more in providing technology resources to agents and brokers.
• Tech-enabled brokerages topped the list as the primary threat to commercial real estate brokers.
• Citing time as a factor, the biggest challenge to adopting new tech was the lack of intuitive solutions that require little to no training.
The full report is available at https://www.cretech.com/product/the-state-of-tech-in-the-brokerage-sector/ , where you can learn more about tech’s impact on the brokerage sector, including expanded data and analysis regarding:
• Priorities of tech product segments for business
• Biggest challenges to adopting tech
• Biggest threats to the brokerage sector
• How brokerage firms can embrace tech better
• Impact of tech investments in brokerage