The FORT Podcast: Michael Beckerman
Michael Beckerman is the founder & CEO of CRETech, the the largest international community of professionals devoted to technological innovation in the real estate sector. On this episode, Chris and Michael discuss the chaos in the event-industry as they navigate COVID-19, launching a consulting business mid-pandemic, the trend of venture arms popping up in the world’s largest companies, and the future of Real Estate Technology.
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01:50 — How Michael got into Real Estate Technology and the Current State of the Industry
04:55 — How did you start building this online community back in 2012?
06:50 — Can you describe what the entrepreneur’s mindset looks like over the last few months?
12:10 — What are the upfront costs that you risk when putting on a RET conference?
15:13 — How would the current social environment have to change in order for you to feel comfortable hosting an event again?
22:06 — How did you come up with the idea to launch a consulting business helping connect people in the Real Estate Tech world during COVID?
27:38 — What are your thoughts on major companies creating in-house venture arms to invest in emerging technologies rather than building it themselves?
30:51 — Fort Capital’s Adoption of Technology and its Role in Creating an Innovative Culture
39:50 — What new tech ideas are you seeing come out of the pandemic?
42:53 — The Future of the Real Estate Technology Industry
45:37 — Has COVID caused a radical change in how people think about higher education?
Episode Summary
The episode dives deep into the evolving landscape of the real estate industry. Beckerman emphasizes the paramount importance of adaptability. He notes that while real estate has been historically resistant to change, the current era demands flexibility and openness to innovation. With the surge of technological advancements, there’s a pressing need for the industry to evolve. Proptech, or property technology, emerges as a game-changer. Beckerman highlights how the real estate industry lags in tech adoption compared to other sectors, but he remains optimistic about the transformative potential of proptech. It promises not only enhanced efficiency but also paves the way for groundbreaking innovation.
A significant portion of the discussion centers on the challenges of integrating technology into real estate. Beckerman candidly addresses the generational divide, pointing out that younger professionals are at the forefront of demanding technological integration. They are the catalysts pushing the boundaries and setting new industry standards. This shift to a more tech-savvy approach has brought about revolutionary tools like virtual tours. Beckerman believes such tools, which gained traction during the pandemic, have permanently reshaped property viewings and transactions.
The power of data in real estate is another focal point. In a world where data-driven decision-making reigns supreme, the real estate industry cannot afford to lag. Beckerman underscores that harnessing data analytics can lead to smarter investment choices, resulting in amplified returns. It’s not just about having vast amounts of data; it’s about leveraging it intelligently.
Drawing from personal experiences, Beckerman shares invaluable lessons from his career. Continuous learning emerges as a recurring theme. He emphasizes the significance of staying updated with industry trends, underscoring that the real estate realm is in perpetual flux. Networking and mentorship also get a special mention, with Beckerman attributing much of his success to the relationships he’s nurtured over the years.
Looking ahead, Beckerman foresees sustainability as a major industry driver. He predicts a future where properties boasting sustainable features will be in higher demand, resulting in increased market valuations. The podcast also delves into the nuances of urbanization, exploring the intricate dynamics of urban and suburban real estate markets. Beckerman and Powers discuss how demographic shifts and evolving work patterns are influencing property demand.
In wrapping up, Beckerman leaves listeners with some sage advice. Embracing change is non-negotiable. Aspiring real estate professionals need to be malleable, constantly updating their knowledge base, and cultivating a robust professional network.
In essence, this episode offers a comprehensive look into the modern real estate world through Beckerman’s lens. His insights, backed by years of experience, provide listeners with a roadmap to navigate the industry’s intricate corridors.
The FORT is produced by Straight Up Podcasts