How can commercial real estate professionals stay ahead of the curve in proptech?

I am a tech savvy professional, but I do not rely exclusively on tech for my real estate practice. Tools are always part of the formula, especilly when they can save time and avoid redundancy. I maintain the foundation for any professional is long-term, consistant relationship building. There is nothing stronger than a face to face introduction from a trusted individual who knows the prospective cutomer and the real estate principal with highest esteem. I am so proud and humbled by this type of hand shake intro, and I will move every obstacle for this person in the most discreet and efficient manner. Of course this trusted collegue is top of mind for my introduction in his field. There is nothing more important than this mutual trust.

I think there’s nothing more important in Real Estate than the old fashioned techniques ie, pounding the sidewalk, study the market street by street - area by area. AI can’t be ignored but it can’t sense things ahead of the trend due to it’s inability to understand how the emotions are involved, ability to create relationships and build on them and above all study the history of a property, the amount of any loans and at what rate, the capital gain involved not to mention the repositioning aspects of a particular building or site. As you review the potentials, study the neighborhood and its needs and what the effects of old systems, large center cores and inefficient or necessary green components needed to stay relevant.

As a real estate broker, diving into proptech is a game changer. My approach? Start with webinars and online courses focused on proptech - they’re a goldmine for understanding the latest trends. Networking is crucial too; connecting with tech-savvy peers at industry events can offer invaluable insights. Embracing SaaS can revolutionize your daily operations, while IoT gives you an edge in building management. Don’t overlook AI for market trend analysis, and AR for creating standout property showcases. It’s all about integrating these technologies at your own pace, focusing on what brings the most value to your business and clientele.

To stay ahead of the curve in proptech, commercial real estate professionals should start with the basics: understanding the functionalities and potential of technologies like SaaS, IoT, AI, and AR. These tools can significantly enhance operational efficiency, improve productivity, and elevate the customer experience. For instance, SaaS platforms can streamline task management, IoT can optimize building operations, AI provides valuable market insights through predictive analytics, and AR can transform property presentations into interactive experiences. A foundational grasp of these technologies enables real estate professionals to innovate and provide cutting-edge solutions to clients.

Proptech landed recently on the Real Estate scene , and undoubtedly, will remain for good. The vast majority of these electronic, web-based, AI generated "e-Platforms" are mainly targeting residential real estate. That is mainly due to four reasons, (i) volume of assets, (ii) repetition of key characteristics of assets, (iii) larger demand, and (iv) better and easier commercialisation of assets. Nevertheless, commercial real estate may benefit from it too. An overall reliable, fairly cheap, fast, and easily accessed "bridge" has been developed by which the "worlds" of real estate are connected, communicating in real-time, exchanging large chunks of information, a way longer and several times doubtful process.

Market information is a key aspect of staying ahead of the game in real estate. One should be able to follow industry to obtain insights in other markets and also experiences from peers

As commercial real estate professionals, staying abreast of proptech trends is critical. It involves regular engagement with industry-specific news outlets, like PERE, which provides deep insights and upcoming event details. We should also be active on platforms like CREtech for the latest tech innovations or participate in forums hosted by the Urban Land Institute. Attending events, whether virtual or in cities like London or Frankfurt, where real estate conferences are frequent, allows us to exchange insights and collaborate on new technology applications. These resources are invaluable for staying informed and connected with the pulse of proptech.

If you're not knee deep in the evolution of the industry, you might as well throw in the towel. Our team is leveraging AI and prop tech as our foundation to build a company that my competitors are not even considering. Being nimble and adaptable, we are in the trenches shaping what's next.

Not to toot the horn too loudly, but when it comes to brokerage, this is where larger firms have an upper hand. Not only are they working hard to educate their teams, but they are creating their own proptech in what has become somewhat of an arms race to outdo the competition. Still, it comes down to each individual taking the time to learn and implement the tools. Not all do because changes come so quickly and the sheer volume of tools can be overwelming. The best way for any broker to stay updated is to engage with team members who have expertise in those tools you don't. Not only do you then out perform your competition, you learn.

I've found that dedicating time to follow industry news through reliable blogs, podcasts, and social media accounts is invaluable. These resources provide insights into emerging technologies and market trends, allowing me to adapt my strategies accordingly. Participating in webinars, workshops, and events focused on proptech is also vital. These gatherings showcase the latest proptech solutions and offer best practices that can be integrated into our business models. Networking with other CRE professionals and proptech experts has been particularly beneficial. These connections provide diverse perspectives and firsthand experiences with new technologies.

Should always demo products before signing up - no free demo should be a red flag. Moreover, aim to understand what functionality is available in the various tiers of a paid plan product - sometimes the costs escalate quickly (especially those that charge per team member) and the real gold of a product may be in the highest tier.

The key is to not be bias to your hypothesis and to continue to look for new correlations and causations. Being the first mover in the market when you get it right will pay off for all the times you get it wrong. And you will get it wrong, that’s for certain.

Soyez prêt à sortir de votre zone de confort. Testez de nouvelles solutions technologiques et adaptez-vous rapidement aux changements pour rester compétitif dans un marché dynamique.

Adaptation is the key to success. Realizing that nothing in the world is truly static will give you the edge needed to persevere. It is also really necessary to be flexible and to diversify. Real estate has Valleys and Hills like life.....always remember it will cycle and be prepared for that.

