Bet that’s a headline you didn’t expect to see, but a recent blog from Coldwell Banker Commercial noted the market similarities between Uber and commercial real estate. We think they’re pretty compelling. Here are the highlights.
As Uber has exploded to serve both large and small metro areas across the country, it has thoroughly disrupted the taxi industry which had been a transportation mainstay for many years. They did it simply by using technology that helped consumers get from point A to point B without many of the hassles they experienced with taxis. Uber isn’t the only major consumer industry to take a hit from technology—malls and popular retail stores tell the same tale. CRE is no different. Technology holds the potential to be a major disruptor with the potential to change CRE as we know it.
The ease of use with Uber’s technology was a major factor in consumers embracing it as dramatically as they did. Using technology to make the real estate process as convenient as possible (e.g., keeping everything organized and incorporating a CRM) will help your consumers and tenants embrace you as well—and leave you great reviews.
The term “shared economy” is used commonly now for a reason. People don’t mind sharing cars or other space when it’s convenient and saves them money. The parallel here is clear for CRE as landlords are sharing—or renting—their owned property with tenants in exchange for compensation.
Understanding the Uber model can help today’s property owners remain relevant and thereby grow your business. Use technology to help you connect with and make life easier for your tenants, and you’ll be getting the same high ratings as Uber’s top drivers.