Recently, our office, which is one unit of an office complex, got new business neighbours. They are a regional branch of a multinational business organization. They replaced another regional branch of another global organization, which moved into more prestigious offices in Port-of-Spain. The motto on our new neighbor’s website reads ‘Strategic Advisors for the Digital Economy’.

Since the old neighbor’s motto is ‘Think Ahead’ and they also are part of the ‘Digital Economy’, it got me thinking, that if we, Real Estate professionals wanted our business to grow, we also must be part of this new economy.

What then does ‘Digital Economy’ really mean? Our new neighbor’s website gave me a hint, it explains ‘… translating the power of technology into realizable business strategies’. The main drivers of this economy are:

• Mobile Devices (37%)
• E-Commerce (34%)
• Search (17%)
• Social Media (12%)
• Online Content (1%)

It therefore means that the extent to which your business uses or participates in the above sectors. And, it goes further, how much are you basing your Real Estate practice strategies on the ability to leverage the benefits of these new technologies.

To what extent are you using these technologies to better serve your clients or increase productivity and efficiency in the back office?

A few suggestions come to mind:

• Using your mobile phone and tablets to better communicate with your clients.
• Consider selling some of your services online without a face to face interface.
• Ensuring your properties appear in relevant searches through captivating websites.
• Engaging in Social Media to remain top of mind.
• Producing informative content to make you appear as the expert in your field.
• Using digital software to manage the back-office processes of all information management.

But, before you go and invest heavily in digital technology, remember that increasingly, the digital economy is being intertwined with the traditional economy and it is becoming less delineated. The Digital Economy is not going to be a separate economy, it is more likely going to be just the new technology of business, the new way of doing business. And, if so, you can’t help but be part of it.