Seattle was ranked by PwC as the number one real estate market for 2018, in part because of their technology readiness. According to the survey, Seattle more than any other market is home to the largest percentage of workers in the STEM (Science, Technology, Engineering, and Mathematics) fields – double the national average.
Residents are also tech smart. Nearly 95% of households in Seattle own a computer and nearly 90% have high speed internet. There are many trends that are shaping the commercial real estate tech industry over this year. Here are a dozen poised to shape the industry moving forward:
#1: More Changes to Work Spaces – The millennial effect began the workspace changes, now Gen Z is bringing a tech focus to commercial real estate in the workplace, retail, and multifamily.
#2: More Innovative Housing Options – There is a housing shortage growing across the country. Although far fewer GenX and millennial adults own homes than previous generations, the new trend of boomers staying at home combined with over 150 million Gen Z and millennial homebuyers entering the market, housing options are going to get more innovative including 3D printed housing.
#3: The “Silver Tsunami” Hits the CRE Market – Boomers by and large have left the workforce, now they are moving to senior housing. More active and living longer than previous generations, commercial investors are eyeing multifamily assets in order to be in position when the silver tsunami soon hits commercial real estate in full force.
#4: More Disruptive Commercial Real Estate Tech Coming Online – Co-working spaces, proptech firms, and many new fintech tools are going to further disrupt the commercial real estate market.
#5: AI Will Transform Big Data Analysis – Big data analysis is going to continue to be enhanced and strengthened by automation and artificial intelligence. Smart leases, lead prospecting, customer management, and agent recruiting will all be impacted over 2018 by AI technology.
#6: Energy Saving Smart Features Will Become Standard – Millennials and Gen Z care more about the environment but seniors and millennials also want more energy savings through Smart technology built into homes and apartments. Expect many of these features to become standard this year.
#7: New Commercial Real Estate Tech Companies Offering AI Enhanced Platforms – New commercial real estate tech firms are going to continue to expand the powers of AI specifically for commercial real estate agents and brokers. Expect more platforms to come online offering increasingly detailed and machine learned analysis for sales as well as property management.
#8: Blockchain Will Continue to Evolve in the Commercial Real Estate Sector – Blockchain’s complete disruption to commercial real estate appears to be at least a few years off, but expect to see the technology continue to evolve in this sector this year.
#9: Data Centers in Secondary Cities Will Grow in Demand – Secondary cities will continue to attract new investors as e-commerce and the IoT require the use of more data centers. Places like Portland, Virginia, and North Carolina have become prime targets for commercial real estate investors.
#10: Office Buildings Will Continue to Shrink – Office spaces are shrinking and most businesses don’t even need a building. Co-working and remote work will continue to shrink the modern office building transforming small retail spaces into office space.
#11: Tenants and Buyers Will Demand Tech Infrastructure Upgrades – In order to support Smart technology, the infrastructure of buildings has to be wired for wireless. Expect more buyers and tenants to demand those upgrades rather than pay less for assets without modern infrastructure.
#12: Construction and Design Continue to be Further Automated – Housing shortages, rising prices, and conservation-minded millennials will continue to push 3D home building technology over 2018 to include automated house printers, carpenters, and new design software to make incredible strides in 3D house printing.
In the CREtech sector, we need all the help we can get. Investment in the industry is at record levels. It is clear that real progress is being made with many, many startups scaling yet getting the press to pay attention to us is still a challenge. And I get it. We are a small ecosystem in the tech sector and the real estate trade media focuses mostly on big deals and trends in the commercial real estate sector, overall.
And then along comes Rich Berliner, CEO of Fifth Gen Media! And he’s doing exactly what we need.. trend stories, profiles, bi-lines and more. You might even see Rich floating around at one of our events too. He has become a true presence in the CREtech sector and I am personally a big fan.
I caught up with Rich recently to learn about his past, his media company and future plans.
Michael: What is your background?
