Technology's Dirty Secret -- It Doesn't Save Time.

 The Slow Road to Digital Real Estate... As I sat listening last week to Jeff Pacy present NetStruxr to a group of Silicon Valley real estate executives, I realized (yet again!) how difficult it is for all of us to absorb the complexity and nuances of new technology.   This is a picture of an intent listener framed by a data input screen.  NetStuxr, which is backed by Bank of America, IBM, Prudential Insurance and other heavyweights, provides an e-marketplace (for posting and responding to corporate demand for space) and a transaction management platform (for managing the acquisition and disposition of space).  It's one of a host of tools aimed at digitizing the real estate process -- from lease administration to project management to finance.  And while it's true (in theory) that these tools will make us more productive, the bloody reality is that deploying them into an organization is a huge task. 

So here's my epiphany.  Real estate professionals are not resistant to new technology by definition.  We're not Luddites.   But real estate professionals are resistant to new demands on their time.  Peter Opitz with United Properties in Minneapolis says it well: "Encouraging people to adopt things such as PDA's (Personal Digital Assistants) and disseminating company information electronically is helping to slowly change our internal culture. ... Are digital tools making my life easier?  No, probably not. Any efficiency I've gained is used up evaluating new tools or helping others learn to use digital tools.  In my mind, the most important question is, 'Do these tools enable me to provide my clients with better service and solutions?'  To that, I answer a resounding yes!"

And here's another a recent e-mail from an admittedly "old school" Fortune 500 real estate director: "I can even make the argument that the Internet creates more friction, not less, and wastes more time."  Oh-oh. ... Hey, I love technology and calmly endure my daily share of grief (thanks, Bill).  But I'm the first person to admit that learning a new application takes time and diligence.  And unless the payoff is crystal clear, adoption will proceed at a slow pace.  

Dispatch Circulation: Sharp-eyed readers will note that for the first time in months, the number of net Dispatch subscribers has jumped up to 10,800.  That's because my friends at ITRA Realty Group signed up a bunch of their professionals.  (The dirty secret of e-mail addresses is that monthly attrition is 2-3%.)   So thank you, ITRA!  If you'd like your office to subscribe to the Dispatch, send me an Excel file with three fields of information: first name, last name and e-mail address.   I appreciate your support.

--Peter Pike / ppike@pikenet.com