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The 2021 Oxford Real Estate Conference
April 27, 2021, Online, United Kingdom
The 2021 Oxford Real Estate Conference
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About the talk

IS PROPTECH ADDRESSING THE FUNDAMENTAL REQUIREMENTS OF THE REAL ESTATE INDUSTRY?

About speakers

Valentina Shegoyan
Managing Partner at REACH UK
Faisal Butt
Founder & CEO at Pi Labs
Josh Panknin
Director, Real Estate AI Research & Innovation at Columbia University
Abigail Dean
Head of Sustainability at Nuveen Real Estate
Andy Saull
Senior Consultant at CBRE Strategic Advisory

My passions are property, Proptech, venture capital, and technology. I am a venture capital investor actively investing in PropTech start-ups and property services businesses. I write a regular column on Management Today, and occasionally on industry journals Estates Gazette and Property Week.

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My mission is to fundamentally transform the real estate industry through the development and implementation of advanced technologies. By combining the immense technology resources of Columbia University with the sophistication of some of the world’s leading real estate firms, we focus on foundational problems with broad

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Abigail oversees the sustainability strategy, which positions Nuveen Real Estate as a global leader on environmental, social and governance issues. She also ensures that the business is well placed to pursue growth opportunities, whilst minimising the risk of accelerated depreciation and early obsolescence within Nuveen Real Estate’s portfolio of assets. She is also a member of the Global Executive Leadership Team. She joined the firm in 2016. Abigail previously worked at JLL, where she led on sustainability for the property and asset management business, embedding it into core processes and deliverables. Particular achievements include the successful integration of sustainability into procurement and supply chain management, the roll out of a rigorous ISO14001 certified Environmental Management System and the standardisation of deliverables to clients. She began working in the real estate industry in 2008. Abigail graduated with a B.A., with honours, in English Literature from The University of Sheffield. She is an active member of the Better Buildings Partnership and sits on a number of their working groups. She has also contributed to the Word Green Building Council’s Better Places for People campaign, by taking part in the Health, Wellbeing and Productivity in Retail working group.

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An enthusiastic & energetic individual with a standout professional, academic and sporting CV. Currently advising clients on how to integrate emerging real estate innovations in order to maximise the potential of their assets and businesses within Strategic Advisory at CBRE UK. Ex-PropTech researcher at the University of Oxford, ex-PropTech investor at Pi Labs and ex-professional Rugby player in the English Premiership.

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Hello everyone. I believe that 3 so we will start next panel, which is a dressing of the fundamental requirements of the real estate industry as part of the Opera's 2021 conference property. And the pandemic will progress study to stay in love in developments in. Our research is part of the Future Real Estate initiative. A side Business Coupe by the fascination of the fundamental issues. And how technology is a necessity is the mother of innovation. I'm real estate and construction. Arguably two of the biggest industries in need of change investment. In

many a greater The tandem-axle Accelerated its adoption in the real estate industry. But despite this, we still have Global health insurance. Just called intensive, construction and operation problems with Ford ability. Inequality. I'm now a global Workforce more willing to work from home that has technology. Adoption story has accelerated Technologies, option, being the result of a water Market Panic. What does it reveal the true progress towards the mall? Fortunately on joined, by a wonderful panel, and I'm not going to have

to try and answer those questions. What we going to do? You say if you can set up a device with to prominence European Adventure, capitalist, Faisal and Valentina, and two of the industry Innovation experts. Abigail and Josh will introduce themselves on us to talk about that to dishin with in these debates. I'll start watching the the team arguing for dressing. The fundamental issues of the real estate industry, Faisal and Valentina face with you. Everyone on baby. Going to see a note at 5 a.m. Square

a very active investor in the proptech space started out in the spring in the UK and now we're investing across the yard and globally. And look. What's the date today? Thanks Tina. On my name is a managing partner of h e k. I personally find this debate extremely interesting because I come into technology World from the real career in real estate for 15 years. So I wasn't real estate investment, real estate financial advisor in for a while. I was watching Finance in call technology, managed to change the

industry for batter and I jumped the fence like what 3 years ago about 3 years ago, when Brooke time to start at emerging and now I am an investor and three what states acknowledge the story thoughts and of course, I believe the crap that has already made out of glue to the industry. Great. Thank you. I'm on the opposing bench hoping to argue against the proposition that protect is dressing. So that their own, the property is not addressing. The fundamental requirements of the industry's out of the device and I'm headed in

sight at Navy real estate at needing real estate is a what are the top five flavor real estate asset, managers are a hundred and thirty billion dollars worth of real estate assets under management in the US in Europe and asia-pacific. I'm on my road is hardly our teams that are looking at sustainability and ESG research. Innovation. I'm stopped at. So I can go all of the different kinds of foxes that are going to have an impact on real estate value in the long-term as well. And Advising our investment in the Hudson, Co by issues into investment decision-making.

