The Best of CRE Tech in 2013

Commercial Real Estate Technology was huge in 2013. In the last year we've seen the CRE industry adopt new technologies to effectively handle emergencies, automate their processes with property management/cloud computing apps, as well as the integration of new tech into projects currently underway.

As we wind down 2013, here’s a look back at all things tech that we covered here on the RDM Blog.

RDM Launches Video, Demos New Features to RA at CRE Tech Intersect

RDM’s Business Development and Software Development teams were in attendance at the inaugural New York City CRE Tech Intersect event, held at the former New York Times Building. Visitors to the RDM demo table were provided live demonstrations of our cloud-based space management solution, RealAccessTM Commercial and were among the first to see the launch of our new “Your Building in the Cloud” video.  Read More...

What We Heard: NYC Tech Revolution

RDM's sales director, Joe Leach, was in attendance at the NAIOP NYC Tech Revolution. The event examined the impact of technology innovations in the commercial real estate industry within New York City.  Read More...

CRE’s New Technology Focus

Hurricane Sandy left many building owners and managers looking for ways to improve how the buildings within their portfolios handle weather and, in the event of a complete shutdown of the city, ways to access their property information and important documents away from the office. Read More...

RDM's Peter Boritz on Rise of Technology in CRE [video]

RDM CEO Peter Boritz discusses the rise of new technology in the Commercial Real Estate industry at the 2013 CRE Tech Talk event at BuildingsNY.

What Makes the "Office of the Future"?

At Bisnow’s NY Office of the Future Event, panel speakers shed light on the driving factors luring major tech/creative companies into NYC, and the steps CRE developers and owners are taking to ensure these companies stay long-term. Read More...

Does Tech Play a Role in Determining Space Needs? [video] 

What factors do property owners and tenants consider when selecting space? RDM CEO Peter Boritz tells the panel at CRE TechTalk that employees who work remotely and "cool spaces" are now an important a factor for many looking for CRE space.

At Last, Is There Value in CRE Tech?

It is widely believed that the commercial real estate industry has a lag in adoption of new technology when compared to other industries. While some believe this is a result of doing business in a more traditional industry, there are others who feel the current technological offerings aren’t applicable to the industry. Read More...

What We Saw at Realcomm 2013

The 15th annual Realcomm event was held in Orlando, Florida. The event brought together commercial and corporate real estate professionals each year to explore the latest technology tools and innovations available to our industry. As an industry leader, we've taken note of the key trends/discussion points from the conference and here is what we see.  Read More...

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What We Heard: NYC Property Management Summit

MHP's COO David Sturner and RDM VP Blake Grosch.

RDM’s Vice President, Blake Grosch was in attendance at The Yale Club for Bisnow’s NYC Property Management Summit.  The event brought together an all-star panel of owners and property managers to discuss the challenges, opportunities, efficiencies and sustainability efforts within the property management industry.

The panel consisted of Principals and CEOs from Murray Hill Properties, Honest Buildings, Monday Properties, Zurich and Rudin Management, with Ronald Kaplan of CohnReznick as moderator.
 

This is what we heard:

Building Needs
- David Sturner (Murray Hill Properties) believes that in order to keep tenants happy they need to know owners are accessible.
- Jeff Shearman (Zurich) notes that landlords need to do a risk assessment before initiating sustainability initiatives.
- Michael Rudin (Rudin Management) sees a challenge with staying relevant in the market -- need to provide a good product consistently.
- Hani Salama (Monday Properties) says you have to be flexible to meet tenant needs.
- Salama feels that property managers don't get enough credit.  They need to be exposed to engineering, construction, and accounting to be effective.

LEED Certification
- Salama says that to stay competitive you need LEED & Energy Star certification.
- Riggs Kubiak (Honest Buildings) believes transparent benchmarking for energy use is important for landlords to operate efficiently.
- Sturner says LEED certification isn't necessarily compatible with class B or C buildings.

Emergency Preparedness
- Shearman has seen landlords sealing their building envelopes post Sandy to reduce flooding in lower levels.
- Rudin is moving the building systems to 2nd and 3rd levels at 110 Wall St to comply with terms of new tenant.
- Shearman fears maintaining a high level of preparedness during periods without challenges.
- Sturner says there are Class A buildings and Class A owners with regard to security procedures set up - best to be safe than sorry.
- Shearman notes that you need to care about your building staff's home needs during an emergency as well.

CRE Technology
- Kubiak sees tech tenants placing a large emphasis on connectivity. Tenants are reliant on the existing infrastructure set by landlords.
- Ronald Kaplan (CohnReznick) notes that he has seen owners not using tech leaving money on the table.
- Kubiak sees a huge amount of capital pouring into NYC focused on CRE tech.
- Kubiak sees a lot of noise about tech in real estate. Questions if all these companies will stick around.