Rich: I formed a new firm, Fifth Gen Media in 2016 after a more than 30-year career building and developing wireless networks for the major carriers and turf vendors. I was CEO and Chairman of a public company, Berliner Communications (BCI) for nearly 15 years and consulted and contributed to many other firms over my career like Ericsson for example. I am a graduate of Rutgers University and reside in New Jersey.
M: When and why did you create Connected Real Estate Magazine and website?
R: Connected Real Estate Magazine was created in 2016 after having numerous conversations with In-Building Wireless companies about their desire to market to the CRE community. I launched Fifth Gen Media to fill that void and help wireless and tech companies raise their profile with CRE Exec’s. It seemed to me that commercial real estate leaders were very interested in information about connectivity to help improve the tenant experience but weren’t sure where to find it and the communications folks weren’t sure how to connect with the CRE leaders. It was a niche that I felt really comfortable that I could bridge.
M: What parts of the sector do you cover?
R: We cover everything that has to do with Connectivity such as fiber, WiFi, Cellular Coverage (DAS), the Internet of Things, 5G and have branched into bringing the gospel of POE and digital electricity to CRE too. Proptech is part of our world because it is so intertwined with the need for connectivity. I have had to educate myself about the new normal in CRE- the tenant experience, creating communities, the WeWork methodology and a lot more.
M: It’s obviously incredibly hard to build a successful media site these days with all of the competitive pressures in the industry. What have been the keys to your success?
R: Frankly, meeting someone like you, Michael, who has a following and background in commercial real estate. After 32 years in wireless I felt like I knew everyone, but I knew instinctively that if I was going to make this work I would have to hustle and be well known in the commercial real estate space as well.
So far so good. We have been helped and supported by a ton of nice people on all sides of the equation, CRE, Wireless and Tech. Clearly, we have hit on a niche that people are interested in on both sides of the isle
M: Tell us about your content. I see you have a lot of original content obviously, but you also have a lot of guest writers as well.
R: Our format is both contributed and guest written but the most important element is that we get the message of connectivity across to our readers in CRE
M: What are some of the types of companies you are interested in covering from an editorial point of view?
R: The most interesting ones are the ones that have something real to say and the companies that are interested in being innovative and disruptive. If you want to sit still and wait for the phone to ring because your company’s products or services are so great, we are probably not a good fit for your marketing. On the other hand, if you want to control your destiny, create a brand and make things happen, we can help. Frankly, we are interested in how well you can tell your story too. Not every company has a good, clear message.
M: What are some of the big storylines in CREtech you are paying the most attention to?
R: Certainly, the hot ones right now are:
Blockchain is interesting but it’s not changing my life today.
The advent of the connected community experience and better tenant amenities and over all experience plays perfectly into the connectivity story.
What strategies are working for landlords to land and retain tenants.
How do you turn tenants into customers?
M: What’s next for Connected Real Estate Magazine?
R: BIG THINGS! We are building our product offerings which now include white papers, webinars, ecosystem reports, sponsored video content and a whole host of marketing opportunities. Social media and digital media offerings are now part of our methodology for connecting wireless tech and the CRE community so that everybody gets what they need to land and retain tenants (customers) in the new world order.
13SepCA
CREtech is where the commercial real estate industry comes to discover all things tech. Our mission at CREtech is to connect the commercial real estate and tech sectors, bringing a new age of innovation and growth to the industry. Our events bring together thousands of commercial real estate and tech professionals each year. We provide a fun, casual and candid atmosphere to learn about innovation in the industry.
What’s the pulse of CREtech right now? It’s clear things are accelerating at an incredibly fast pace with funding at historic levels, startups scaling, developers and brokers investing and the introduction of more important trends.
But what’s REALLY going on? What’s happening beneath the headlines. In the trenches. On the front line. To find out, I asked some of the people who are leading the charge in CREtech for their perspective.
Hope it sheds some light on the state of CREtech today.
Love to hear your thoughts, as well!