Is a really important part. And I'm excited about engaging in the debate today. I'm Josh peckman. It's been about twelve years and real estate in various aspects, real estate Finance trading cmbs and about five years ago. I jumped over to one of the things I realized my work on on Wall Street was like there's a lot of potential in this industry and I do a lot of things that can be done. But there's also a lot of complexity and difficulties. Now, I'm an Adjunct professor at NYU university has a former director of real

estate technology initiatives in the engineering school at Columbia. And I'll soon be moving over to the center frog, official intelligence and business analysis and Ben Tech in the engineering school, Columbia, me Focus. I'm looking at some really more fundamental and foundational aspects of the estate and how we can improve that work with large real estate companies like Banks. And look at their problems how to make decisions when you try to find ways that we can use cutting-edge technology to address some of those concerns. I

think the audience will be wonderfully quickly balance device with the food industry, experts are willing to give their opinion on May answer the team Aki. What would you like to suggest some, some of the fundamental issues that you believe project has address is addressing. I will in the future address. I'm in you in your sexy eyes of an industry so far. What's really broad question, and I'm going to try to donate on a couple of key, local area. So, one of the big areas of focus for us is sustainability. It's something that we're hearing a lot from the large Real Estate Group Style with this

has risen to the top of the Strategic agenda, for most of the major institutional real estate owners. And we have taken those problems to batemans. Turn the research topics, which were actually be stretching and very actively investing in. There are really concrete examples. I can give you their companies such as banana logic, which is one of our portfolio companies that is working with large real estate owners at Grosvenor or LNG the health and reduce the energy consumption and their office buildings and thereby reduce the carbon footprint of these buildings, which

there are some very we are investing in but equally there is other Perhaps in other areas that that, that are equally important in a different way, which is around making the workplace safe, and promoting buildings that that that are centered on health and well-being of the occupiers. And we're investing in technologies that can help promote that through their through technology and analytics. So we have a company called seven 20°, Basin, Basin, Finland, which is a data analytics

platform, specifically focused on an indoor Environmental Quality and that how it relates to the worker. Well, be. So those are the two that I'll highlights of his key problem that we've identified and are actively investing. Thanks and answering the question whether protag is addressing key from the mental issues. I was first one to distinguish between truck tagged. As technology has a two and prop Tech startups, new businesses. So what is challenging, is that startups and you'd businesses

that do needs effects of the month and real estate as an industry historically has been. So I still remember my days in the industry has already been difficult enough to break through into the industry and trying to kind of increasing the adoption rate. They have to address. What are the Brewers playing poems of real estate and quite often. Those are the ones that just probably because of the real estate is also Commercial Business. Those are the ones that tackle either. Appliance Direct order customization and then ultimately X.

So my son just know that's how this costume is Asian. I'm done by Nature attract interest from the industry and how they looks and write than anyting. Another fundamental issue of this industry is either transactions bb300 commercial real estate and right number of great Solutions, which is an emerging and being utilised. By the industry's, the one of them for example is a null portfolio, is the company called over there and they think that it's making sense that

those Solutions their modem. They have addressing this issue, they term Concentration of bubbles in real estate and real estate being so, like, historically known for data Silas and date in the future. And said, there is a great company that sold old store is in reach 2021, Cole Street. And I think twice a month since couple of examples, now, as well, but that's because the reason need for Effective Demond Demond, generate Supply Outlet, the right number of other supplies from the mental issues, Living Real Estate, Michigan car. There for startups to Taco Bar

protectors are there. So I would argue that the real profit to surveil about to dress a certain areas, but those will be more than like, I'll give you a complete examples from the mental issues of real estate auction. Indoor air quality and then to a certain degree gender and equality as well. So it will know the three weeks. They said, then blames you still working for being the most Boys Club. How are you going to talk to tackle those with props hack? If those are getting them went to degree of public goods, where

the whole of the society would benefit? But there is no stakeholder who is prepared to pay for it out of the person. Even with that, I would argue that check is being utilized and I will give you an example of land registry soul. And register it works, and they have a great initiative called you to the street and they utilize block Channel, registry development. They also have another program told you about that, that Becky? So, I'll see you when it comes

to the public could agree. I would argue that. Are there for protest at being assistant back on those and 4 VC's, like a scumbag them as a result, but there is still a lot of optimism coming from the government side and public booty and it's great to see that moving has an innovation team and place them for a little bit. I'll have some. Social sustainability to mention the fact that data is addressing the issues in the industry has to be financially. Viable investment made it back to the real estate industry. Solutions is not the proper. Text Marcus.

