What are the biggest obstacles to data exchange between commercial brokers? Are they largely cultural and based in a lack of cooperation, or is it a problem that can be solved by technology?
Also, what are the main data points or categories that need to flow more freely between brokerages in order for everyone to benefit? Is a more open exchange of listing information needed? More data about closed deals? Tenant needs and the details of what's in demand? Is one of these areas in greatest need of open data exchange, or perhaps a different area all together?
Hi Jonathan! We received the following response from our mentor and judge Nikko Politis:
"I really don’t think that Data Exchange is an issue that burdens the market today. But it is one that could be revolutionized as a tangent or fringe for an even better product. If this individual is really looking to focus on transfer of data and documents, I would recommend they focus on ease of access, ease of document/folder management, speed and efficiency. People would really prefer these exchanges be so effective that they are not even noticed.
While these are all good questions, I think my answer to all questions would be for a contestant to look to solve all issues with data exchange and beyond in a single platform. What would be great for buyers, sellers and the intermediaries/brokers is a web based operating platform where all accounting data and information can be retained for the history of the asset. The owner would have access to all historical operating statements, capital projects, relevant property documents, leases, utility contracts, Argus projections, etc.
When moving forward in a sale process, prospective buyers could then be given access to the property site or data site and the owner would simply decide what documents and information would be able to be accessed by brokers and prospective buyers. This way you solve multiple problems and create new efficiencies in a single software solution."
So you said the owners have to decide access of key documents and information to give to the buyers. So do you mean to automate of decision such that buyers must submit key info before the owners can given such access?