Connecting the Dots on Technology in CRE

Real Data Management’s Blake Grosch and Joe Leach were in attendance for BOMA New York’s Connecting the Dots Seminar.

The event featured speakers from The Berman Group, Silverstein Properties, and MRI Software to discuss the ways technology is helping building staff and tenants.  The discussion was broken into three sections: Real Estate Apps and the Use of Social Media, Mobility, and Tools to Enable Collaboration.

This is some of what we heard:

• New York City launched several tech-based initiatives under (former) Mayor Bloomberg -- WiredNYC, ConnectNYC, Broadband Map, & Made in NYC.  His initiatives helped expand the availability of high-speed broadband for business owners.
 
• Profile of the "new" tenant: understands technology, expects accessibility, and won't compromise.
 
• Property management and landlords should not be behind with the integration of new technology.
 
• The Empire State Building is a good example of a property which retrofitted its tech infrastructure. The professional networking site LinkedIn is now ESB’s anchor tenant.
 
• Smartphone and tablet apps are a good way to distribute building information to tenants.
• Building management apps increase building efficiency and responsiveness.
 
• Buildings should consider having a social media presence, which can help create an identity for a property.
 
• If a building engages in social media, they should establish a communication schedule in order to promote a desired identity.
 
• Silverstein’s Sandy Jacolow noted that (hurricane) Sandy changed the way we think about emergency notifications.
 
• Jacolow mentioned there are mobile solutions for getting information out quickly via text, email, or voice.  He also is a proponent of rent payment mobile solutions -- quicker and easier.
 
• According to Jacolow, mobility options helped change the way Silverstein thinks about Wi-Fi options in its buildings – he feels it’s critical to be connected at all times.
 
•  Zac Wolf (MRI Software) sees digital convergence eroding boundaries & digital experience making or breaking a firm as trends in 2014. 
 
• Customer service is a critical factor for property management -- having online tools set in place is important to achieve tenant satisfaction and retention.
 
• Wolf noted mobilizing tenants is as important as mobilizing your staff -- which will undoubtedly improve efficiency.  He insists mobile solutions will make money for owners.

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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 last Thursday 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 (see below).

“As an experienced real estate technology company, we are pleased to see the enthusiasm for emerging technology in the commercial real estate space,” said Peter Boritz, CEO of Real Data Management.  “The large turnout of both industry leaders and investors is validating for on-going advancements in the cloud computing and technology areas for CRE.”


RealAccessTM Commercial places Your Building in the Cloud with a suite of tools designed to help owners, agents and management companies market, manage and lease their spaces.  With time saving features such as our exclusive Interactive Floor Plan which allows for viewing DXF files without AutoCad, stacking plans which can be exported into Excel and real-time updates from major accounting systems - RealAccessTM Commercial puts your entire portfolio at your fingertips.

ABOUT CRE // TECH INTERSECT
CRE // Tech Intersect is a conference consisting of professionals from the commercial real estate and technology worlds focused on the development, financing and use of forward-thinking technology specifically designed for the real estate market. For more information about CRE//Tech Intersect, please visit www.cretechintersect.com.

ABOUT RDM
RDM is a leading provider of services and software for the real estate industry. Our focus on bringing Cloud Computing to the commercial real estate industry led to the development of Real Access; our cloud-based space management solution designed to help property owners market, manage and lease spaces across their portfolio.  For more information, please visit www.rdm1.com.

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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.

In his recent CRE Outsider post, author Chris Clark provided an analysis of the industry’s view on tech as a comparison of older generation versus younger generation.  According to Clark, veteran agents stick to what has worked in the past but are willing to adapt to provide an expected level of service.  What it essentially boils down to for tech is will it provide this missing value.

At RDM, we understand that “new and shiny” doesn’t work for everyone, however, technology has made great strides for our industry. It has given us the ability to make information easily accessible, create more effective ways to market spaces and help manage those spaces from the convenience of a single application.  As we continue to see changes in the business environment we rely on technology to be able to make sure our important information is not only safe, but accessible.  We see great value in the technology which is available to real estate professionals today and look forward to what is in store for tomorrow.
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Nothing But Complaints by Chris Clark

I’ve heard this complaint before.  CRE is behind the curve, technologically inept, etc… and it’s all because there are too many “old guys” in the business.  I’m also sure that when the “old guys” were first starting out they thought the same thing of their elders – the ones who couldn’t work the fax machine or wouldn’t pony up for a “car” phone.

Like many service industries, CRE is reactionary.  It modifies the way it does business as the client demands it.  If a client wants communications by fax, the client is going to get faxes.  If they demand you use their cloud portal, you’re going to use their cloud portal.  So the “old guys” aren’t just other agents.  They’re often your clients.

