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Yan Khamish, Managing Director at the online commercial property sales platform Ten-X, asked the big questions about commercial real estate technology: What are the components, inefficiencies, and opportunities in commercial real estate?
“The broker isn’t irreplaceable,” Khamish argued, “but brokers who adapt to technology will be indispensable to a buyer.”
In moving through a deck on Ten-X’s offerings, Khamish got at four pillars of the business in general: Engagement, understanding customer needs and providing advice, documentation, and periodic review and customer engagement.
Ten-X targets efficiency in these areas of commercial real estate. “It takes 300 days to trade an asset. In time, the process will become more efficient. Think of the financial sector: in 1970, it took a week for stock to clear, but in 1990 it took a day. Currently, it takes less than a second. The same change is coming in real estate.”
Khamish envisions a future where sales cycles stay in the 30-day range. The benefit to speeding up the investment sales process is stopping the bleeding of buyers, who walk away in significant numbers during the cycle. “We have 250K buyers who have been vetted on our platform today. They will come in [during a sales cycle using Ten-X] and we will refine the list.”
“We think you can retain 90% of business instead of losing 50% over 300 days,” said Khamish.