What happens when you bring artificial intelligence into your workplace? You add tremendous potential to boost productivity. However, adding AI isn’t as simple as plug-and-play. Adding AI might drastically alter your team operations. Commercial real estate professionals must be prepared to manage and interact with numerous intelligent agents.
Laying the Groundwork
We often expect humans to make decisions at every stage of a process. AI requires us to release some of that decision-making. That doesn’t mean humans are less important. We are key to comprehending the data and making relevant judgments based on what the AI discovers.
Adding an AI system means you will have to adjust your workflows and established task routines. This goes back to letting go of some decision-making. Think about what systems you want to reduce time or expense, and what you will gain with the time earned back. Be prepared to re-assign work or modify job descriptions because the AI took over a task. Are your staff equipped with the necessary skills to handle the change?
Training for Humans and Machines
It’s a misconception that AIs are programmed to do specific functions. AI is called machine learning technology for a reason. It needs programming to learn and become personalized. Be ready to teach your AIs how to interact and how to do a variety of tasks. The more the program does that action, the better it will become.
Take a chatbot as an example. AI chatbots study past customer interactions to find patterns that achieve the desired outcomes. That knowledge helps AI generate the best responses, helping it improve customer engagement over time.
Humans need education about artificial intelligence and how it works. Some may fear AI or robotics taking away their jobs. While our daily tasks will change, the need for human interaction will not. Focus on the skills that make people different from machines: creativity, adaptability, and interpersonal skills. These are crucial characteristics for commercial real estate success. Humans are key to the problem-solving that makes deals work.
Expectations for AI Adoption
When the time comes to add AI to your team, be clear about the anticipated benefits. You should be able to measure processes before and after the AI’s addition to prove positive outcomes. Generally speaking, AI should make your CRE business more competitive by automating mundane but essential tasks. Staff should have more time to handle the most essential work of nurturing relationships.
Gradually introduce AI technology to the team. Adding three or four solutions at once can overwhelm team members and significantly disrupt the workflow. Bring on a solution and make the appropriate changes before adding the next level of AI.
6DecNY
CREtech is where the commercial real estate industry comes to discover all things tech. Our mission at CREtech is to connect the commercial real estate and tech sectors, bringing a new age of innovation and growth to the industry. Our events bring together thousands of commercial real estate and tech professionals each year. We provide a fun, casual and candid atmosphere to learn about innovation in the industry.
Investors are putting their money behind industry-changing artificial intelligence applications. One exciting field with implications for commercial real estate is computer vision, specifically, in image processing. After a photo shoot, processing usually takes hours. Meero is changing that timeline. With is proprietary application, AI reduces this processing time to seconds.
About Meero
Meero launched in 2016 with a game-changing artificial intelligence platform tackling image editing to speed up image processing. What takes a human hours to touch-up, its program can do in seconds. Meero is delivering quality real estate photos, videos, and 360-degree imagery with a 24-hour turnaround.
The platform’s computer vision algorithm is backed by a unique 25-million photograph database for learning retouching. The results of its dual-deep convolutional neural network means it can edit lighting, semantics, and capture image defects.
Just two years after its launch, Meero has over 40,000 professional photographers across 100 countries. Clients include Airbnb and Sotheby’s.
Investors Backing Meero
Eight months ago Meero closed its first $15M financing round. Now it announced the close of a $45M second round led by Alven and Idinvest. Other investors include Global Founders Capital, Aglae Ventures, and White Star Capital. Meero plans to use the financing to open France’s largest computer vision center and new offices in the United States and Asia.
“The fact that our historical investors are renewing their confidence and new supporters are joining the Meero adventure is encouraging us in the strategy we have chosen to pursue,” said Thomas Rebaud, co-founder and CEO of Meero in a press release. “This significant fundraising will enable us to accelerate our development, both commercially and technologically, and thereby consolidate our leading position in this market.”
Meero is used by professionals capturing images in real estate, e-commerce, retail, food and lifestyle.
