Technology will shake the industry – part 1

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From Matt Giffune
Vice President
Jones Lang LaSalle

I’ve never been a fan of waiting. It makes me feel anxious. I like things to be figured out and taken care of quickly.

 As a commercial real estate broker, I feel like I am always waiting for the latest technology that is supposed to make my job easier. It never seems to happen fast enough.

I’m not alone in this thinking. Recently I attended a talk here in Boston with industry execs and discussed, among other topics, how advancements in technology may eventually disintermediate brokers from the deal process. Or at least begin to erode the fee structure.

Comparisons were drawn to the travel, residential real estate, and financial services industries to support the contention that unless the CRE industry begins to adopt new technology, it will be marginalized by the technology itself. To be clear, when I refer to CRE technology, I mean software solutions that utilize the internet to increase efficiency in a process or transaction within our industry.

Who really cares? A CEO is required to care because he has to., For the broker, though, is technology really that big of a differentiator? I believe that the answer is a resounding yes. I argue that there are two categories of CRE technology that will eventually shake up the industry. More specifically, it will dramatically change how brokers get paid and add value.

-Matt

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