Archives for October 2018

GlobeSt.com talks with Engrain about proptech and business systems and how their continued growth may be the best leverage point for property owners to realize the most benefit.

With clients like Greystar, the Irvine Co., AvalonBay Communities, the Bozzuto Group, and many others it is evident that Engrain’s technology is premier integration for the leaders in real estate. GlobeSt.com chatted with the next-generation interactive technology and data visualization company’s founder and CEO about their interactive mapping software, SightMap, which is beginning to disrupt property management and more on technology’s efficiency in today’s CRE environment.
GlobeSt.com: What are some of the daily services that the platform provides its property management users? How is Engrain looking to change the way property managers effectively execute day-to-day and high-level tasks?
Brent Steiner: Our software is designed to make real-estate marketing and operations more effective – from the renter’s search, to the leasing process, asset management, and daily operations. On the leasing side, we have TouchTour and SightMap. TouchTour provides a rich interactive property tour on touchscreen kiosks or on an iPad. It’s highly customizable and can include all the digital marketing assets for a property – photos, videos, even virtual tours like Matterport. It can be used by leasing teams as part of the sales process, or as an interactive resource for prospects.
SightMap is an interactive property map that can be placed on a website or downloaded as an app. SightMap has numerous applications to support the lifecycle of a property. A basic SightMap is the easiest way for a person navigate the property – great for the facilities team, or new renters or employees, but we have different versions to also assist the leasing team and asset managers.
The most common use of a SightMap is as an upgrade to static floorplans and apartment listings on a website. With a SightMap, prospective renters can explore the property and search for units that meet their needs in a fun and efficient tool that gives them information they can’t get from typical listings, including the location of an apartment within the property (a key consideration for most renters).
For asset managers, SightMap Asset Intelligence adds business data such as revenue, facilities information, and rent variance. All of this is displayed in a dynamic heatmap view and lets asset managers drill down to detailed unit-level data without having to pull and combine multiple reports.
Collectively, our products reduce frustration for everyone involved with the property by eliminating convoluted processes and out of date information, and replacing them with intuitive and powerful systems that meet their exact needs.
GlobeSt.com: Engrain software applies to a wide variety of product types (i.e. multifamily, student housing, senior living, and commercial assets) how does Engrain ensure the technology behind the platform scales effectively across these different assets?
Steiner: Our products are easily tailored to any leasing workflow or any kind of property. We have built very flexible underlying APIs that can drive the display of all kinds of media, represent any physical space, and can be integrated with most 3^rd party systems – whether for media, data management, or mapping. We’re also continually growing our network of partners, so we can provide more integrations or even embed our technology in 3^rd party systems. (Before too long, you should be able to see SightMaps popping up in internet listing sites.) There’s essentially unlimited use-cases and we’re always looking for ways to meet the needs of new markets.
GlobeSt.com: In order to be successful real estate tech must retain a certain degree of flexibility –such as seamless integrations—plus, present a user-friendly experience, how does Engrain address these factors?
Steiner: Our technology platform makes us incredibly agile. It’s common for our customers to have some very specific requirements or to be integrated with new management systems. Our software can be readily customized to meet their needs. One of our core values is to include design in everything we do. No matter how useful the technology, it’s only truly beneficial if it’s also easy to use. We have years of feedback from everyone involved in the leasing and management of properties, and across verticals and different types of properties. We’ve taken this feedback to heart to design software that is intuitive so that users can immediately enjoy the benefits and convenience.
GlobeSt.com: Its well-known technology brings a certain level of convenience when it comes to people engaging with properties remotely, but often even the most advanced digital experience cannot replace physically seeing or occupying a space—how does Engrain address this unique challenge?
Steiner: When a property is under construction or undergoing renovation, a renter loses the opportunity for that on-site visit. TouchTour and SightMap can include engaging media, like MatterPort virtual tours, which makes them the next-best-thing to an on-site visit. We want to give renters enough information up-front that the tour is just a final formality.
There are also situations where it’s impractical for a prospect to visit a property during business hours, which is why we’re seeing a paradigm shift toward self-touring. By integrating SightMap with reservation and IOT systems, and a TouchTour as a kiosk, renters can have a great curated experience without even when a leasing agent isn’t available, and the prospect’s contact information can be captured for immediate automated or in-person follow-up to close the sale.
GlobeSt.com: How have you seen clients—property managers, owners, prospective tenants/renters—respond to these technology-driven changes in the industry, such as Engrain?
Steiner: The real estate industry is somewhat renowned for being slow to adopt technology. Thankfully, this is changing rapidly as proptech companies continue to launch and successfully integrate into the market. Owners and operators are seeing the value in tools that integrate multiple systems, creating opportunities for automation and reducing redundant effort. This lets everyone involved stay focused on what’s important – which is where we find the greatest return on investment.
Renters are especially impacted by the notoriously frustrating task of apartment hunting. They have come to expect the convenience of Uber and the ease of use of their iPhone. They expect a self-service experience with information up-front and the ability to make a decision with one click. We’re at the forefront of this shift and are providing solutions that support the whole property lifecycle and get closer to that same one-click instant gratification. GlobeSt.com: As technology becomes an increasingly accepted and embraced tool within the real estate industry, how do you envision Engrain’s future role changing or evolving?  
Steiner: We believe the integration and progression of technology within the industry will continue at an accelerated pace. As the players change and new players arrive we also predict an incredibly active acquisition market and an increasingly competitive arena. Integration with proptech and business systems will continue to be the best leverage point for property owners to realize the most benefit. So far, our focus on excellent user experiences and flexible technology has helped us to keep adding value to our existing products and launch innovative new products into multiple market segments. It will be an exciting challenge and ongoing opportunity to continue adapting our products and user-experiences to the shifting landscape and evolving demands of the market.
GlobeSt.com: For years, the real estate industry has been traditionally based on a strong network of relationships and face-to-face interactions. Is there anything about the increased rate at which technology is transforming it today which concerns you?  
Steiner: In the house buying market, we’ve already seen this shift that puts realtors farther down the funnel in the decision process, but it hasn’t made that role less essential, and hasn’t changed the value of that individual relationship. The rental industry’s seeing the same changes, which is part of why it has a reputation for being ‘behind the curve.’
Today, the role of proptech only becomes more pervasive and essential to serving the needs of those in the industry. Through implementing technology, all industry users—from agents, to owners, to architects—have been able to unlock potential, streamline processes, innovate methodology, and better service their clients. We’re confident the relationship between this industry, and almost every other market, is remarkably symbiotic and projected for exponential growth.
By: Natalie Dolce (GlobeSt)
Click here to view source article.

