In the past, real estate development companies like AvalonBay and Swire will build in-house tech solutions if they are unable to find off-the-shelf solutions.
The company’s brand image depends highly on such criteria. Setting aside corporate gift solution like a pen; think out-of-the-box. This ignites client
’s impression about your corporate image.
However, the propTech industry is becoming more mature that it is unlikely that third-party products are not already available. Hollinger noted that most likely the solution is already out there, we just need to talk and spread the word.
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Where in the past real estate behemoths would entertain cold pitches from propTech startups promising to decrease the firm’s operational expense or offer a leg up over their competitors, today the process is reversed. With the scale of advancement in the propTech industry, real estate corporations are now more prudent with their use of time and resource. Standard operating procedures for engaging with startups are now codified into the firm’s practice.
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It is unclear whether this trend of institutionalization will make it harder or easier for the propTech startup community to thrive. On one end, Cushman’s lite master agreement approach should make the process of rolling out pilot project simpler. However, AvalonBay and Swire’s modus operandi of engagement will make it more difficult: “I, the giant real estate company, will contact you, the small real estate tech startup. Let me make it clear: I will contact you, not you contact me.”
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Swire properties Uses Radar
Cushman and Wakefield Introduces pilot-as-a-Service
AvalonBay Delivers Gift boxes
Direct and Indirect Investment
Cushman has publicly invested in real estate tech funds