New: CRE vacancy schedules – best in breed
In a long-overdue industry first, PropTech is now delivering professionally-designed, automated vacancy schedules to the CRE industry. You time-starved CRE professionals can now get your vacancy schedules to work as hard as you do, giving your vacant space the best chance of finding the right tenant.
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Great insight Will.
Cheers Morne. Good luck with the deals
Will, interesting post. For your argument to hold up, a careful analysis of the skills required of a “real estate professional” advising users needs to be provided. Those required skills then need to be mapped to the level of capabilities currently available. If the right skills are not applied, then the human element is not helpful and may even be value destructive in a commercial real estate transaction: for the very reasons that differentiate a holiday hotel selection from a commercial premises selection. I suggest your argument only holds true if there is wholesale professionalisation of the industry and, even then, only if the various conflicts of interest are transparently identified and managed.
Thank you Kerry. Heard and understood re the importance of skills and the need for industry to further professionalise (encompassing conflicts of interest management). Both underpin the major risk: that of large value destruction.
I sense another very specific post detailing these skills is required – to provide criteria for CRE professionals to self-audit.
In the meantime, please see this article – it breaks the skills required by CRE deal makers (acknowledged to be a subset within the larger population of CRE professionals) into categories, and covers these skills at a high level: https://blog.gmaven.com/opinion-pieces/which-of-these-5-cre-deal-makers-are-you/.
The article in the link above does not however explicitly address those values required by CRE advisors – who are obliged to honour the trust placed in them by their clients.
To emphasise the over-riding importance of values in avoiding value destruction, here is a relevant quote from the Sage of Omaha: “…in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you”
Hi Will,
Great post!
Kind regards
Guy
Cheers Guy!
I feel dutybound to share a great article, from the famous Duke Long, detailing more compelling reasons why brokers are here to stay:
https://dukelong.com/broker-confidential-5-reasons-duke-longs-online-cre-utopia-may-never-happen/