On the other hand, you could say that agents are, in a way, also clients of the brokerage they work for.  To retain agents, brokerages are supposed to provide resources and support.  When some of the agents complain about the “old guys”, they’re referring to their “out of it” broker who doesn’t supply what the agent believes they need.

But most of the time the complaints are about the agents they’re dealing with who have no clue what DropBox is.  Of course, they’d have no problem accommodating a “clueless” client who had no idea what DropBox is.  They may not like it but it’s what you do in a service industry.  Accommodate the client.  And whether it’s clients or agents as clients of the brokerage, when the demand is high enough, change happens.  But not a moment before.

The real problem boils down to a lack of consistency in how things are done.  Communication is always part of the process but there are many ways to do that.  Same for signing a contract, marketing a property or prospecting.  The tools “old guys” use to manage the process are a younger agent’s nightmare.   As for data, it’s out there – but it’s not always easy to find or it costs money to access.  And  for better or worse, there are still too many people relying on their gut to make decisions.

Younger agents seem to have a problem with all this inconsistency.  They see it as inefficient whereas older agents have been doing it so long it’s second nature.  So we see lots of innovators trying to bring efficiency to the CRE process.  Only thing is that they’re just focusing on one part of the process – marketing.  Ironically, there are a lot of “old guys” who are jumping on board. Why?  It’s because they see value.

That’s the key.  Value.  Your client or the “old guy” agent sees no value in doing things your new way.  You’re going to have to do a better job of selling them.  Or just wait it out until they die off.

Or maybe become one of those CRE innovators.   You can start by creating some of that technology and aggregating the data that you want instead of waiting for someone else to get it done.  Make it worthwhile and easy to use.  Go ahead.  Show the “old guys” what you can do.

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RDM CEO and VP Among Featured Speakers at CRE Tech Talk Conference

Hear from RDM's CEO, Peter Boritz and VP of Sales and Marketing, Blake Grosch at CRE TechTalk @BuildingsNY on Thursday, April 25 at the Jacob Javits Center.

At this day-long conference, held at BuildingsNY, owner/operators of commercial and multifamily properties in NYC will be joined by the innovative organizations that are revolutionizing how real estate managers operate their buildings and attract tenants. From smart building features like motion-sensitive lighting to intelligent elevators; from system upgrades in cabling and wiring to data flow and energy security; from financial modeling to social media marketing and marketing / leasing platforms, CRE TechTalk @BuildingsNY is designed to inform and improve how you operate your property and attract better tenants.

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The 2013 CRE Investment Summit Recap

RDM was in attendance at this week’s 4th Annual CRE Investment Summit hosted by Massey Knakal.  The annual event provides workshops and panels on the acquisition, disposition, financing and development of Commercial Real Estate properties in the NY Tri-State area.

In the Keynote discussion, Leslie Himmel and Stephen Meringoff of Himmel + Meringoff Properties shared their success in the office market, discussed leasing development and the future of the market.
 
In the Past:
• The 1990s were tough times to maintain portfolios but it helped make investors stronger.
• Since 2005, building sales have been on a “roller coaster ride”, the bottom being 2007.
• In the past, building information was much harder to obtain but technology has made information more transparent.
 
The Current State:
• Robert Knakal (Chairman, Massey Knakal) predicts building sales will be down this year in NYC compared to last year.
• There were more buildings sold in Q4 in 2012 than any other period in NYC due to a foreseeable increase in capital gain taxes.
• Tax policy affects behavior with investment sales
• Building values will increase this year due to supply and demand
• Important factors that will influence the market in 2013: supply, demand, interest rates, jobs and the NYC mayoral race.
• Stephen Meringoff (Co-Managing Partner, Himmel + Meringoff) says “There really aren’t any bad markets in NYC”, however, “without leverage, real estate is a mediocre asset class”.

Borrowers Brawl
In the Borrowers Brawl, senior executives discussed the inherent conflicts and mutual interests between CRE borrowers and lenders.

• Low interest rates have afforded building owners to carry loans through tough times.
• There are restructuring options available for borrowers that can help mitigate risk.
• Borrowers that aren’t solving their problems could be because lenders won’t listen or assets aren’t performing.

Technology in Real Estate
Panel discussions also weighed in on how technology is affecting the industry.  As more tech and media companies move into New York, they seek spaces which offer more open space, less space per employee and higher reliance on technology within their spaces – which affects how new offices are designed and maintained.


You can find out more about the annual CRE Investment Summit on Massey Knakel's website.

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