The Reality of Entrepreneurship in Commercial Real Estate
In a recent RE:Tech › Insight Survey, 85 percent of commercial real estate brokers in the U.S. between the ages of 25 and 40 believe they demonstrate qualities of either an intrapreneur or entrepreneur.
However, according to the real estate professionals we spoke with, nearly 90 percent expressed some level of frustration with the "status quo." "The reality is, while many of the junior brokers are trying to be more innovative and entrepreneurial in order to be relevant, there are many aspect of our company that will remain unchanged as long as legacy systems are in place," says a commercial real estate broker in NYC.
A similar tone was expressed in other markets with a more direct focus on transparency and trust. According to a commercial real estate broker in Los Angeles, transparency within companies seems to be a major challenge. "For some reason trust from the top down is a challenge, which impacts the productivity and morale of junior brokers."
While innovation is a top priority for many commercial real estate organizations, according to a RE:Tech Insight Survey, 60 percent of real estate directors and executives consider innovation either an utmost priority or one of the top organizational priorities. However, efficiency and transparency is not.
Additionally, as the commercial estate industry continues to evolve, 70 percent of brokers surveyed believe that technology's impact on real estate will help the industry adapt and grow.