What’s 48 years old, has been in their industry for 20 years, gets most of their information from their desktop computer, is overwhelmed with the volume of industry news, and reads between four and eight websites a day on average? If you answered the typical real estate executive, you are right.
At The News Funnel, a new, news curation site I recently launched for the real estate industry, we recently concluded a fairly intensive survey of the industry’s news habits and the results were quite revealing of an industry that is ripe for change. Here are a couple of the highlights from our survey of real estate professionals:
- Almost 80% get their news online
- Almost half of responders check several websites each day for news updates
- 84% get their news on their desktop computer
- In the New York market, the most popular sites were GlobeSt, Wall Street Journal,New York Times, Co Star, Crain’s, Observer, Bloomberg and Real Deal in that order
- Information and communication overload was cited by half of the participants, with nearly 80% saying they want help in managing their information flow
With this information in mind, there is an enormous opportunity for tech companies and service providers to address the industry’s demand for innovators who can help professionals better manage their data and information. From news to data, there has never been as much content available online, which has made everyone more informed and the industry much more professional in their approach to information. With the proliferation of all of this data and information, it’s harder than ever to find the data that’s most relevant to you and also to organize it in a way that is easily digestible.
On the data front, there are many sites and companies that are capitalizing on this trend. On the news front, I have built The News Funnel, a free tool that lets anyone in the industry customize their news based on their own interests. The site is just one of many that are recognizing the enormous opportunity to help organize, streamline and enrich the experience of collecting and interpreting news and information in the real estate industry. In my opinion, we are literally in the first inning of witnessing the enormous amount of change and innovation embracing this industry.
How do you stay informed about the real estate industry? What are some of your favorite sites or technologies that you turn to?