Apparently, the commercial real estate technology industry is full of love. Blog after blog talks about “embracing” tech concept. AI. VR. Big data. Let’s hug and move to the next base: finding how to use the existing technology tools to deliver even better service outcomes.
CRM
Today’s CRE-oriented customer relationship managers (CRM) deliver some excellent options to supercharge their work. Let’s look at two ways an adopter could improve their CRM use.
To get the most from a CRM, it must automatically sync with one important program: your calendar. The best platforms can see when a client appointment has been scheduled via email or calendar and automatically make note of the client contact.
Even better? Fully integrating the CRM across the team. When CRMs are siloed, they limit the interactions other team members have with that client. It sells the brand short of forming deeper relationships with the person. This is especially true for service providers who may have separate marketing, sales, and customer service departments.
Finally, it’s all about the pipeline. A CRM shouldn’t just track the contacts you have with a person but show where they are in the pipeline. CRMs like ReThinkCRE and Apto offer a deal pipeline dashboard to See what next steps must happen to move a client along the sales pipeline. This view shows where the hang-ups are or if there’s a problem converting clients during one particular stage.
Predictive analytics
Got predictive analytics? Now use them! They’re useful for budgeting, like estimating the return on a real estate investment. Heat maps overlaid with data pinpoint areas ripe for development. Important: track how and when predictive analytics are used. Predictive analytics usage should be cyclical. This means data application is followed by data review. Did the outcomes match the prediction? Why or why not? The answers inform what happens next. Schedule a quarterly or annual review to analyze the accuracy of your analytics program.
Facility Management
Property managers have a wealth of add-ons that enhance the suite of tools. Let’s assume most PMs have technology program handles digitized maintenance and work orders and online rent pay. What tools will make the community even better? For starters, some platforms offer automated alerts for rent pay. Think about how those automated notifications can be leveraged to build a community. Bixby’s platform uses push alerts to notify tenants of emergencies. Mallcomm’s platform integrates all retail center operations communications into a mobile application.
Another place to leverage the tools? Maintenance. Track the right key performance indicators to get a real handle on your maintenance expenditures. Find what systems are draining your resources and could be replaced. Set operating expense goals in the reports and work towards them every day.
Marketing
Digitized marketing platforms are a huge time-saver. For property managers, stop logging into multiple listing sites. Some platforms, like Buildout, push updates across multiple platforms with a single click. Commercial real estate professionals using marketing programs should look into templates as another time-saver. Explore what automations are available for email and social marketing.
Other marketing programs such as LeadSquared score leads, sorting unqualified from the qualified. Save valuable resources nurturing bona fide leads. Trigger emails based on actions: downloaded white paper, clicked link, etc. This is a huge time-saver.
Rethink how you use your current platforms. Are you efficiently using all the available features? Master your software’s options and maximize business returns.
Yes, I have become THAT guy. The one that goes around the country talking to anyone that will listen about the pending job losses and massive overhaul coming to the commercial real estate industry as a result of the extraordinary tech investments now being made in our industry. And even more importantly, as a result of tech that is COMING to our industry in the not too distant future.
Alarmist? For sure. Extreme? No doubt! But...
What if I am only half right? Or even 10% right? That’s still a shit ton of jobs lost. And my real purpose for being THIS guy is because the commercial real estate industry is a sector I love. It has been so good to me over the course of my career and I have so many good friends in it. I am worried that many of my peers are going to become obsolete and they won’t even see it coming.
That’s why I give a shit. That’s why I am constantly ringing the alarm bells.
The impact that tech will have on CRE is still to be determined. But it will have a significant impact. Just look at what tech is doing to financial service professionals. Same thing with healthcare. Transportation has been profoundly impacted. And the legal, banking and accounting professions are going to be hit hard soon.
How? AI, Machine Learning and Robotics will take over so many of the current jobs that humans are doing and get them done faster, more accurately and without much supervision. This is not to say ALL jobs will go. In fact, I believe that those with the ability to think, strategize, sell, communicate and lead will actually make more money in the future. Those that are at the top of the food chain will actually thrive.
