The way the commercial real estate industry adopts proptech has changed, Connell McGill, co-founder and CEO of real estate company Enertiv recently wrote for Forbes. CRE owners are now less interested in proving that technologies work in small-scale deployments—they instead want to get things going at the portfolio level by scaling early successes with strategic rollouts.
“This is easier said than done,” McGill wrote. “Landlords know better than anyone that as much as they’d like to apply consistency across their portfolio, each physical asset, market and property type is different. What works in one place is not guaranteed to work somewhere else.”
So therein lies the problem—CRE owners desire consistency when applying proptech across their portfolio, but there are no guarantees that what works in one building, will work at the next. Meanwhile, no one wants a “generic” solution that can’t be specified to a location and drive value. CRE owners are now in a position where they have to identify proptech that is “just right”, or in a “Goldilocks zone” as McGill puts it. The solution has to serve as a scalable platform, but still be capable of targeted insights.
As the proptech world continues to get larger and more diverse, building owners and operators will have a vaster menu to choose from. However, McGill pointed to three trending technologies that CRE owners and operators should pay specific attention to.
CRE Trending Technology #1: Business Intelligence
A new crop of business intelligence tools has been created recently to help CRE owners aggregate and analyze data at scale, McGill wrote. Companies like NavigatorCRE are creating flexible and intuitive platforms that can break down siloed systems, clearly visualize data and provide CRE owners and asset managers with the tools they need to make better decisions. Prior to solutions like NavigatorCRE, building owners and operators had to comb through spreadsheets to retrieve information on every deal and lease. Business intelligence tools also save companies who have been trying to build their own internal tools, interfaces and data warehouses significant amounts of time and money.
CRE Trending Technology #2: Operational and Asset Intelligence
When property managers are hit with tenant complaints, they typically have an experienced building engineer they can rely on to figure out what the problem is and come up with a solution. This luxury could become scarce sooner than later however: McGill noted that 55% of engineering managers are over the age of 55 and 86% are older than 45. That means as the labor pool shrinks, CRE owners are going to have to find a new way to address tenants’ complains when something goes wrong.
Fortunately, there are proptech solutions to address this issue, mostly involving data. Sensors can catch data that can unveil insights pertaining to maintenance and repairs allowing engineers to save time by maintaining equipment based on usage rather than a calendar date.
Additionally, data can find pre-failure conditions in equipment so problems can be addressed proactively, which saves time, money and keeps tenants from getting upset. Companies like Enertiv can embed this type of data in mobile apps and virtual reality, allowing an experienced engineer to manage and support less experienced or skilled operators remotely. These solutions have returns on investment of approximately 12 to 18 months, but the value goes further, according to McGill.
CRE Trending Technology #3: Tenant Experience
As tenants become more demanding that every interaction be digital and streamlined, landlords are more frequently using building amenities to separate themselves from one another to attract people to their property, McGill wrote. According to Colliers International, there was a time where 3% of leasable square footage was dedicated to amenities like fitness centers and on-site dining. Today, that figure is closer to 10%.
Because tenants’ demand for such amenities has gone up, so have the companies that specialize in tenant experience apps. Companies like Bixby and HqO provide tenants with one spot to pay their rent, access controls and visitor registration, order on-site services and transportation and personalize their temperature and lighting controls.
Seattle, WA (October 9, 2019) —NavigatorCRE (www.navigatorcre.com), the leading Data analytics and visualization platform for the commercial real estate industry has announced the appointment of Kevin Shtofman as Chief Operating Officer.
Prior to joining Navigator, Kevin’s 16-year career includes positions at Deloitte, EY, and Morgan Stanley. Most recently he served as a Global Technology Strategy Lead at Deloitte, advising real estate developers, operators, and investors, with clients across 4 continents.
Kevin is recognized as one of the leading commercial real estate tech executives in the industry and a noted speaker, author and blogger within the growing Proptech sector. He has spoken at conferences around the world on next generation real estate technologies like Machine Learning, Cognitive Automation, and Blockchain.
He holds a BA in Economics from The University of Texas at Austin, an MBA in Finance and Entrepreneurship from Southern Methodist University, and an Executive Certificate in Machine Learning from Massachusetts Institute of Technology.
“We are thrilled to welcome Kevin to help lead our growing team at Navigator” stated Taylor Odegard, CEO. “Kevin’s appointment to this leadership role comes at a time of enormous growth at our young company and reflects our relentless focus on providing leading-edge data solutions to commercial real estate developers, operators, investors, and advisors. As we embark on the next phase of our growth at Navigator, Kevin will be instrumental in helping us reinvest in our infrastructure and platform to effectively scale our growth to the next level. “ Odegard concluded.
Kevin Shtofman commented, “When I evaluated the landscape of leading startups in the commercial real estate tech sector, Navigator was top on the list for me with regards to leadership, culture, product vision and growth potential. I was therefore thrilled at the opportunity to join the company and work alongside Taylor at such an exciting time in the company’s history.”
September 26, 2017 - The News Funnel
NavigatorCRE’s team just returned from a prosperous showing at TechCrunch Disrupt event in San Francisco last week. NavigatorCRE represented the CRE technology industry vertical with pride, and drew significant and impressive response from the large host of attendees. Several business leaders, VC’s and other tech companies collaborated with our team to align and apply their software, data and industry niches to our platform offering. While there were dozens of exhibitors from all over the world at the exclusive event, NavigatorCRE represented the only pure commercial real estate platform built for the enterprise, and was met with incredible response and interest for this notoriously provincial industry vertical. The NavigatorCRE team was invited to the TechCrunch Disrupt event after placing 2nd out of hundreds of companies in the TechCrunch Seattle Pitch-Off event in June, 2017. The team will be on the road again this week to the CRE//Tech event in Los Angeles to exhibit its leading edge commercial real estate platform to the Los Angeles market and its CRE technology peers.
READ MORE HERE
June 28, 2017 - Angel Co. NavigatorCRE Projects
NavigatorCRE was selected out of hundreds of applicants as one of the ten companies competing in the TechCrunch Seattle Pitch-off. Multiple impressive startups from a variety of industries presented their companies to a panel of investors and reporters. Our CIO, Taylor Odegard took the stage for our 60 second pitch followed by Q&A. NavigatorCRE was a finalist for both the judges’ panel and audience choice. Ultimately, we took second place overall, with an invitation to Disrupt in San Francisco. This honor is a significant recognition by the TechCrunch team and the startup community.
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June 27, 2017 - Devin Coldewey TechChrunch
It was a lovely day for a meetup in Seattle, and the Showbox SoDo was packed as TechCrunch’s annual pitch-off in my home town took place last week. But as impressive as our 10 contestants were, only three would leave with tickets to Disrupt SF. And here they are.
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1st place: Boundless
June 14, 2017 - Devin Coldewey TechChrunch
TechCrunch is kicking off the summer with a meetup in my beautiful hometown, Seattle. In addition to the usual hoisting of glasses and something called “networking,” we’ll be hosting a good old fashioned pitch-off with some promising local companies.
In case you missed the memo, on June 22nd we’ll be at the Showbox SoDo along with hundreds of Seattle entrepreneurs, VCs, and tech enthusiasts. Come and join us! Register for the Seattle Meetup here.
As for the pitch-off, I have to say this is a particularly strong group of contenders, whittled down from a particularly large number of applicants. Good job, Seattle! Each of these ten companies will have 60 seconds to pitch to the audience and judges.
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