Enticing Real Estate Players to Embrace Technology

Riggs Kubiak

Technological innovation and technology tools are coming to real estate. Companies like Honest Buildings—a new purpose-built technology tool focused on capital planning—are intent on disrupting the industry and thrusting it into the 21^st century. The biggest challenge, however, is not finding technologies the industry needs but rather convincing the industry to change and adopt these technologies.

“The biggest challenge we face is changing the way people have been doing things for a long time,” Riggs Kubiak, CEO of Honest Buildings, tells GlobeSt.com. “Real estate owners have been making a lot of money doing it one way for years. But they have also never had solutions purpose built for them around capital deployment. Now we’re seeing that once owners see that problem, it’s hard to un-see it.” Kubiak says that some ways to push the change forward is to point out inefficiencies, for example, the fact that some outlets report 60% of capital and construction projects are behind schedule and over budget or that there is a link between the loss of productivity and capital to the delay in the real estate industry’s technological adoption rate.