Tech Tidbits to Chew On…
At the recent CRE Tech Showcase sponsored by the International Council of Shopping Centers (ICSC), we learned about an exciting array of tech solutions designed to optimize how we operate, convey, lease, and finance real estate.
These are some salient tidbits about the companies and products that captivated our attention.
MetaProp is a CRE Tech Accelerator. It connects real estate professionals aware of the pain points with techies who can create solutions. MetaProp then helps the resulting start ups get their products to market with financial and other support, including introductions to likely customers. Its 2015 NYC Accelerator class included RadiatorLabs, whose patented technology can reduce heating costs by 30%, and Notion, a wireless home monitoring and security solution.
According to Floored, its suite of 3D real estate products are virtual reality tools that personalize the process of buying, leasing, and developing real estate. Much like playing a video game, prospective buyers and tenants can visually transform raw space into the finished product, and enjoy an experience much more compelling than looking at 2D (flat) floor plans. The Floored experience contributed to the recent decision by Italian retailer Zenga to locate its New York City flagship store at the Crown building on Fifth Avenue.
Ten-X, formerly known as Auction, is an online platform for buying and selling commercial and residential property. The entire process, from due diligence to closing, has been standardized and streamlined, eliminating the interminable delays of the traditional buy and sell process. With aspirations of becoming the NASDAQ of real estate, Ten-X has over $8.5B worth of transactions under its digital belt.
MotionLoft gathers real time indoor and outdoor traffic data for owners, tenants, and cities and transforms it into actionable "intell" about who is at a property, how they got there, patterns of movement, length of stay, and next destination. The data is aggregated to address privacy concerns. MotionLoft has counted over 2.5B people in 50 markets across 3 countries.
Property Capsule, whose founder and CEO created his first tech start up at the age of 13, enables property owners to centralize, automate, and publish real time information across multiple platforms. Websites, marketing brochures, email blasts, and property files can be simultaneously updated with a single tap. Property Capsule recently won the ICSC Net Operating Income award, for saving a customer nearly $1M in one year.