In the rapidly changing proptech landscape, commercial real estate professionals benefit from adaptation and experimentation. ARBS serves as a reliable ally, providing customized solutions, data-driven insights, seamless integration, and scalability. We support your journey in confidently navigating change and consistently improving your approach. Allow ARBS to be your partner on the path to proptech success.

Collaborations are a great way to scale. Taking small steps first to build the partnership and relationship is also key. Big ideas are great but it’s the small steps that ensure success and less disruptions to teams and clients.

La collaboration est la clé. Travailler avec des start-up proptech, d'autres professionnels de l'immobilier et des experts technologiques peut stimuler l'innovation et ouvrir de nouvelles perspectives.

Identifying individuals and companies that can help and/or partner with you to boost your proptech decisions and implementations is absolutely key. Experts in that field can greatly accelerate the success.

“PropTech” came about as a result of a handful of gifted entrepreneurs developing solutions for problems they encountered with commerical real estate. For example, if you own an apartment building, do you know who is going in and out of it? Of course not, you live 30 miles away. The simple solution is to install a camera and have it feed real time imaging to a “dashboard” and provide access to that dashboard to the property managers, security personnel and whomever is responsible for the safety and security of the property. Sound simple? It is. That’s PropTech. But it goes much deeper. Whatever elements need monitoring, approval, gauges set (temperature, lighting, etc) all can be done by PropTech making your job easier, and safer.

Soon after the pandemic started, and working from home was mandated, I undertook a project of scanning and uploading all of my documents (over 150,000) to the cloud - and shredding all of the paper! This proved to be an amazing game changer. I now had immediate 24/7 access to all of my business and personal documents from the convenience or my smart phone (or laptop) - and can access and even send any of these documents in seconds! This level of access - from the use of technology - had the net effect of dramatically increasing my speed and efficiency. The technology that enables this is ridiculously inexpensive and available to nearly anyone. The question is: what else is on the horizon?

You need to embrace a combination of forward-thinking strategies, innovative technologies, & a data-driven approach. Staying informed about the latest technologies is crucial. This includes AI & machine learning for predictive analysis, IoT for building management, & blockchain for secure, transparent transactions. These technologies can enhance various aspects of CRE, from property management to transaction processing. Attend industry conferences. Participate in webinars. Engage with proptech companies and even form strategic partnerships to learn about emerging solutions and gain access to meaningful insights. These collaborations can lead to the development of new tools & strategies that give a competitive edge.

Partagez vos connaissances sur la proptech avec votre réseau. éduquer vos collègues et clients renforce votre position en tant qu'expert, tout en contribuant à l'adoption de solutions innovantes.

Plenty realtor professionals do not want to deal with proptech for their own reasons that may or may not include privacy and security issues. But the more you learn and the more you know and share what you know, the better the industry will grow and adapt. In my experience, proptech has only favored and bettered how I do business.

Incorporating proptech isn't a silver bullet, but it's a transformative tool. To your stakeholders, convey its potential in solving problems, adding value, and delivering client, investor, and tenant satisfaction. Showcase how proptech sets you apart in a competitive landscape. Address stakeholder concerns regarding privacy, security, cost, and compliance. By educating them on measures in place, you instill confidence. Sharing proptech success stories and lessons learned fosters industry growth and community collaboration. Proptech's potential shines when we educate and advocate effectively.

Legality, compliance and the SEC. You must always educate yourself in this arena. Property tech is the future of real estate and real estate investing. You must educate yourself and your team to stay compliant with the SEC you will behind and you will fall hard. If you can overcome the hurdles of all that is involved to make your property tech company successful you be reaping the rewards in the future.

You can add all the PropTech you want but if you don’t change your behaviors you won’t need it. Many of the companies I have seen have PropTech that they don’t use (or don’t use to its fullest potential) because its people haven’t changed/evolved in the way the way they do business. When you do (change your behavior) you will leverage PropTech for your people and your clients.

Over a ￡billion has been lost through financial institutions and individuals investing into 'Internet only' Estate Agencies (not including shareholder erosion). Proptech should be focused on human efficiencies in the sector but not seen as a replacement to the human element - given there's been 13 years + that many skilled, well backed operators have tried to replace that human sponge/shield/ facilitator in the the most of emotional businesses and yet here we are still with human interaction seen as critical to success in the industry.

Always be humble and keep learning, the real estate investment market changes significantly time by time, region by region, section by section, you always need to be fully understanding the situation then to make the right investment call.

Explorez les synergies entre les données et l'expérience client. Les plateformes proptech offrent des opportunités uniques pour personnaliser les interactions, améliorer la satisfaction des clients et anticiper leurs besoins. Soyez conscient des enjeux éthiques liés à la collecte et à l'utilisation des données, et assurez-vous d'intégrer ces considérations dans votre approche. L'éthique, la transparence et la protection de la vie privée devraient guider chaque étape de votre adoption de la proptech, renfor?ant ainsi la confiance avec vos clients et partenaires. En intégrant ces valeurs dans votre stratégie proptech, vous positionnez votre entreprise pour un succès durable dans cet environnement en constante évolution.

Having a belief in something greater than you will always bolster your opportunity and success. It will also comfort you as you go though the challenges of self employment. God/faith is a component often left undisclosed in business yet thr reality of its importance in most of daily life can not be ignored completely.....Entrepreneurs often rely on things intangible to succeed or negotiate.....my greatest strength come from what I can not see but believe. The similarities in business and life are striking when you strip away the human and look to the divine.