This year, investment activity has been strong across investment classes, and blockchain and opportunity zones will fuel more activity in the fourth quarter.

Expect a strong close to the end of the year. 2018 has been a healthy year for investment activity and real estate performance, living up to initial expectations and surpassing the anemic performance in 2017. “Investment performance in 2018 thus far has met our initial expectations. We anticipated a strong year and have ultimately seen this across the board for all product types,” Adam Hooper, co-founder and CEO of RealCrowd, tells GlobeSt.com. Opportunity zone funds and blockchain are expected to fuel a strong close to an already healthy year, as well as activity well in to 2019.
Industrial and multifamily product has continued to be the darling assets classes this year. Industrial has been driven by e-commerce industry, which is expected to surpass $700 billion by 2022, according to Hooper. “Demand for industrial properties across the U.S. has continued to rapidly grow,” he says. “In fact, industrial vacancy across the nation continues to be at an all-time low, hovering around 4.8% at the end of Q2 this year.” Multifamily activity has thrived in secondary markets this year, where Hooper says that “supply constraints and new construction costs prevent class-A development, thus creating opportunity in value-add strategies for older vintage properties.” There has been a boom in multifamily construction activity across the nation, but investment activity has yet to wan. “Multifamily saw a rapid influx in development over the last few years and many investors were uncertain as to whether or not this would result in an oversaturation of the market,” adds Hooper. “Owners and investors who are closely monitoring the development pipelines of specific submarkets will continue to find value within the multifamily space.”
Industrial and multifamily have been the darlings of commercial real estate this cycle, so it is no surprise that they lead the market this year. However, retail and office show the strength of the whole market. “Retail, despite a doom and gloom outlook by many, has presented strong value-add and redevelopment opportunities,” says Hooper. “As traditional retail malls shift toward more experiential-focused centers, there has been an influx of projects repositioning existing malls into lifestyle centers or into alternative uses altogether. Office this year has seen a slight plateau in rent growth. However, there is still strong demand for quality office properties with contractual tenants with long-term leases in place.”
Hooper expects a strong close to the year as well as a strong 2019, driven by both opportunities zone funds and blockchain technology. “Opportunity Zones provide investors with new tax incentives that will spur investment and development in regions that have traditionally not seen significant private and institutional capital investment,” says Hooper. “While some affordable housing funds and investors may already have investments in these regions, we will likely see this expand in 2019 to other groups and anticipate that this will continue over the next several years. Many investors are now exploring opportunities in this space, and how they can leverage the tax benefits of investing in Opportunity Zones.”
Blockchain technology, on the other hand, is growing in popularity and could be revolutionary to the industry. “New technologies such as Blockchain will grow in popularity over the course of the end of this year and into 2019. Still in its infancy, the use of Blockchain or cryptocurrencies has been viewed with uncertainty,” says Hooper. “That said, the applications of Blockchain could potentially revolutionize many real estate processes from the overall transaction process, to the recording of ownership in the land registry, to the financial aspect.”
Blockchain will also help to create both security and transparency in real estate transactions. “Blockchain is essentially a trusted general ledger technology that keeps a perfect record of who owns what. No one single party can change a record without the consent of all parties, and consent is derived through math – not trust with one central party,” says Hooper. “This provides the ability to efficiently track where the money is, where it came from, who really controls it, who owns it, where it is stored and when it gets passed off. With this type of technology in place, deals could be completed at record speed and the potential for fraud in almost eliminated or significantly reduced.”
By: Kelsi Maree Borland (GlobeSt)
Click here to view source article.

