Panel Tackles How to Use ‘Big Data’ in CRE
John Jordan | September 16, 2020
WHITE PLAINS—The Hudson Gateway Association of Realtors’ Commercial Investment Division presented a highly informative and forward-thinking workshop program entitled “How to Use ‘Big Data’ in the Commercial Real Estate Game.” The Zoom program was held on Sept. 10 and was part of CID’s Women in Commercial Real Estate series.
The workshop focused on the use of “Big Data” and the technology platforms that drive the commercial real estate business. The panel was hosted by Teresa Belmore, CIREC, HGAR and NYSAR Director and Chair of the Women in Commercial Real Estate Series, and was moderated by veteran commercial real estate broker Paul Adler, Chief Strategy Officer of Rand Commercial.
The expert panel featured: Ann K. Silver, Associate Broker, Rand Commercial; Imani Willis, Senior Client Relationship Manager at CoStar Group; Ashley Kobovitch, Head of BDR/SDR, CREXi; Sheila S. Matuscak, Co- Founder & CEO, Coeo Space and Veronica McManus, Industry Relations Director, RPR.
The respective officials from the data platforms offered a description of their respective services. CoStar Group is a provider of information, analytics and marketing services to the commercial property industry, Coeo Space’s custom matching algorithm joins people and teams by matching the amenities they desire with available spaces in the areas they select, CREXi is a commercial real estate marketplace that simplifies transactions for brokers and buyers with a suite of easy-to-use tools that digitize the sourcing and managing of commercial real estate sale and lease transactions, and RPR, which is the nation’s largest property database, exclusively for Realtors.
The panelists discussed the importance of commercial real estate practitioners use of the many sources of hard data that is now critical and expected by tenants, building owners and investors. Rand’s Adler said while big data is important, personal service and experience are also critical in any transaction.
“Woe onto the broker that takes data and doesn’t verify the data,” Adler said. “Woe onto the broker that doesn’t go to the City or Village Hall and check the data or the zoning or to pick up the nuance that nobody could pick up (online) that you are currently in the CX zone but that zone is being changed next week because you went and talked to the Building Department and found out that next week there is a hearing to change that zone.”
Adler continued that the combination of real time data, in this case the “shoe leather” employed by the commercial broker, along with the big data will be critical services to provide clients now and in the future.
The sponsor of the program was Webster Bank.
A recording of the full webinar is available on the HGAR website at https://hgar.membio.com/event/cid-women-20200910.