As the year draws to a close, the Lyra Intel team likes to look back at the major themes that affected the US commercial real estate market. This blog will later be accompanied by our 2019 predictions post, where we try to look forward and provide industry thought leaders with key items to keep an eye on in the coming year.
New business models and competition, extensive use of technology, and changing resident and tenant and investor expectations redefined the commercial real estate industry in 2018. As industry leaders increasingly favored newer business models and the tech-enabled ecosystem, companies in the commercial real estate industry had to realign business priorities and adapt to new demands.
Commercial real estate professionals — from owners and operators to brokers — can no longer deny the impact technology is having on the industry. More real estate firms are embracing the latest innovations to streamline work tasks and create a more digital approach to sourcing deals, managing assets, analyzing data, retaining residents and tenants, and generating greater NOI.
We are seeing property portfolio companies that typically went through long RFPs showing interest in piloting new technology-driven products to see which ones are viable. This helps them prove their own ROI faster and helps the winners grow faster. This willingness to try new things helped CRE tech adoption in 2018 and all signs point to companies like Lyra Intel capturing a stronger foothold in 2019.
As we look forward to 2019, we've captured a number of our favorite articles and blog posts featuring Lyra Intel from this year that we hope you will enjoy.
Blog Post: Dec. 11, 2018
Here’s a truth: No matter what your community’s retention rate is, turnover is expensive. Generally, replacing a resident will cost at least five times more than it costs to keep them, so having a strong retention program in place makes solid financial sense.
Blog Post: Nov. 20, 2018
From optimizing for NOI to understanding business challenges and emerging industry opportunities, data plays an important role in how property managers and owners oversee their portfolios. However, most data the multifamily industry collects is delayed and siloed, and therefore is not actionable. In such an aggressive industry, inactionable data could mean the difference between hitting your revenue goals and missing them completely.
Video Blog Post - CRETECH.com: Nov. 1, 2018
In his new Vlog, CRETECH.com founder Michael Beckerman sits down with four founders of the hottest startups in CRE tech, including Lyra Intel CEO Rob Finlay, that have really gotten his attention. They discuss why they got into the space now, what they are doing that's so innovative, and what their perspectives are on the industry.
Forbes.com Article: Oct. 25, 2018
Digital transformation is all around us, in every facet of our lives. Software has changed the way we approach everything we do. Almost every question has its answer at our fingertips. When it comes to the digital transformation of commercial real estate, the future is now. Digital technologies and advanced analytics are helping businesses across industries learn and achieve more.
Podcast - Real Estate Channel Enterprise Radio: Oct. 12, 2018
Rob Finlay is a serial entrepreneur who has concentrated on developing technology to optimize various facets of commercial real estate. Over the past 25 years, he has launched several tech startups. Following his years on Wall Street with Credit Suisse First Boston and Lehman Brothers, Rob embarked upon an entrepreneurial career that has concentrated on innovative tech for the commercial real estate sector.
Podcast - The Real Estate Innovators: Oct. 11, 2018
Rob’s entrepreneurial inspiration comes from bringing services to market that are ahead of their time. Developing and marketing a new technology means changing the behavior of an entire industry and Rob thrives on the trajectory of service creation, market entry, and adoption.
Blog Post: Sept. 17, 2018
Digital transformation, and with it a renewed emphasis on data integrity and governance, has disrupted a number of prominent U.S. industries – forever changing how companies operate and make decisions. The commercial real estate industry finds itself where the financial services market stood just a few short years ago, trying to make sense of large, fast-changing sets of data, but even more importantly discovering ways to extract the most value from its data.
Blog Post: Sept. 17, 2018
As other industries before it, the digital transformation occurring within the commercial real estate industry has brought with it a heavy significance and reliance upon data, more specifically information that is actionable for decision making purposes. Information is the critical part of the data properties collect—it’s the right “stuff” that drives business intelligence and enables property owners and managers to make decisions that reduce costs, increase revenue, and improve performance.
Propmodo.com Article: Aug. 30, 2018
Today, the digital revolution is transforming the commercial real estate sector with lightning speed and commercial real estate technology is now a bonafide, burgeoning market. Knowledge is power and the data that is generated by a building’s tenants is a vast pool of information to be understood and utilized. This data can provide massive insight into predicting tenants’ behaviors and choices. As the PropTech sector establishes itself in the marketplace, there are solutions that help property owners to make sense of this tenant and building data. Finding the best path to harnessing this data will allow asset managers to respond strategically to tenants needs, ultimately enabling a new avenue for revenue generation.
Blog Post: Aug. 21, 2018
Operational efficiency doesn’t just magically appear overnight. Strategic steps and initiatives combined with trusted industry partners and partnerships can lead any company down the right path, but making real choices about how you want to empower your company to drive value is your choice.
Blog Post: Aug. 12, 2018
Data and digital technology are playing a more significant role in organizational decision making than ever before. Commercial real estate is no different. There is a huge opportunity for commercial real estate owners to become truly data-driven in how they attract, acquire, and retain residents and tenants. The industry is moving from one driven by spreadsheets and intuition, to one that is digital-first and powered by technology and data. Property owners and managers that make the shift to digital will arm themselves with the insights to make smarter, faster portfolio decisions, resulting in the capture of better opportunities and higher returns.
Blog Post: Aug. 6, 2018
Lyra Intel, my latest CRE tech startup, launched last month and since the official public announcement I've repeatedly been asked why I began this latest venture. Most industry professionals know me from my previous startups within the space, i.e. Commercial Defeasance, TCAM Asset Management, and Investor Management Services, but I also serve as the owner of a commercial property group R. J. Finlay & Co. It was the experience with the latter and specific needs around property management and investment allocation that perpetuated the concept which became Lyra.
CRETECH.com Article: July 26, 2018
The CREtech data play is clearly evolving. And fast. The first iteration of this was getting data in the open and getting it in real time. Many sites scaled on that strategy. Then it was about making it actionable. We are there now. And along comes Lyra Intel. An intelligent platform built for landlords to provide actionable intelligence for both office and multifamily properties. And, also enhance the ROI on their assets with additional revenue sources via their platform. Really smart. Total next generation data solution.
Bisnow.com Article: July 10, 2018
The Lyra Intel platform, which attaches to existing property management systems, collects data about properties and tenants and offers it in a dashboard format. That kind of easy-to-grasp presentation hasn't always been available to owners or property managers, Finlay told Bisnow. After collecting data at the portfolio, property or occupant levels, the system allows property owners and managers to better understand resident or tenant needs by putting data in a readily understandable form, according to Finlay.
We hope you've enjoyed reading about Lyra Intel as much as we've enjoyed launching our latest venture. Perhaps you've even learned something new about our solution. For instance, how it helps properties increase retention and generate greater NOI. As we look forward to the coming of 2019 in a few short days, we'd like to thank our employees, customers, and industry partners who've made Lyra Intel a success.
Happy New Year!