Digital forces have been transforming the world for some time now, and the past two years have only expedited our technological dependency. Everything now moves exponentially; linear progression is no longer the dominant business force. Essentially, everything that can be digitized at scale is, and nearly every process is being automated to the extent possible.
The real estate industry is not immune to such dramatic changes. In fact, if anything, our industry has been late to the transformation game, resulting in an accelerated or somewhat frenzied effort to bring large facets of the industry into modern times.
This trend has been further accelerated not only by COVID-related workplace limitations, but also by severe labor shortages. These dynamics have also advanced the pivot to all things tech. Or in the case of real estate – “PropTech.”
PropTech is, or should soon be, of central focus to all members of the SIOR community and their clients. In this regard, SIOR’s Innovation and Technology Committee (chaired by Ryan Moen, SIOR) has studied the fast-evolving PropTech landscape and determined that the best way for SIOR Global to extend related know-how and opportunities in real-time is via strategic partnership. SIOR has long been a leader in embracing the right set of tools to garner success in the rapidly evolving CRE sectors of office and industrial real estate.
In this regard, SIOR Global is proud to announce our new strategic partnership with REACH Commercial, the leading scale-up program for tech companies dedicated to the CRE sector. Operated by Second Century Ventures (SCV), the most active global real estate technology fund and the strategic investment arm of the National Association of Realtors®, REACH helps its portfolio companies achieve exponential growth through mentorship, education, and market exposure. REACH Commercial is now active in the U.S., Canada, the U.K., and Australia (with more locales likely to come), making this a truly relevant and global opportunity for SIORs everywhere.
“Today’s digital world is forever transforming the way we transact and deliver services,” says SIOR CEO Robert Thornburgh, SIOR. “Our partnership with REACH Commercial is a critical effort to ensure we stay ahead of these changes, deliver the highest level of resources back to our members, and in a larger sense, the entire commercial real estate industry.”
Per last week’s press release: Since its inception in 2013, REACH has graduated more than 160 innovative companies across its global program. SCV expanded in 2019 with the launch of REACH Commercial, a program dedicated to scaling tech solutions for the CRE sector through education, mentorship, and exposure to early adopters and tech-centric real estate professionals eager to help shape the future of real estate, which is why the collaboration with SIOR is a natural fit for both parties.
SIOR envisions this unique partnership will play out over years, rather than months. Each organization has committed oversight teams who meet monthly, and there is mutual budget support as well. As a result, SIOR members can expect to see an array of new PropTech initiatives and services designed to further enrich their SIOR value proposition, provide enhanced services to their clients, and ultimately to make more money.
In addition to helping SIORs with their respective PropTech needs, this new partnership is designed to extend SIOR’s strategic goals of recruiting and member retention, better branding, education, being truly global, and “raising the bar.” Likewise, REACH Commercial, and their PropTech cohort companies will benefit from ongoing access to the considerable and diverse SIOR Community – the very best and brightest practitioners around the globe.
REACH companies will certainly offer up some compelling PropTech products and services of interest. But they are likely to seek candid input from SIORs on shaping the future of their product or service; management advisory; fundraising or investment guidance; making relevant connections; and delivering meaningful value back to SIOR, even beyond any incremental sales.
As Marc Benioff, CEO of Salesforce recently said: “You need to get to the future, ahead of your customers, and be ready to greet them when they arrive.” With the new SIOR Global / REACH Commercial partnership in place, SIORs will be able to do just that.