Three key trends & takeaways from real estate opinion leaders
The Real Estate Opinion Leaders
The 2017 GRESB reporting season wrapped up in June, and the annual world tour of results recently began. This world tour stops in many major international cities, one of which is Chicago, and for the past five years, Goby has hosted this presentation event in Chicago.
In conjunction with our role as hosts for the presentation of these results, Goby also holds another annual event during this time; we call it GOLE, which stands for the Goby Opinion Leaders Event. The event brings some of the commercial real estate industry’s most respected executives and trendsetters together from all corners of the country to share their insights on industry trends, market changes, and the evolution of real estate technology and operation.
The core premise, and ultimate goal, of our yearly gathering is to create connection, collaboration, and cooperation between the real estate industry’s movers and shakers.
What is an “Opinion Leader”?
Those that fall into the category of Opinion Leader are just that; the respect they’ve earned and the influence they hold in their given industry demands attention. When they speak, others listen. Read more about opinion leaders here.
Gunnar Branson, president and CEO of the National Association of Real Estate Investment Managers (NAREIM) and a perfect example of an opinion leader, made an incredibly accurate observation during his presentation: technology is a limitless resource for bringing people together and connecting them, and it’s changing the way the world works. The commercial real estate industry is a perfect example of the significant impact that evolving technology and increased connectivity are having on the world.
Technology has had the ability to disrupt the status quo in many other industries, and although CRE has been late to the game in adopting advanced technologies into everyday practices, it is happening.
From this year’s gathering, we identified three crucial tenets that are important to keep in mind; these are going to have an effect on the future of your portfolio as technology continues evolving.
Identify yourself on the technology adoption curve
Before you can define the end result of your technological adoption, you need to identify your placement on the curve. This will grant you the ability to create a comprehensive strategy for your future, and allows you to evaluate your performance in comparison to your peers and competitors.
Are you an early adopter, leading the pack with your innovative tech and forward thinking? Or more in the middle, the average adopter of these changes? Hopefully you aren’t lagging behind as the rest of your industry rushes toward the future. For many organizations, this self-identification can require a lot of research and thorough testing of solutions before the right one presents itself, but the long-term benefits tend to outweigh the commitment and opportunity costs.
Identify where you want to be
Once you know where you stand, it becomes a much easier task to figure out where you want to end up. There are different ways of measuring success, different goals that each organization will seek, and each of these end goals has at least as many pathways to achieving that success.
Once you’ve identified the start and end of your journey into the future, the next task is deciding the route, which requires a roadmap. Will you capitalize on a competitive advantage that will push you up with other leaders? Adopt the new industry practices that are emerging as time moves forward? Research and develop your own, proprietary technologies and strategies? Remember to keep in mind that your goals will affect the path you take to achieve it, so it’s crucial to identify those before you start.
Define and maintain your portfolio identity
Take a look at your buildings with a portfolio-wide lens. What are they, really? This is the time to strategically plan for the future, so try to define and clearly understand each of your buildings. This isn’t necessarily about how you want them to be how you want to present them; it’s about taking a data-driven approach to defining your portfolio and the assets inside it. This will help with your strategic branding down the road and identify the right way to position your properties in the market.
In the end, you’ll do what you need to clearly identify and understand your portfolio, from where it is now to where you want it to end up. This new point of view will help to define your technological goals; from identifying your current adoption level, to creating your roadmap into the future, to implementing your strategy and reaping any rewards that it provides.