Introducing: Tech in CRE
Welcome to the first episode of Tech in CRE, a podcast where we talk technology with the big names in commercial real estate, from the worlds of tenant representation to land brokerage.
Building Your Career – Tenant or Landlord Representation
Michael started his career in the landlord representative business, but quickly felt his interest driving him towards learning about tenant relationships and studying retail expansion. Today he works mainly on tenant representation, with most of his clients in the retail, medical, and entertainment space.
When asked if he had any advise for new brokers, Michael stressed the importance of following what you’re passionate about. See if you’re drawn more to the tenant or the landlord side, and learn everything you can about side you choose. He also points out the difference between working with landlords and tenants as Hunting and Gathering.
When working with landlords you’re gathering, in the sense that you are trying to cultivate the best retail mix for your properties and consumers in order to maximize property value. Instead, with retailers you’re hunting for properties and deals that fit clear and strict criteria of what is needed to optimize the retailer’s performance.
From Collages to Calculations – Advancements in the Industry
We spoke about Michael’s career in commercial real estate and how technology is changing the industry. Michael shared how went from a recent graduate working in residential real estate to being a partner at a respected boutique firm.
We looked at how far technology has come from when Michael started working in the industry, being asked on his first day to do a collage of pictures of retail spaces in a certain area to “learn the market”. We talked about the 2 main competitive advantages you can get from technology. Firstly, how technology has been a time saver in everyday operations, and also how tech helps representatives get key information and knowledge to inform deals.
Since Michael has been actively posting on Linkedin for the last year and a half, we were able to discuss the return on investment and results he’s been able to generate from the platform. Finally, we discussed the state of retail real estate over the next 18 to 24 months and the current trends that are changing the industry, such as the increase in non-traditional uses that were previously not allowed being welcomed inside shopping centers.
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