Attending Binghamton University, I started my college career on the pre-med track, however, I naturally gravitated towards business because of my intrinsic ability to connect with people. Although I’ll probably never shake another hand in a very long, I’m comfortably uncomfortable sparking up a conversation at a networking event. Moreso, after watching Kobe Bryant’s doctor cut open his ankle in “Muse” while on a plane ride to St. Thomas, I realized all too well I’m uncomfortably uncomfortable witnessing blood – I’ll share this story for another newsletter. Nevertheless, real estate, an industry built on relationships, naturally pulled me into its world. It didn’t take long for me to get situated in the college town’s real estate market. I grew to be friends with most of the local developers, especially with Mark Yonaty.
In my last semester at school, Mark took me under his wing and I received my first professional, hands-on experience in the real estate industry. As a curious 21 year old, I developed an interest in researching the new technologies hitting the scene of real estate. One day at Mark’s office, I showed him a Ted Talk which showcased 3D construction. For color, 3D construction refers to the creation of construction components or to ‘print’ entire buildings. From his facial expression alone, I got the sense that he didn’t buy into 3D construction. I asked him, “So, what do you think?” which Mark responded with, “Some things don’t change.” I chose not to entertain the discussion and we left it at that. But I’d meet 3D construction again, whether I knew it or not.
The curiosity only grew from there. During the last months of undergrad, I devoted a good chunk of time learning about the ever-growing real estate technology space. You see, to me, real estate is not all too cool. In fact, I see the industry as somewhat repetitive and old. I don’t know about you, but spreadsheets don’t do it for me. On the other side of the spectrum, behold tech. Coming from a film background, I embody iteration, imperfection, and rawness. To some degree, I find that such qualities like these flow similarly in innovation. Just as relevant, to witness an archaic industry slowly consider adopting technology is cool. Post-graduation, flash forward 9 months and I’m attending MetaProp’s 2019 Demo Day. I heard the word ‘proptech’ thrown around plus/minus 95 times that night. Up until then, I only heard of the phrase ‘CRE Tech.’ Boy, that alone motivated me to be a sponge! Above all, that night I left inspired and convinced that proptech was going to take over! Right?
Determined, I took this energy to work every day as an analyst at a real estate family office venture firm, investing in proptech startups. I loved every minute of that experience. I connected with some of the most brilliant and hard working entrepreneurs and venture capitalists. From the hundreds of conversations I shared with industry professionals, I felt certain the real estate space was bound for rebirth. *Is my naivete starting to pierce through the screen?* Around this time, I enrolled in an intensive, 5-day elective course ‘PropTech and the Digital Evolution of Real Estate’ taught by Professor Josh Panknin. On the first day of class, it didn’t take long for Professor Panknin to rip to shreds the current landscape of innovation and technology in real estate, and in the world for that matter. “50 years ago we landed on the moon, and today we have 140 characters,” he non-verbatim said. It came off like he sounded pessimistic of the technology currently produced in proptech. I didn’t understand why. His words took a shot deep to my core.
During a class lunch break, I asked to speak with Professor Panknin regarding the current climate in real estate innovation. Professor Panknin kicked off the healthy exchange saying “Most of the tech is not pushing the needle forward. A lot of what you see coming out is saturated and overhyped. The real estate guys don’t know tech and the tech guys don’t know real estate.” Pitching to him why the future for real estate was bright for innovation, I cried “The industry professionals who don’t adapt will die off!” Professor Panknin agreed with that sentiment, but responded with “Say the tech is strong, even then, unless people use it, the tech is useless.” I chose not to entertain the discussion and we left it at that. But I’d meet this topic again, whether I knew it or not. Today is that day.
I allowed the conversation between me and Professor Panknin to marinate for some time. Over the next few months on the job, the words ‘saturated’ and ‘overhyped’ lingered in the back of my mind. For lack of a better word, I started becoming impatient with the mere absence of proptech adoption in the real estate industry. Could it be that the shortfall came from both parties ignoring each other’s requests? I’d attribute the minimal advancements in real estate to their industry unwelcoming innovation, but I started to see that the tech itself fell short. As Professor Panknin eloquently put it, “Both industries don’t know what they don’t know, and they don’t know that they don’t even know it.” Don’t get me wrong, I stand by ‘good things take time’, but in this case, the watch on my wrist never functioned properly. And so, I became skeptical of it all. Simply put, the proptech space is accompanied by some fluff. Coming from a place of resilience, I am hopeful that my industry recognizes we must shift our focus in order to see the change we envision. Moreover, this realization provided me the opportunity to reassess my interests and prioritize the taxonomy of real estate innovation. Remember 3D construction?
At the top of my metaphorical list ‘Areas to Prioritize in Real Estate Innovation,’ I rank the health and safety of people in public spaces at number one, followed by 3D construction. As a reference, before the onset of the novel coronavirus pandemic, I awarded 3D construction the crown. With a growing passion in real estate sustainability for the betterment of our ecosystem, it should be of no surprise I hold a great level of importance to 3D construction. As touched on, 3D construction minimizes the pollution entering the environment, but also reduces the time and cost for a project, decreases the number of fatalities and injuries of professionals in construction, and improves the overall efficiency of a job. Unlike some of the other problems proptech is trying to address, the construction industry is obsolete and desperate for a makeover. Fortunately, or unfortunately, the pandemic is catalyzing the implementation of 3D construction. Aside from the current landscape’s impact on construction, showcasing a less divisive piece of technology such as wearable technology, such as smart helmets and smart watches, will help transition the industry to an adoptive state. In addition, not only will applying an impervious technology like wearable technology advance the overall tech stack in 3D construction, but it will also bridge the gap between the real estate and tech professionals, creating a smoother experience for the end-user.
The ever-changing field of real estate is prime for change, especially in our current landscape. At the onset of human civilization, we centered our lives around physical structures. Real estate, at its core, is the epitome of community. Compared to the many advancements across all industries, real estate innovation falls far behind. Until recently, the real estate space only began to display purposeful and effective innovative systems. Namely, 3D construction has been shown to not only work, but at a far more effective scale than traditional construction. Its ability to limit the carbon footprint, decrease the time and cost for a project, and foster safer working conditions for employees, highlights its efficiency and makes it a unique solution primed for market adoption. Call me a hopeless romantic, but I’ll say this; through cooperation from both real estate traditionalists and the proptech community and learning from the faults of predecessors and failed technologies, 3D construction, and innovative real estate technologies alike, will take a seat at the dinner table reserved for ‘Real Estate’.
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