Buildout CEO Vishu Ramanathan recently appeared at the CBC Global Conference, speaking on the CRE Tech Disruptors panel alongside Michael Griffin from ClientLook, Dan Colachicco from Ten-X and moderator Michael Beckerman from The News Funnel.
He spoke about a wide range of topics including the evolution of tech in the CRE industry and how ridesharing –– and soon driverless cars –– will change the definition of location in real estate. He also provided some advice for tech startups in the industry.
How the CRE industry is embracing tech
Commercial real estate had long been considered an “old fashioned” industry, full of brokers who were stuck in their ways. But now, more and more brokers are using technology in their work, which makes sense. If a tool can help them win more business and earn more in commission, they’ll be more likely to take the time to learn how to use it.
There’s also a competitive edge for brokers who invest in technology early on. As more brokers realize this, they’re embracing tech at a faster rate.
The changing definition of location in real estate
With the rise of ridesharing apps, it’s easier for people to get anywhere they want to in a shorter amount of time. Now, people care less about how close places are to their homes and offices. This could soon drastically change buyers’ and investors’ approach to location in real estate.
When driverless cars are in widespread use and are treated as a utility instead of a luxury, location could cease to be a concern at all for office, retail and multifamily tenants, owners, and investors.
Advice for tech startups in the industry
Buildout was created with the unique needs of the CRE industry in mind, and it didn’t attempt to solve problems that didn’t actually exist. Instead, Buildout collaborated with brokers and other industry professionals to find their pain points and address them head on.
With that in mind, Vishu recommended that technologists hoping to break into the industry work in partnership with brokers, take their ideas seriously and seek to solve their real-life problems.
At Buildout, we’re constantly looking toward the future of technology and how it will affect the CRE industry. Check out our resources and blogs to learn more about what’s happening and what’s to come for CRE technology.