Other
- Salama notes that his buildings are doing well in NYC but somewhat struggling in DC due to the government.
- Rudin mentions that commercial vacancy for his portfolio is very low.
- Sturner notes that staffing and insurance are a big piece of their budget.
- Salama notes operating expenses have been steady over past 3 years -- pay most on taxes.
- Rudin backs affordable housing initiatives but notes incentives need to align to make sense.

For more from the event, check out Real Estate Bisnow.

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RDM’s Peter Boritz Hosts Real Estate Talk Show

Peter Boritz, CEO of Real Data Management, now has a dual role in the Commercial Real Estate scene - hosting a new online radio show about the intersection between commercial real estate and technology.

Real Tech, which airs digitally on Commercial Property Executive, will cover emerging technology, trends, and figures in the commercial real estate industry. 

This week, Boritz gave accolades to Google’s Desktop Search feature, which he said is a boon for busy real estate executives. “Desktop makes searching on your own computer as easy as searching on the web,” Boritz said, adding that it is able to search keywords across all file types: e-mail, text files, databases, music, video, photos, web history. “It frees you up from having to manually organize your files,” he said.

Future posts will detail trends in social networking, web technologies, platforms, and mobility as they relate to the real estate field. Boritz explained his approach to hosting the segments: “There are many choices and challenges that need to be made when dealing with new technology because of to the vast amount of choices at your fingertips. The best way to handle this is determining your needs and goals. Ask yourself what you want to get out of an investment in technology.”

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Technology and Real Estate 1.0

At times, Commercial Real Estate and Technology seem to be competing forces; CRE Technology is almost a contradiction in terms to some. This industry is for being resistant to change and slow to adopt innovation. It has become traditional “old school” stability and tradition versus modern tools and forward thinkers. We’re all too familiar with the old school “If it ain’t broke don’t fix it” mentality – at times it seems the overpowering mainstream of CRE is doing business this way since time began and most are resistant to change. In a recent edition of Real Estate Weekly, Peter Boritz, CEO of Real Data Management, summed up technology use among real estate companies:

"Soon, real estate companies will find enormous value in mediums like online video, sophisticated e-mail marketing, animation, and social networks.

The industry is already observing apartment brokers using low-quality video footage that's easily captured on a PDA, uploaded to a computer, and published online. Instead of meeting that broker to view apartment features, prospective tenants can see it for themselves. This indicates a demand for tech-driven marketing in what has traditionally been a handshake business."

True, most modern day real estate businesses are using email and mobile devices and keeping up – but not expanding. The forward thinkers ponder how they can use existing and future tech to work smarter, faster – and make money. The truth is, whether industry veterans want to admit it or not, technology can be a game changer in Real Estate just as much as any other industry. With digital files, web 2.0 applications, mobile communications, voice recognition, and video readily available it won’t be long until one of the most unchanged bricks- and- mortar industries looks nothing like it did even ten short years ago. If businesses don’t keep up, they will almost surely fall through the cracks.

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Portfolio Owners are Missing the Boat on Digital Media and Advertising

Get noticed, get business. It’s a maxim that seems obvious and inherent to the business of selling and leasing real estate, yet traditional CRE portfolios lack the capabilities to get noticed in today’s media-driven sales environment.

For example, when brokers or property owners showcase a home or office to a potential buyer or tenant, the preparation – scheduling the appointment, confirming the logistics, and dressing up the unit for the prospect – takes far more time than the tour itself. This is especially problematic for real estate professionals who want to spend more hours strategizing and fewer going from one appointment to the next, and potential customers often don’t want to invest a chunk of their time just to get a “first look” at a new office, condo, or investment property.

The real estate industry has begun to adopt technological tools like sharp collateral blasted over e-mail and animation-driven web sites, albeit slower than other professional fields. These tools, while important as individual elements, represent only the cusp of what’s next for real estate professionals’ marketing and advertising programs: fully integrated campaigns that use technology to its fullest extent.

Soon, portfolio companies will find enormous value in mediums like online video, sophisticated e-mail marketing, animation, and social networks. The industry is already observing apartment brokers using low-quality video footage that’s easily captured on a PDA, uploaded to a computer, and published online. So instead of meeting that broker to discuss apartment features, prospective tenants can see it for themselves. This indicates a demand for video and more-technological marketing in what has traditionally been a handshake business.

Internal marketing department at large-enough firms, design and advertising agencies, branding firms, and other service providers will soon join the fray of tech-driven real estate marketing. In sourcing this work, it’s important to combine industry experience with technological know-how to maximize the return on marketing dollars.

There are also barriers. Measurability will become important as different web and new media strategies surface, and solutions that ignore the need to evaluate their own performance won’t cut it. Many in the industry may also carry the misconception that newer technologies are capable of replacing sound investments and sales strategies that have worked for decades; this won’t happen. The better use of technology will drive attention to the best offerings and deals available in the marketplace, not create them.

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