It’s where our economy is actually headed. I don’t think it is a good thing, but it is inevitable. The gap between those at the top and those at the bottom will be even greater, and the middle will just get decimated. Sadly, that’s an underlying trend happening all over the world.
But there is no stopping it.
In CRE specifically, I worry about these five jobs:
Research. There has been an explosion of sites doing incredible things in data collection and interpretation. Just look at how fast REOnomy is scaling.
Marketing and Graphics. Sites like Buildout or SharpLaunch are doing amazing things in marketing that would have taken an entire team to produce just a few years ago.
Legal, Accounting, Finance. This one is probably still a ways away but tech is sweeping through the legal, accounting and finance sectors and its only a matter of time until real estate companies begin to adopt these digital solutions.
Construction. There is so much innovation happening in construction, it’s hard to keep track. From Honest Buildings to Katerra, the pace of innovation is astounding and most of it is creating incredible efficiencies for both landlords and tenants. As a result, fewer people will be needed. And that’s even before robots and 3D printing really have an impact on the actual building of buildings.
Lead gen. If you look at the impact that Zillow has had on residential and how online search now plays a big role in that industry, it’s only a matter of time until platforms like Truss, SquareFoot and even ProspectNow become the norm rather than the exception.
And yet, there is so much you can do NOW to get in front of these trends. If you do work in any of those functions I mentioned above, you can actually strengthen and secure your job by learning about and embracing tech in your job TODAY. That way you will be MORE in demand as tech sweeps through every aspect of our industry, not LESS.
If you feel like you are someone I might be describing, reach out to me directly. Come to one of my events.
Follow us at CREtech.com. Follow us on social. GET INVOLVED. There is still time to re-invest in yourself and in tech, but the clock is ticking!
18OctIL
CREtech is where the commercial real estate industry comes to discover all things tech. Our mission at CREtech is to connect the commercial real estate and tech sectors, bringing a new age of innovation and growth to the industry. Our events bring together thousands of commercial real estate and tech professionals each year. We provide a fun, casual and candid atmosphere to learn about innovation in the industry.
In Texas, they’re experimenting with the first Hyperloop “railway” which has the potential to eliminate the need for highways in the future – granted a far off future from today. But if it works at 620 mph (faster than the fastest high speed trains) from Dallas to Houston in less than a half an hour, we could definitely see it replacing air travel and eliminating much of the highway congestion plaguing nearly all 50 states.
While a future that looks more like the future in sci-fi movies with elevated pods streaking above freeways may be off in a somewhat distant future, there are buildings that we’ve all grown up with that technology could make obsolete in the next several years. Here are just 5 types of real estate that could disappear.
5 Building Types that Could Disappear
Below are just some of the buildings that may soon become obsolete. These 5 real estate types are already seeing a dwindling and could be the first to go away for good.
#1: Parking Lots
For the environment, for millennials that crave walkable cities, the move toward a future where there are fewer parking lots is upon us. However, if autonomous vehicles take off the way that many investors are banking on (add that to Hyperloop systems mentioned above) and there will be little need for massive parking structures that have been fixtures of the American landscape for decades.
#2: Banks
Hardly anyone takes the time to visit local bank branches anymore. Practically all banking from the simplest checking account to a multi-million dollar business account is handled with little face-to-face interaction at an actual bank. It all occurs online leading many to speculate how long these stalwart buildings will last in the face of mobile and online banking.
#3: Offices
Perhaps most decidedly, one of the structures we’ve gotten used to seeing and needing for decades could be going away. The standard office building from small business park structures to tall skyrise offices may soon become obsolete as the mobile workforce and co-working models continue to grow.
#4: Rental Offices
Even the rental office could become a thing of nostalgia soon. With all of the building management apps and websites that enable tenants to make requests, pay rent, submit an application, and upload paperwork, the need for actual front office personnel at rental properties is fast becoming redundant in today’s tech environment.
