Our team recently read Adaptby Blaine Strickland, a prominent commercial real estate consultant and friend to Menlo Group. In his book, he outlines potential disruptors to the commercial real estate industry.
Blaine couldn’t have known
that he would be publishing his book as the COVID-19 pandemic transformed the
industry seemingly overnight. His words provided timely insights for our team
on adapting to changing circumstances and preparing for the future.
1. Adapt by utilizing technology
One of the major themes of the book is the continued growth of technology within the commercial real estate industry. Tech companies such as Offerpad, Opendoor, Zillow and Homie have changed how people buy and sell homes, and we could see big players enter the commercial space as well.
Instead of being resistant
to new technologies, our team aims to be early adopters and test out new
platforms to determine their benefit to our clients. Technologies such as
automation and artificial intelligence could enable us to streamline the
transaction process and provide a more frictionless experience for clients.
2. Determine value proposition
As we discussed possible changes to the industry, the question came up, “Will the world always need commercial real estate brokers?” We hope so. We view ourselves as trusted advisors that help businesses reach their goals, and we hope the relationships we build with clients will always be valued. Our value proposition lies in our market knowledge and ability to negotiate. Our unique Menlo Process™ also sets us apart from other brokerages and guides clients through the commercial real estate process.
In his book, Blaine
discusses the possibility that the role of brokers could be changing. Some
clients may desire for us to only provide a specific service rather than assist
in the entire real estate transaction, and we should be open to these new
3. Expect the unexpected
Blaine provides many
examples of potential disruptors to the industry. Time will tell which company
or development will change the industry the most, but we should expect and
embrace change. Those who fail to adapt will be left behind.
Despite the difficulties brought on by the COVID-19 pandemic, Menlo Group had a wonderful year in 2020. We appreciate Blaine’s forward thinking that will help prepare us for whatever lies ahead.