When I first started to expand Dumann Realty beyond the first group of agents, I immediately saw that my agents needed a detailed database of every available retail space in Manhattan at their disposal. Simply put, they needed more inventory.
By canvassing Manhattan on a rotating schedule, agents were able to learn each neighborhood’s characteristics and pricing, spot opportunities, and ultimately contribute to a single internal database from which they and other agents could benefit. The database included not just listings, but verified listings with prices and availability. When the quality of the information is high, it is easier to learn the market, serve your clients, work more efficiently, and ultimately turn potential into success.
To make a long story short, each agent would contribute to just a portion of the database. But the collective effort results in 100% benefit in return. I like to think of how each individual snowflake is unique and fragile. A snowflake in your hand immediately dissolves and melts away. But bring more of them together and they can form a snowball or an incredibly powerful avalanche.
It is quite similar for real estate agents. If a firm isolates its agents, he or she is at risk of melting away and failing. But collectively, they can achieve much more, closing more deals. Every agent brings their unique strength and style to their firm with respect to business sourcing and negotiation. Leveraged together they become powerful and create value for their company and their clients.
To expand beyond a singular firm and look at the commercial real estate market as a whole, when every agent from every real estate firm cooperates and works together, the market is stronger and everyone benefits. Every commercial firm with their unique strengths and areas of specialization brings crucial knowledge to the market. The more this information is shared, the stronger the market becomes.
Small amounts of inaccurate, segmented information is often very unreliable. However once this information is centralized, verified and made available to everyone, it too becomes incredibly powerful.
Agorafy works with property owners and brokers to bring a mountain of segmented commercial real estate data together in one centralized location, eliminating the need for brokers to aggregate and verify on their own. Accessible from anywhere, this saves professionals time and allows them to focus more on what they do best—identifying opportunities, servicing clients, and negotiating and closing transactions.
Every firm and their respective agents should work together and reap the benefits. With Agorafy’s open platform, we are striving to increase cooperation and transparency. This creates market efficiency, enables price discovery and boosts space absorption.
This summer Agorafy will be expanding its platform beyond commercial listings and will expand to residential availabilities. This will further our long term goal to provide a crystal clear profile of every building in Manhattan and allow professionals to access high quality data they otherwise wouldn’t have access to.
Richard Du is the founder and CEO of Agorafy, New York, N.Y.