#5: Gas Stations
Just as millennials desiring more eco-friendly solutions are driving the future-without-parking-lots trend, they are also pushing an electric car and carless future. As future drivers opt to walk, ride, or use public transportation, the ones that do maintain their own vehicles will likely be driving electric cars that run on electricity that they get by plugging their cars into their home charging ports.
All of these changes are going to have lasting effects on how commercial real estate is valued and marketed. For some real estate types, the future is still distant, but for some of the everyday buildings that sustained American life for the last 50+ years, it is only a matter of time before they go the way of Blockbuster and RadioShack.
By: Gabrielle McMillan, Equiem founder and CEO
Amenities used to be the number one tool employers used to attract and retain great talent. But now that responsibility has shifted. Beginning at the very top of premium commercial property, communal facilities such as luxury change rooms, in-house gyms, high-end cafes and flexible co-working spaces are now commonplace in our buildings, levelling the field, and changing the way individuals and employers choose a workspace.
As workspaces have become more integrated in the lives of their occupants, it’s crucial we understand exactly what people want. With over 100,000 users and +55 million square feet of real estate in our portfolio, we’ve found that the needs of even seemingly identical buildings can vary dramatically. Last year Equiem launched two premium assets. They were similar buildings, with comparable square footage and population, but the needs of their occupants were completely different. One focussed on convenience and speed of delivery. The other turned its attention toward community events and building a sense of unity.
With people working out, eating out and even socialising inside the same building, property owners have an opportunity to touch almost every part of the occupant’s life. Introducing yoga studios and boxing gyms allow people to fit more into their busy routine, while popular cafes, green areas and meeting spaces encourage collaboration between firms in the building. Only once the needs of a building are established can property managers start to develop a strategy to meet them.
Equiem is helping its clients to unlock information and streamline the planning process. One of our largest clients recently completed a portfolio-wide survey of their occupants. They found a staggering 96% of the community were interested in health and wellness. This allowed the client to confidently invest in free fitness classes for its members, curate content that helps people make healthier decisions and add luxury communal change rooms to their assets.
Our data consistently shows that the key focus areas where landlords can add the most value for their tenants are with high-quality onsite food and beverage options, flexible common workspaces and by providing better access to health and wellness services.
Fortunately, creating a great experience for your occupants isn’t just about having the latest and greatest bricks and mortar facilities. Soft services like pop-up lunchtime fitness classes, self-improvement workshops and even after hours events can be combined with useful content, valuable partnerships and exclusive offers to create a unique experience. These packages can be fit into almost any budget and are rolled out quickly to the community.
The final piece of the strategy is putting in place a robust system to support the success of your amenities. Along with industry-leading communication, engagement platforms like Equiem’s, also facilitate event bookings, encourage RSVP’s and create a centralized location for information. Year on year we see that buildings with an active Portal increase the usage rate of their facilities and provide more value to their occupants.
While we can’t predict the next big trend in building amenities, we can leave room for organic growth and be flexible with the requirements of our community. By adapting quickly to the demands of our tenants and correctly understanding their needs, property owners have become an integral link in creating the workplaces of tomorrow.
Enjoyed this article? Read more from Gabrielle, here.
Starry loves the internet, but not the complicated plans, bloated bundles, and poor service. So they reinvented it from top to bottom.
Our team at CREtech recently caught up with Starry to learn more about their site, strategy and vision.
What does your company do?
Starry is a new kind of internet service that uses next-generation technology to connect to buildings’ existing wiring and deliver a better internet experience. Using our advanced, proprietary millimeter wave technology, Starry delivers reliable high-speed internet service to homes across the country. We offer subscribers 200 Mbps down/up internet speeds for just $50/month—with no data caps or additional fees for equipment and installation. Starry also provides an elevated support service—offering white-glove installation, custom building launch events and 24/7 customer care. We are currently focused on the multifamily real estate sector and are working with building managers and owners to install our service in their buildings.
What problems are you solving for commercial real estate professionals?
