034 – Minta Kay and Salil Gandhi of Goodwin Procter – The Law of PropTech

Goodwin Proctor

Law firm Goodwin Procter LLP launches PropTech practice to serve intersection of real estate and technology innovation…

Goodwin ProctorMinta Kay (Chair of Goodwin’s Real Estate Industry group) and Salil Gandhi (partner in Goodwin’s Technology group) of Goodwin Procter LLP, join Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.

In this episode:

  • What inspired the PropTech initiative at Goodwin Procter
  • The firm’s huge global real estate bench, and huge technology bench
  • How the firm has been getting a lot of calls, inquiries
  • Woke up with convergence of practices, obvious place to goGoodwin Proctor
  • Tech – type of company, not an industry sector
  • Also Fintech, Blockchain, do a lot in that space as well
  • Real estate has been slow to adopt tech—that’s changing
  • Need to pay attention, a cascade coming down around them
  • Real estate becoming a service instead of just a hard asset
  • The greatest potential for opportunity
  • From first innovations on prop tech side on consumer listing sites, been seeing it on consumer side for awhile, bigger than a couple of entrepreneurs disrupting
  • Investors are investing to remain abreast of latest innovations
  • Keeping informed on opportunities to return investor returns, smarter buildings, manage portfolios
  • How people are thinking about what a building is and how it is structured, and that it is driving business decisions and entrepreneurial innovation
  • Why autonomous cars are important for real estateGoodwin Proctor
  • Why re-purposing of spaces and buildings is huge
  • Going to raise a lot of new bureaucratic activity, permitting, zoning
  • Collecting more data than ever before, so sourcing deals to pricing deals, design, maintenance
  • From one transaction to an ongoing sharing of information
  • Open-mindedness on real estate and regulatory that will allow innovation to occur
  • Elasticity in the space is very important
  • The need to house fleets of vehicles is coming, a shift is neededGoodwin Proctor
    How smart contracts can shift advice business
  • From ballet, chemical engineering and art history — to law
  • PropTech is happening now in Asia too

028 – Omid Malekan – Blockchain Explainer-in-Chief

Explainer-in-Chief

Blockchain explanation, applications, and possibilities…

Explainer-in-ChiefOmid Malekan, author of “The Story of the Blockchain: A Beginner’s Guide to the Technology Nobody Understands“, blogger, and Explainer-in-Chief at Triple Smoke Stack (a publishing, consulting and educational firm that specializes in bringing the latest advancements in blockchain technology to traditional companies) joins Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.

In this episode:

  • Malekan on Blockchain – technology that gives digital items physical propertiesExplainer-in-Chief
  • Physical things can only exist in one place at one moment in time
  • Because of crypto tokens big public blockchains epxploded in value
  • More and more industries are looking at blockchain, including real estate
  • There are many applications beyond crypto currency
  • Before the Internet, restrictions of physical existence worked but blockchain reduces friction or restrictions
  • Digital items are replicable
  • Music is a great example of an application of blockchain that can be of value
  • Blockchain exists on a spectrum, with varying degrees of how to apply it, and is by nature often decentralized
  • A process to keep you honest
  • A consensus mechanism
  • Bitcoin is slow (only a few transaction per second)
  • Losing a key/passowrd to access, the value is lostExplainer-in-Chief
  • Real Estate doesn’t change hands without people knowing about it, likely a blockchain run by government for property in the future
  • Using blcokchain to potentially democratize ownership and mortgages
  • How REITs were like an early tokenization, good step in that direction
  • While REITS are cumbersome and expensive, can take the REIT model and issue tokensi instead, a tradeable avatar
  • A lot of creativity possible
  • Like a co-op model, real estate distilled down to shares
  • A home is an indivisible asset, tokenization can enable that, financing aspect – you go to one bank, one loan, future can offer breaking debt into pieces each with other people
  • Fractional ownership, fractional debt
  • Nomadic lifestyles enabled by fractional ownership shares in properties to live in places not regular residence, like a timeshare
  • Creatively applied can improve on good parts, lose bad parts
  • Airbnb a perfect example of Web 2.0 kind of business, someone builds platform, people use it, and most of value goes to owner of platform.
  • Whether a value of Blockchain can be to mediate disputes
  • How you can determine cryptocoin has value despite being digital
  • Becoming The Explainer in Chief
  • Model United Nations, learning to debate, valuable life lessons that it was a popularity contest, not all about substance, from moment you walk into the room relationships
  • Artifical Intelligence replacing jobs

025 – Vincent Pavanello and Robin Rivaton of “Make Real Estate Great Again – Real Estech in Europe

Vincent Pavanello and Robin Rivaton

Real estate technology disruption…

Vincent Pavanello and Robin Rivaton Vincent Pavanello and Robin Rivaton co-authors of the book “Make Real Estate Great Again”, focused on real estate technology disruption and is co-founders of the Real Estech community in Paris, France, join Thomas Kutzman and Scott Pollack in the MouthMedia Network studios in New York, powered by Sennheiser. Presented by Prevu.

