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March 19, 2014

           Volume 16 - Number 11

      
Streamlining the Business of Commercial Real Estate
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No. 1 Selling Comp
Database Software
 
DataComp© is the No. 1 In-house Commercial Comparable Management Software on the market today made by and for commercial real estate appraisers.
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YouConnect© is a Web-based Appraisal and Vendor Management solution enabling financial institutions to automate and streamline their process, while satisfying federal and state examination and auditing requirements.
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New Edge 2011

 

EDGE© is a simple to use, but powerful report writing solution. A stand-alone application that integrates seamlessly with Word, Excel and DataComp©. 

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Manager© is our cloud-based commercial appraisal workflow application that can be accessed from any browser, Windows, Mac or cell phone. 

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Check Out Our Sister Publication...
TOP OF THE WEEK TO YOU!
(by realwired! CEO, Brenda Dohring Hicks)

Brenda Dohring Hicks

 

Top of the Week to You! is designed to offer the inside scoop and latest of what's important in the world of technology as it relates to the commercial real estate industry.

Scientific Method Meets FOMO  


I once thought, and some people say, that you would be most successful if you were able to communicate to the widest possible audience. Now that we have more and more data, we know that the real answer is to communicate with the most appropriate people through the most effective channels. Ok, we really knew that, but we went with the "biggest net" theory because it was all we had. Communicate to the most you can and something is sure to get through!  

I liken communication to using the Scientific Method which relies on 5 specific steps: 1. Observation, 2. Hypotheses, 3. Prediction, 4. Experimentation and 5. Conclusion. You need all five steps, but the last one, Conclusion, is the most difficult because it's not only the conclusion that's important, it's communication of that conclusion. Without the ability to communicate, you simply can't compete -- not in a science fair and not in business.

This is what the internet, social media channels and data is really all about...about communicating and connecting in our changing world. Technology at its best is communication through applied science. We have to understand what our primary job is and then incorporate the technology that best helps us get the job done.  For instance if your job is to help people lease, buy and sell properties, you have to decide which channels will work best based on a function of our interests, our strengths and our target audience. There is no one-size-fits-all when it comes to how to support the task at hand. We can make it easy or we can make it hard. We can spend too much time on the technology and social interactions or we can spend not enough. My general rule of thumb is keep it as simple as possible and make sure that what you do is aligned with more than just your budget; make sure you're doing things that make sense because you have followed the steps of the scientific method. For instance, while I run into many people confessing to enjoy this newsletter/blog, I have yet to lose a client over the number of online followers or fans I have. But I know after years of doing this that I get great pleasure out of it and it's helped establish my reputation in the industry, so it works for me. Doesn't mean it would work for you.

Whether you are connecting in person, on Facebook, Twitter or other social media sites, it is all about making that right connection rather than just a "connection". We need to be watchful of how many "connections" we make no matter how well communicated. Why do we need to be watchful? Because it's easy to succumb to fear that you are somehow being left behind, left out of an important conversation or not knowing the latest industry news so you overload on "connections" - the ones you make and the ones you respond to. There's actually a term for it FOMA - Fear of Missing Out and it's pretty motivating but sometimes not in the best way. Remember the old saying "what you don't know can't hurt you"? Never before have fewer people believed that. Like a company that sells radar equipment to the police as well as radar detectors to the public or lawyers that create mazes you have to hire a lawyer to escape, social connections both create and cure FOMO. If you didn't know that something was going on, you'd contentedly go about your business, but since you do know, you hungrily watch each new tweet. Go figure.

My advice is, don't let FOMO lead you. Stay alert! Think scientifically when you can and your business and social life will be better off!

Come join our discussion on our blog, or I welcome your feedback through email.
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