Netflix is making Albuquerque its home away from home.
The entertainment giant is in negotiations to purchase Albuquerque Studios and will make it the streaming giant’s principal production hub in the United States.
Albuquerque Studios has been for sale for a few years. Officials did not release details about the sale price of the studio.
The state is contributing $10 million of Local Economic Development Act funds. Albuquerque is contributing $4.5 million of LEDA funds. Because the city is acting as fiscal agent for the LEDA funds, the project will be sent to the City Council for approval.
Albuquerque Studios includes nine sound stages, production offices and a backlot.
If the deal is approved, the Albuquerque site will be Netflix’s first hub purchased in the United States. Earlier this year, Netflix announced it was establishing its first European production hub in Spain.
The purchase is expected to cause a ripple effect that would benefit the other major studios in New Mexico – I-25 Studios, Garson Studios, Santa Fe Studios and Las Cruces Studios – as other productions seek studio space for their projects.
Starting a relationship
New Mexico’s relationship with Netflix spans years.
Netflix has brought projects such as the Emmy-winning Western series “Godless,” as well as “Longmire,” “Chambers,” “Messiah,” “The Ridiculous 6,” “Daybreak,” “The Ballad of Buster Scruggs” and “Walk. Ride. Rodeo.”

Ty Warren, Netflix vice president for physical production, said that between the infrastructure and existing crew base in New Mexico, it was a win for the company to move here.
“I think you look at the amount of content that we’re making, specifically, here in Albuquerque, and we’re making a large piece of content here, it makes economic sense for us to have a hub here since the content we’re creating is here” Warren said.
Gov. Susana Martinez lauded the deal and said it’s always been important to grow New Mexico business.
“After years of hard work to cut taxes and make New Mexico business-friendly, we’re seeing incredible results,” Martinez said. “Now, New Mexico is leading the nation in economic growth and lowering unemployment, and we’ve brought the world’s leading internet entertainment service, Netflix, to our state.”
Albuquerque has regularly been ranked in the top 10 of the trade magazine Moviemaker’s best places to be a filmmaker. The New Mexico film industry has been growing steadily for more than 15 years.
“The facts are really important,” Mayor Tim Keller said. “There will be 1,000 jobs per year, which is the largest Albuquerque-based jobs program that we can think of.”
The jobs that will be created Albuquerque run the gamut of film and TV production work, most of which is project-based contract labor.
“They are high-paying, and that is extremely rare,” Keller said. “The film industry has its own career ladder. It doesn’t matter where you went to school, and it’s one of the great industries where you are rewarded for as good as you are at your job.”
Alicia J. Keyes, city of Albuquerque’s film liaison, said many of the jobs will be technician jobs. And many of the jobs are expected to pay $70,000 a year.
“Albuquerque Studios has been a rental house for years,” Keyes said. “Now you have a production and distribution company that can create their own content.”
Growing an industry
Keller said Netflix was impressed with the experience of crew workers in New Mexico.
“Our workforce was ready,” Keller said. “We have studios, like this one they are buying.”
Keyes is quick to give credit to the foundation that has been laid over the past 16 years.
She credits previous and current film directors for the state and city, including Nick Maniatis and Ann Lerner, and her relationship with Jason Hariton, head of Worldwide Studio Operations and Real Estate for Netflix.
“Jason managed ABQ Studios years ago; he knows the facility well,” Keyes said. “So he was open to having a conversation and was proactive about purchasing such a world-class facility for Netflix.”
Albuquerque beat out other places such as Denver, Salt Lake City, Austin, New York, Georgia and Los Angeles.
Keyes said, “Netflix’s commitment to Albuquerque is the result of years of support for this industry by the Legislature, the administrations and the New Mexico people. Our state’s commitment to the entertainment industry has paid off in a big way, especially when you consider the amount of outside money flowing into our community.
“Last year, just in Albuquerque, film/TV brought in over $180 million of direct spend, and that does not count the indirect money from tourism and monies spent outside of production.”
With Netflix buying Albuquerque Studios, all the studios will get work pushed out to them, said Nick Maniatis, director of the New Mexico Film Office.
“It’s really good for the state, and they will be hiring people from New Mexico,” Maniatis said. “It won’t have a negative impact. The rest of the studios will be busy with work that would normally go to Albuquerque Studios.”
Maniatis said the deal also calls for $1 billion worth of production spent over 10 years.
“This means a lot of people will be working,” Maniatis said. “They have plans to start a training program and that will help our folks getting into the industry.”
Keyes said working on the deal began 10 days after she was hired.
“The foundation was already there, and we made the right calls,” Keyes said. “Everybody worked together to see the industry succeed. I was coming into this with a mayor who is film-friendly. Everything aligned, and it’s going to benefit the industry.”
By: Adrian Gomez (ABQ Journal)
Click here to view source article.