Competition is high in the multifamily sector to attract and retain residents. Starry Internet is a minimally invasive upgrade that is a competitive differentiator for multifamily buildings. For building ownership, Starry installation is simple, full service, low-risk and cost-free, and can increase resident satisfaction and retention. Many consumers today have few or no options for their broadband provider. In a recent survey, 55% of renters said they would be more likely to renew their lease if they were happy with their internet service. An October 2017 NMHC study also revealed that high-speed internet access is the second-most important apartment feature for renters (after air conditioning), with 63% refusing to lease without it. High quality internet is looked at as an amenity—one that can attract and retain residents.
What is the latest news?
Starry’s beaming broadband tech is now available in Boston, Los Angeles and Washington, DC. We recently completed a $100 million funding round, which we will use to expand nationally. We are targeting several additional U.S. cities in 2018, with New York next on our list.
To date, Starry has raised $163 million from a premier group of investors including FirstMark Capital, Tiger Global, IAC, KKR and HLVP.
What are your views on the current real estate tech sector?
We love seeing the real estate industry adopt new technologies that not only help their bottom line, but make a difference in people’s everyday lives. We are encouraged that many players in the real estate industry are going beyond adopting new technology by investing in/partnering with tech companies.
Starry seeks to partner with property owners and managers who understand that exceptional internet service is no longer just a nice-to-have—it’s a necessity for any home. Prioritizing access to high-speed internet is a point of differentiation, and offering a reliable internet service option can enhance a building’s bottom line. Starry’s high-speed internet and customer service platform powers many real estate tech trends, such as work from home, resident communications, common area WiFi, security and so much more. Seamless integration is key when adopting new technologies in the real estate sector, and Starry is looking to partner with owners to leap their buildings into the future.
What are your future plans?
Starry is in hyper-growth mode, with a big focus on expanding our serviceability in Boston, Los Angeles, and Washington DC, as well as building out our capabilities in New York and 18 additional markets over the next year.
Follow Starry on Twitter at @StarryInternet and connect on with them LinkedIn.
About CREtech
Our mission at CREtech is to connect the commercial real estate and tech sectors, bringing a new age of innovation, investment and growth to the industry. The platform features the largest events, most comprehensive aggregated news database and company directory in the sector. CREtech is owned and operated by The News Funnel, the leading content, connectivity and event platform devoted to the commercial real estate industry.
To learn more about becoming a sponsor, a list of upcoming events and other exciting news, please click here or email kateri@cretech.com.
If commercial real estate projects were easy, everyone would do them. A project’s life cycle is complex and requires numerous parties keeping tabs on its progress for an extended time period. Even shorter build-outs take weeks. Project management solutions help commercial real estate professionals tackle pain points and improve their handling. Benefits include:
#1. Streamlined communications
Think about how many emails, phone calls, and texts you receive in a single day. Not every email pertains to the project, nor does every email need a phone call and vice versa.
Stop overwhelming project managers and sub-contractors with a slew of emails. A cloud-based project management solution keeps communication together, in one place. Any questions can be asked directly in the platform, as seen with facilities management provider Workframe. The stream of conservations keeps all stakeholders in the loop. Rather than digging through email, the answers are right there.
#2. Automated task tracking and reminders
Checklists allow all parties to see real-time progress and can be edited as necessary. Tie checklist items into automated reminders. These alerts keep projects moving on time. A program like Asana lets users set time-based deadlines to remind project managers on line items like contacting vendors or paying invoices. Set the reminders for weeks, days, or hours in advance depending on the task at hand.
#3. Easy budgeting
Project managers are under pressure to bring in new developments and renovations on time and on budget. Project management workflow platforms track the budget status with real-time information. Control invoices, see variances, and find areas for cost savings within a few quick clicks. A system like Mavenlink simplifies budgeting, forecasting, and tracking actuals in real-time.
#4. Remote Access
Updating records used to require a call to the office or manual entry later. Mobile apps bring project management into the tech era. Snap pictures of progress to instantly share with the team. Use a management program like Airtable to mark tasks finished from the checklist while on-site. The team can see when permits have been pulled, work begun, or new blueprints received in real-time for the latest progress updates.
