The changing needs of the real estate customer
Writing an article on the changing needs of a real estate customer is tough. Namely because it is difficult to define who a real estate customer is.
Basically it is anyone or any company that uses a building. Not a particularly helpful place to start.
Real Estate is such an amorphous term that covers any activity related to providing or using space – from design, construction, maintenance, operation and of course use. When you further apply asset type, geography, market and financial interest, then you quickly understand how complex the industry is, and why it is difficult to define and understand a real estate customer.
For the real estate service professional this poses a challenge. In the ever-changing world in which we all now live, the needs and wants of all these stakeholders are evolving very quickly. For an industry that is used to long term decision making and risk adverseness, this can be uncomfortable.
Nevertheless, in an attempt to stick to the script and provide some light on how the real estate service industry needs to adapt to its customer as a consequence of digital transformation (and associated macro trends), I have grouped the customer into two buckets:
- The providers of space (Landlords);