CRE Must Step on the Tech Gas Pedal

Panelist Matt Toner said technology is running at 125 rpm, but real estate is stuck at 25 rpm.

SAN DIEGO—Technology is not slowing down—in fact, autonomous vehicles are imminent—so the real estate sector needs to get with the program and begin learning about today’s and tomorrow’s technology now, said speakers at Realcomm/IBCon’s 2017 conference here yesterday, CRE Tech 5.0. The two-hour opening general session contained a series of short presentations by technology experts, followed by a panel session moderated by the conference’s co-founder and CEO Jim Young.

Young began by explaining the five phases of real estate technology, beginning with Phase 1, 1980-1995, which affected property management, accounting, lease administration, building automation, IWMS and asset management. Phase 2, 1995-2002, covered the dot-com era and the introduction of the Internet. Phase 3, 2002-2009, was the post-dot-com era and demonstrated the survival of the fittest. Phase 4, 2009-2016, introduced social media, mobile communication, analytics, the cloud, IoT and cybersecurity. Phase 5, which began in 2016 and stretches into the future, will involve advances in AI/machine learning, blockchain, augmented reality, robotic autonomous vehicles, 3D printing and unmanned aerial vehicles (drones). Young pointed out that there are close to 2,500 companies selling some type of technology today.