#5. Integrations
A smart project management system needs to integrate with the other tools you’re using. That includes document storage, electronic signing, budgeting, marketing and more. SmartSheet’s platform includes Salesforce, Dropbox, and Google among is other integrations. These integrations stop the hassle of importing or exporting vital data between platforms. Everything you need is updated in real-time and ready for use.
25OctTX
CREtech is where the commercial real estate industry comes to discover all things tech. Our mission at CREtech is to connect the commercial real estate and tech sectors, bringing a new age of innovation and growth to the industry. Our events bring together thousands of commercial real estate and tech professionals each year. We provide a fun, casual and candid atmosphere to learn about innovation in the industry.
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NEWS
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Starry: How to Happy Internet
CREtech Blog 8/16/18Starry loves the internet, but not the complicated plans, bloated bundles, and poor service. So they reinvented it from top to bottom. Our team at CREtech recently caught up with Starry to learn more about their site, strategy and vision. What does your company do? Starry is a new kind...Read more
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Thank Goodness for Media Like This...
Michael Beckerman 8/16/18In the CREtech sector, we need all the help we can get. Investment in the industry is at record levels. It is clear that real progress is being made with many, many startups scaling yet getting the press to pay attention to us is still a challenge. And I get...Read more
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CREtech to Host Virtual Demo Day During RE Tech Week on November 6, 2018
Kateri Osborne 8/16/18CREtech hosts second annual Virtual Demo Day, featuring live demos from the most innovative tech companies in the commercial real estate industry. New York, NY (August 16, 2018) — CREtech (cretech.com), the leading commercial real estate tech event and content platform in the industry will be hosting its second annual...Read more
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Why CRE Needs to Invest in Technology Now
GLOBEST 8/16/18The commercial real estate industry will not only benefit from technological efficiency, it needs it. In the next few decades, we will see rapid global population growth, urbanization and an increase in institutional capital investment. To manage these growing demands and supply market needs, real estate owners and investors will...Read more
- news
WeWork Takes 25K SF Across Two Floors on Greenwich Street
COMMERCIAL OBSERVER 8/16/18Coworking giant WeWork has signed a lease for 25,000 square feet, spanning the entire fourth and fifth floors of Hudson Square building, a source with knowledge of the deal confirmed to Commercial Observer.Read more
- news
The Realtors' Last Hurrah
FORBES 8/16/18If you've ever bought or sold a home, you know the complexity and frustration—and the high fees—involved in this critical transaction. You probably used a professional Realtor throughout the process, who guided you through scores of listings and home tours and helped you put together specific offers.Read more
- news
$100 Million Was Once Big Money for a Start-Up. Now, It’s Common.
NY TIMES 8/16/18Known as a mega-round in Silicon Valley, large-scale fund raising is producing a frenzy around tech companies with enough reach and momentum to absorb a large check.Read more
- news
Why We Partnered with Affirm
MEDIUM 8/16/18We’re on a mission at Moved. Our mission is simple: To eliminate stress from people’s lives. To do this we’re tackling one of the most stressful events in life… moving.Read more
- news
Trulia crowdsources neighborhood reviews so you won’t regret your move
TECHCRUNCH 8/16/18Trulia, the online real estate site owned by its former rival Zillow, wants to give you a better idea of what a certain neighborhood feels like before you move there. To do this, the company today launched Neighborhoods, a feature that brings together direct reviews and feedback from residents based...Read more
- news
Alphabet’s ‘Digital City’ Eyes World’s Biggest Timber Project
BLOOMBERG 8/16/18Sidewalk Labs LLC, the urban innovation unit of Alphabet Inc., is considering constructing buildings in the 4.9-hectare (12-acre) high-tech community entirely with tall-timber technology -- engineered wood products that proponents say are as strong and fire-resistant as those made from steel or concrete.Read more
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