The FORT Podcast: Mike Sroka
In Episode 5, Chris sits down with Mike Sroka, CEO and Co-Founder of Dealpath. They discuss how Dealpath has been able to help Fort Capital as well as numerous other real estate development companies. Dealpath is one of the fastest growing companies out of Silicon Valley looking to streamline work for companies across the country.
01:00 — How did Dealpath come to be?
04:30 — Have you found that the software is better for a smaller or bigger business?
08:10 — Have you found that a company that has a higher number of assets under management uses it differently than one that has less?
09:06 — What can you do with the fact that you have everyone’s attention as Dealpath is seen by every member of the company?
12:33 — Have you had people attempt to use the platform for reasons other than real estate? Is the platform capable of this?
14:57 — When did you see a lot of people showing interest in CRE Technology?
19:16 — What was the tipping point when you decided you were going to start your own company?
21:03 — How hard is it to start a tech company if you do not have a tech background?
25:25 — How do you find a co-founder or tech talent if tech is not your world?
28:31 — What were some of the early challenges you faced starting Dealpath? What are some of the challenges that you face today?
33:59 — How are you hiring for engineering-type roles to ensure you get the best talent?
36:51 — What has the fundraising process been like?
40:16 — Is there a big difference that you see between an angel investor and a Series B investor?
42:43 — What is the best and worst advice that you have ever received?
46:28 — Who needs to be thinking about using DealPath and how can they get in touch with you?
MORE ABOUT MIKE
Mike is the Co-Founder and CEO of Dealpath which is the real estate industry’s leading cloud-based deal management platform. Prior to Dealpath, Mike has spent over a decade growing venture-backed software companies including Fanhood (acq. by FOX), Zynga (NASDAQ: ZNGA) and OneSeason (acq. by Cantor Fitzgerald). He started his career at Hudson Advisors, managing agent for the Lone Star Funds, and graduated from Southern Methodist University with a B.S. in Economics with Finance Applications. Mike lives in the Bay Area with his wife and 2 kids. He’s a member of California Trout, Urban Land Institute, NAIOP and ICSC.
Sroka brings a wealth of knowledge and innovation to the table, discussing how DealPath addresses the unique challenges of real estate transactions, management, and decision-making. His insights shed light on the transformative power of technology in real estate, highlighting the platform’s role in streamlining operations, ensuring data integrity, and fostering collaborative workflows.
Sroka takes the audience through the journey of DealPath’s inception, outlining the market need for a centralized platform catering specifically to the real estate sector. He describes how the fragmented and disjointed nature of traditional real estate processes necessitated the creation of a tool that not only consolidates data but also facilitates seamless collaboration among stakeholders. The platform, as Sroka illustrates, transforms complex, multi-faceted transactions into manageable workflows, enhancing efficiency and enabling real estate professionals to make informed, data-driven decisions.
Delving into the core functionalities of DealPath, Sroka highlights its role in ensuring data integrity and providing real-time insights. He emphasizes the importance of having a single source of truth, particularly in an industry inundated with vast amounts of data and information. DealPath, according to Sroka, stands out by offering a comprehensive solution that not only centralizes data but also ensures its accuracy, thereby mitigating risks and enhancing the decision-making process.
Sroka and Powers also touch upon the evolution of technology in the real estate sector, acknowledging the industry’s initial hesitance to embrace digital transformation. They discuss the paradigm shift that has occurred over the years, with a growing recognition of the need for digital tools to stay competitive and efficient. Sroka points out that DealPath has been at the forefront of this transformation, driving the adoption of technology in real estate and setting new standards for operational excellence.
The conversation also addresses the challenges that real estate professionals face, from managing complex transactions to mitigating risks. Sroka underscores the role of DealPath in providing a solution that not only streamlines operations but also enhances risk management. By offering a centralized platform that consolidates tasks and data, DealPath ensures that real estate professionals have access to accurate and up-to-date information, enabling them to make safer investment decisions and navigate the complexities of real estate transactions with confidence.
Shifting the focus to the broader impact of DealPath on the real estate industry, Sroka discusses how the platform is contributing to the standardization of best practices. He highlights the platform’s role in fostering a culture of transparency and accountability, ensuring that all stakeholders are on the same page and working towards common goals. Sroka expresses optimism about the future of real estate technology, envisioning a landscape where digital tools are seamlessly integrated into everyday operations, driving innovation and efficiency.
As the podcast draws to a close, Sroka shares his thoughts on the future trajectory of real estate technology. He emphasizes the importance of data-driven decision-making, highlighting how platforms like DealPath are instrumental in transforming data into actionable insights.