At a leading PropTech event earlier this Kykloud’s CEO, Ed Bartlett was interviewed and by our friends at a leading commercial real estate data business, Datcscha. Here is the interview and the transcript:
What is the next challenge for commercial real estate?
The biggest challenge for commercial real estate is understanding what will happen to property value in the future. Commercial real estate across the globe is worth in excess of 200 trillion dollars and many clients are interested in whether their real estate is going to go up in value or down in value. I think technology really has a part to play there in terms of demonstrating to clients how we can help them protect value and add value to their real estate.
How can we harness the power of our data?
We can harness the power of our data through making that data more accessible to our customers and tying up with other technology providers. The data that we hold on behalf of our clients ultimately is their data and they would like us to make better use of that data on their behalf. Many clients don’t yet appreciate what that data can tell them and how it can help them make business decisions. That’s the purpose that we must have going forward.
Why is transparency important?
Transparency is important because clients want to know that their data is accessible and they want to know that they can use that data for decision-making. We need to be transparent to our customers about what we do with that data, what it’s used for, and ultimately they want to know if that data is being sold on to third parties and re-used. Clients do see that value and they want to maintain that value.
Why is it important to collaborate?
Collaboration is important because many clients we talk to feel that there’s almost too much technology in the marketplace at the moment. They call it ‘indigestion’. There are many many options for them to look at technology providers. The opportunity through collaboration is, rather than clients feeling like they have to buy one solution that does everything, it’s okay for them to look at three or four solutions and knit together the best products, giving them an end-to-end stack that serves their needs and their business objectives.
Are we moving fast enough?
Are we moving fast enough as an industry? I would say that that’s a question for our clients. I speak to some customers who think we’re not moving fast enough and others that are struggling to keep up. I see it as being a bit like a cycling race. It’s like a peloton. The peloton has broken away, and that peloton is difficult to catch up with right now. Yet I’d rather be part of the pelaton than left behind and not win the race.
To read more about cycling and the real estate “tech peleton” click here.