A trio of articles on this week’s Things Thursday deal with the Internet of Things, new ways of accessing your personal data, and keeping that data secure.
- 4 ways that AI is enabling today’s IoT revolution (via ReadWrite).
Artificial Intelligence and the Internet of Things aren’t buzzwords anymore, but companies are still struggling to grasp what AI and IoT can do for their industries. Good news is, most companies surveyed by Accenture are interested in implementing AI and IoT strategies over the next few years, with AI being at the heart of figuring out what to do with all that data that will be whizzing about into the cloud and IoT allowing companies to think creatively about the objects that will collect that data. I’m always dubious to hear companies thinking in these terms, but I’m glad to see that there is an interest in the overlap in physical objects and non-physical data.
- A biometric ring could replace your passwords, cards, and keys (via engadget).
One of the first leaps for turning your non-physical information into a physical object is the Token ring, which uses biometrics (identifiers about individuals – retina scans and fingerprint IDs are other examples of biometrics in the wild – the Token uses a fingerprint ID) to allow you to get into a locked building, pay for the bus, and more. We’ve seen a fair share of trinkets purport to do this very thing, but it looks like Token has caught the eye of some major vendors, including partnerships with several large metropolitan areas to cover their public transit. The tech that interests me the most here is the sensors included to identify if the ring is on or off your finger.
- On not fearing a full basket of eggs (via CRTLabs).
A bit of a cheat on this third item, but as this nebulous data becomes what identifies you, it’s important to keep that data safe. Joe’s post (here on the blog) on password managers is a good crash course in making strong passwords, and keeping your data safe, and should be required reading for everyone in this digital age. NAR has been working hard on getting out information to our membership to keep client data secure; a good first step in the process is to assess your own digital security and pass that information on to your clients.
Jacob from our Commercial division stops by to talk about three CRE tech companies that will change the way members think about commercial real estate. You can find out more about these companies on his guest post, and join us every Friday at 3PM Eastern for Office Hours by liking our Facebook page. See you next time!
Facebook Live Office Hours: CRE Companies to Watch from CRTLabs on Vimeo.
This week on the CRT Labs blog, Jacob Knabb from NAR’s Commercial division writes about some much-needed advancements in commercial real estate technology.
For years the commercial real estate sector has been allergic to technological advances. Data-sharing and easy access to listing information made no sense in a business where proprietary information, in-house data, and brokers who are hush-hush about who might be in their rolodex were the norm. This reputation for lagging behind the field is fast becoming obsolete, however, as commercial real estate has proven ripe for disruption. Over the past few years tech startups have been breaking into this market, changing the status quo and capitalizing on weaknesses in protocol and needlessly opaque communications between investors, brokers, and client reps. It’s suddenly fun to follow the commercial real estate tech market.
Today I want to look at three of the more exciting, noteworthy commercial real estate tech companies that have come onto my radar recently: VTS, WeWork, and CommissionTrac. The common theme for each of these products is a dynamic ability to leverage technology to speed up traditionally time-consuming, costly processes and to facilitate connections.
Let’s start with VTS, a platform Forbes touted for its ability to enable “real estate professionals [to] track deals and manage space in real-time, and collaboratively.” VTS is made for property managers, brokers, and tenant reps. This is what makes it revolutionary: VTS centralizes property portfolios, making them accessible to all of the key players in real time. “High quality, visual, actionable data gold,” as Duke Long called it in NAR’s magazine Commercial Connections earlier this year. Leasing data is delivered in an intuitive, visually pleasing display. Even for massive portfolios or team members spread around the globe.
WeWork excels because it can “[b]uild, acquire, and manage assets with technology” by streamlining construction, acquisition, and asset management. I attended a panel discussion on technologies serving the built environment at DisruptCRE in Chicago this May that featured Megan Dodds, WeWork’s Midwest director of community. Dodds was able to convey WeWork’s focus on maximizing square footage by creating shared office scenarios that are proving to be quite appealing to millennials eager for community and companies hungry for space to house their untethered workforce. In other words: they create killer office environments that hum along at maximum occupancy, generating strong ROI for investors. WeWork will be exhibiting in the Commercial Marketplace at NAR’s REALTORS® Conference & Expo in Chicago and I can’t wait to learn more about them in November.
I’m going to end this with a bang by taking a quick jaunt into bookkeeping technology. Almost lost you there, didn’t I? Most commercial practitioners detest this part of the job for a reason. It’s complicated to do and expansive to pay to have done. Atlanta-based ComissionTrac is disrupting accounting by providing a platform able to handle invoicing, deposits, commission distributions, and general ledger reports. You send them copies of all the paperwork, or your Quickbooks files, and they do all the heavy-lifting. You can run reports on any device from any location with a signal. CommissionTrac is customizable for agents, ‘back office,’ and principals and the full-service package is $9.99 a head (aka: affordable).
Commercial real estate pros love monitoring trends and here the lines are fairly straightforward: technology will only continue to blossom and grow. Baby Boomers are aging out of the workforce and notions of proprietary data and technology are becoming increasingly obsolete. With IoT establishing a firm foothold in commercial real estate, the next round of breakthroughs are likely to address security solutions. But for the time being connectivity is the word of the hour, and just like with other industries, the commercial real estate industry will thrive as it keeps that connectivity at the forefront of its technological advances.
Jacob S. Knabb is Commercial Communications & Member Services Associate for the National Association of REALTORS®. He works frequently with CRT Labs, keeping us informed of the latest and greatest in commercial real estate technology trends.
Security cameras are ubiquitous. Are the intended audiences the only ones observing through these? Check out the post below from Cujo.
In this Things Thursday, we look at security for now and for the future, and how technology will impact the aging population.
- Watch a video of how a camera gets hacked (via Cujo)
The link above comes from an internet firewall vendor, but it’s relevant to security and what’s happening with the internet of things. Because of the rush to scale security systems years ago, there are tons of systems that are susceptible to programs like Mirai. Watch the video to see how easy it can be to hack a camera. As the post says, only buy cameras from companies that are adhering to security practices. One example for you to look at is Canary.
- How will IoT change the lives of our aging population? (via ReadWrite)
At CRT, we’ve been discussing this exact use case since we started the labs. What will the internet of things mean for accessibility for the aging and disabled populations? K4Communications is working on this problem, as they believe there is value in smart building tech beyond the flashy. We agree. We will be watching the work of this company.
- Thinking of using voice authentication? Think again! (via Embedded)
Voice as a tool for authentication holds promise. There are challenges to it, however. Enter Lyrebird…a software platform intended to synthesize any voice and change intonation to make it sound more natural. The article looks at a biometric company called TrulySecure and the challenges around using voice for authentication. It’s definitely a good read.
That’s all for Things Thursday this week. Have questions? Want us to cover something? Let us know. You can follow us on Twitter @crtlabs or Facebook
Jacob from our Commercial division stops by and talks with Chad about the DisruptCRE conference as well as other tech trends to watch in the commercial real estate space. Make sure to tune in to our Facebook Live Office Hours on Fridays at 3PM Eastern by heading over to our Facebook page!
Facebook Live Office Hours: CRE Tech from CRTLabs on Vimeo.