In this episode:

  • The show’s first guests from continental Europe, who are building a community in real estate tech
  • Bridging the gap between offerings those who want to buy goods and services
  • The community’s first days, three friends created website produced articles on startupsVincent Pavanello and Robin Rivaton
  • The consumers are changing and companies have to pay attention to user experience
  • The need to be merging pieces of a value chain and control quality, like automotive industry
  • Making real estate great again
  • Tech makes buildings fitted with people’s needs
  • Urbanization, more people living in more cities than before
  • Making a city denser to attract more people
  • Density leads to productivity, wealth requires different types of people with different skills put together
  • Next, thinking of how you move them all around efficiently
  • The perfect city for all social classesVincent Pavanello and Robin Rivaton
  • The importance of creating buildings fit for real people now, while respecting history of city
  • Cities that exist today vs. the kind of cities that can exist 100 years from now
  • Considering climate change, population change, culture, economy, and when people will/would start migrating
  • Direct access to the sea as a factor in city creation and growth
  • When a city becomes toxic
  • A classy snack inspired by a birthday
  • Political influences can cause major shifts in people, Brexit as an example
  • Trends seeing, action to fund entrepreneurs to make changes happen, several funds currently support this
  • How they are building the first venture capital fund for real estate in continental   Europe, with $60M
  • Hip areas of Paris people are moving to
  • The importance of a larger presence of women in real estate tech

021 – Francesca Loftus of hOM – Amenities, Data, and Bouncy Houses

hOM

Developing community with residential and office properties and gathering data by providing technology-enabled amenities for tenants…

hOMFrancesca Loftus, CEO of hOM (technology-enabled amenity provider that partners with residential and office properties to develop community by providing on-site fitness programming and unique events for tenants) joins Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.

In this episode:

  • How Loftus became focused on amenities
  • The company’s focus on amenities, especially in commercial buildingshOM
  • The cash outlay to adjust floors is a big step, so offering programming or events in a vacant space or available accessible spaces is a useful alternative
  • The genesis of the idea, two of her cofounders are in fitness and real estate, her background in theater management,
  • Some success because of the proximity of buildings to fitness studios
  • Selling to amenities managers
  • Most managers have tried other things, trying to be on trend with other buildings, then contact them to execute, cant do it themselves
  • Despite offering a wide range, fitness is most requested and engaging, yoga leads that interest
  • The hOM programs are unique and catch people’s attentionhOM
  • Mini golf, bouncy houses, partnerships to execute and deliver in diversity
  • Building community gives an edge for landlords
  • Figuring out a model to provide benefits to fitness instructors, finding it was actually cost effective,
  • Why Loftus was forced to be smarter how running business
  • Utility players with the ability to get anecdotal data on the building, valuable team members but tough to find
  • Looking at people with their whole selves i.e. developers and yoga teacher
  • Listening for grit and experience (28 full time employees and 50 part time)hOM
  • Loftus is from Canada, ended up in New York, from a competitive girls prep school, full college ride in mathematics, wanted to go to NY for theater, ended up managing a theater at 17 years old, having a public facing “beard”, doing a lot of programming work
  • Being curious about everything, having a dual role as performer and manager
  • The kind of culture in the hOM office with meditation and breath-work, the company’s C3P0, rituals in the office
  • Putting a voice to the tenants of buildings, creating incentive to communicate with them and close a gap of communication

013 – Jonathan Wasserstrum of Squarefoot – Now It’s Time for Commercial

Squarefoot

Transparent commercial brokerage with proprietary smart tools…

SquarefootThe real estate industry is antiquated. For most people they think of the residential real estate first, and that’s lagging enough. But technology and innovation in the commercial real estate space? That’s twenty years behind residential. An exception to this is Squarefoot, an online brokerage platform that enables companies to find commercial properties without going space to space.

SquarefootJonathan Wasserstrum, Co-Founder and CEO of Squarefoot (”a team of trusted commercial real estate experts armed with our own technology to help guide you from initial inquiry to lease signing and beyond”), joins Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.

In this episode:

  • SquarefootThe state of affairs of commercial real estate today, two decades behind residential real estate, comparative sizes of residential vs. commercial
    Enabling tenants to find space more easily
  • The problem being solved by Squarefoot is offering transparency and technology, as a listings platform,
  • Squarefoot’s biggest size deal ever, and the average size and company needs commercially
  • Playing a role in helping solve real estate problems
  • How Squarefoot clients can see the inventory
    Squarefoot aligns better incentives between broker and client, instead of commission based on deal size, a flat fee per broker, a different comp model, so its not about steering toward biggest commission.
  • Most brokers aren’t still at the same brokerage after three years, and at Squarefoot the rate is better than the industry average
  • First efficiency, not having to prospect, how inbound people search online and wind up on the Squarefoot site
  • Offering further efficiency via tech and products in the space and discovery, and a proprietary app
  • Looking ahead to the next level: agency business representing landlords
  • Commission structure in commercial vs. residential similar, and how many buildings average landlord own
  • A lack of interest from Squarefoot in competing against CoStar — being just a channel for tenants to find space and landlords to market the spaces, not a current interest in data.
  • Is Wasserstrum a technology guy or real estate guy?
    Ample Hills ice cream makes a special appearance
  • Are most companies actually tech companies?
  • 20% of market is moving every year, but it takes 5 cycles for everyone to go through a new change of process/tech, with commercial taking even longer
  • The need to ask “how do I do it better”
  • Anything that can help increase the top line, and decrease expenses, should be a welcome thing
  • A lack of Houston TX accent
  • Houston’s lack of zoning