When it comes to technology, the choice is between disrupting and being disrupted. Real estate brokerages are no exception. Adapting to the times and technology is the key not only to success but to survival.
Earlier this week, TheRedPin, a real-estate tech startup in Toronto, called it quits and entered receivership. TheRedPin was one of the early adopters of technology in the sector, and tried to harness the value latent in real estate transaction data with artificial intelligence and deep learning. Yet the journey from a promising start to receivership lasted just seven years. Traditional brokerages, in comparison, last for decades if not longer.
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Data and knowledge-based industries are in a state of disequilibrium. Since they rely heavily on technology, which is evolving rapidly, getting the right model is proving hard for many. Thus, laggards and leaders both share unique risks and vulnerabilities.