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3 Things CRE Can Learn from the Uber Model

Uber has exploded and become a ubiquitous transportation service in almost every metro as well as throughout the country. It has been incredibly disruptive particularly to the taxi industry. The company utilizes what is known as the sharing economy by allowing any individual to sign up and use their own vehicle like a taxi to transport other individuals from point A to point B.

Other industries are starting to utilize the sharing economy as well and are seeing success by given individuals a way to generate income using something they already own. What can the commercial real estate industry learn from the Uber model? Here a few things that can be learned from the Uber model.

1. An Old Industry can be Drastically Disrupted

Uber disrupted the taxi industry which had been around for many years and the way they did this is by utilizing technology. They simply created the technology that allowed ease of use for consumers to get from point A to point B while also solving many of the issues consumers had with taxi services. This shows that the real estate industry which has been around for many years has the potential to be disrupted as well. Technology is already coming into the industry and being an agent or broker it is key to adapt to technology now to help make your clients’ lives and your life easier.

2. People Want Convenience

The model has proven that as technology advances and makes life more convenient for all who adopt it, individuals embrace the convenience quite dramatically. Making the real estate process as convenient as possible for your clients can have them giving you great reviews as well as telling others how convenient and easy it was to work with you.

Utilizing technology that makes the transaction go more smoothly and keeps everything organized is a sure way to do this as well as utilizing a CRM that can be sure you are staying on top of your clients when you need to.

3. Sharing is Popular

The whole reason that Uber works is because individuals are willing to share their cars with others so they can get transportation. This is relatable to the commercial real estate industry because one of the largest sectors of the industry is renting which is essentially the same concept of Uber. Landlords are sharing their owned property with tenants in exchange for compensation.

Learning from this, we can look at possible different ways to connect tenants with landlords just like Uber created a different way to connect riders with drivers. Even creating a rating system for your landlords who would be rated by their past tenants could help to better market the properties they own by letting potential tenants know that the landlord was highly rated similar to the rating of an Uber driver.

 

-Nicole Epps Brzyski