Adelante has been a community resource for nearly 40 years. As the organization celebrates this milestone anniversary, Adelante is poised to launch GiveABQ, a service that will positively impact non- profits across New Mexico.
There are over 10,600 non- profit organizations in New Mexico, offering over 48,000 jobs and $1.2 billion in payroll. Non-profits are growing and helping our state, with $6.5 billion in annual revenues. The success of these organizations can be a key factor in New Mexico’s economy and improving the lives of everyone in the Land of Enchantment.
GiveABQ will improve collaboration between non- profits to benefit social service work in New Mexico and to make giving easier for all donors, too.
Start-up operational dollars are being provided through the PNM Fund and Adelante is working with other donors and partners to remodel the GiveABQ site, stock the facility, and get the program into operation in 2018.

Benefits to Nonprofit Organizations

Managing in-kind donations – tangible gifts from individuals or businesses like furniture, dishes, bedding, and more — can be time consuming to manage and difficult to match to organizational needs. Many non-profits refuse to accept used items even if they are in good condition because of storage and handling costs. Even non- profits managing donations well struggle with distributing items their organization doesn’t need at the time it is donated.
GiveABQ helps non-profits by sharing resources like drivers, volunteers, and trucks, to lessen the work of handling donations. it will be a place where non-profits can turn for office furniture.
GiveABQ will also offer a one-stop solution to non-profit case managers seeking resources for their clients who need assistive devices and/or household items or furnishings.

Benefits to Donors

The primary goal of donors, is to ensure that their donations get to the organizations and people who truly need them.
And, though they are generous and caring, they’d like the process to be as painless as possible.
GiveABQ can support donors by pooling resources to offer quicker pick-up of items, and by sorting and displaying the donated items at one big place where multiple non-profits and their clients can see them, select from them, and make use of them.
GiveABQ will be tracking the larger donations, such as furnishings, in an effort to better coordinate between donated inventory and non-profit needs.
Adelante is a nonprofit organization that supports people with disabilities, seniors, and disadvantaged populations by providing employment, residential and day services, and other community resources.
GiveABQ is another resource Adelante can offer the community, and a great way to work in collaboration with area businesses and other non-profits.

Positive Outcomes of Launching GiveABQ

• More efficient donation in-take, processing, and distribution to people and organizations in need in central New
• Greater collaboration between non- profit
• Less hassle for donors who want to give furniture or household items, but who are unsure which organization can use their in-kind donations
• Job creation for people with disabilities and disadvantaged populations
• Reduction in waste when items can be re-purposed and re-used
• A multiplied effect that ripples throughout the community as non- profits can utilize more funds for direct services instead of items needed or handling

Get involved! Sponsorships: (505)449-4033 Information: info@GoAdelante.org