Google open with your own statements and then we can get into it. I think Sunday, so I think that a number of fundamental and she's the prop Tech is attempting to address at the moment, but I'm not sure that it's actually a person in the right way. So if we start with sustainability and Bill and if you look it up on a building that goes so I have some of the solutions that that flies a record back but mention such as Ron logic Technologies and we use them in some of our buildings, but they only take

us so far. So the problem that we have in a in a typical building as a landlord is that we can only access to the pit of the building that we take responsibility for my way passing. The energy. What would not able to do is is is is have a solution which enables us to look at one of the tenants and Connect using energy,, the holistic Building Solutions. I'm amazed the tenants information about see that building. I might have a flu or a half a flute. Look at the energy consumption of

meaningful way. So we have a fun and I didn't see any solutions that are really trying to talk about quite naughty difficult issues that I got into the easy bit, which is that the landlord controlled the most challenging bit which is the whole building and you can see the same one on Daisy collection cuz you have the technology to enable the buildings to be super-efficient Sgt. Lunch expect to be like things are all when they shouldn't be. When things are working harder than they said that you can see you can save quite a lot of energy doing that. The other thing you want to do is be

properly monitoring the consumption and buildings and having a look at how they compared to other buildings. Again. We have great insight into a landlord controlled energy and has lots of tax Solutions out there which will help you and get access to that. Analyze it, and it really impressive way, not very much that which enables you to tackle that really naughty problem is, how do you get access to the tenants day, too? And how do you activate that? How you make sure that's a sorry, business. Is it a big part of the problem that I feel like she just ignoring cuz it's

thinking about the impact of climate change. Has on building. So, unless we want to make our buildings as efficient as possible. So we can sew part of the climate change program. We recognize that the climate is changing and we need to protect all buildings from the understand how vulnerable they are. Some really interesting stuff. What is that? What is that going to have on a building? In this particular location, over the next 10? 20, 30 a hundred years, but what they will do is say this is how Volume is one of the damage to the building. The damage to the building

is it is is I need to be on the team. Going to be on rental place. What seems to be on Thursday and was trying to solve some of our partners to you at some of those problems. Again. It's not easy solution. So much number, the nation's providers in the area are avoiding talking to help. You understand what we say, Marcus in the future, huge potential to help you get get better investment decision-making. If you can harness these external Day 2 stats. Tracy

maroon at the moment is over these bases. That's being being thrown up people in in real estate, but they don't necessarily have the Knowledge and Skills that made you want to do anything with them. A piece of work, that's needed to turn those aged. That's into something that's really usable by the industry, to provide the skills and the training today. So I can the industry's real question is still a little bit like an. So what I would say it is a roundoff, is that? Cryptic? He's aware of some of the issues, but I would say that the moment, maybe still going to be easy. Wins wrong. And

very interesting, those fundamental issues. Thank you. Thank you. I'll be over giving me lots of ammo to jump on top of them, bouncing a little bit as well. As old come back to what was already side. Abigail said about many of these companies attempting to address. Some of these problems is absolutely true. But addressing effectively is not happy and he's one of the issues are having is that a large portion of the startups out. There are back by DC's. This isn't it a certain time frame and certain things that they look at to invest in companies,

new Fast and most funds are closed and she got to get probably an average of 7 years. That's very difficult to do when you're trying to build a business and also build this capability on top up and Abigail mentioned. These companies are often going for the easy outcomes more simple out. Not addressing the Moore Foundation or land and challenging issues, but that's because it takes 5 to 10 years, to develop the kind of technology and capabilities to address to blend in. Well with of uc's time frame. So these Solutions are focused on narrow applications the

books to getting to revenue gains Market. Not building the more, the more fundamental disabilities are not does lead to problems that leads to a person when you start getting into the more the bigger more established real estate companies that have really complex system. Abigail also mentioned the big data is applied market analysis. That's really where what these companies are looking for. Many of these startups are pushing solutions that are, if they're effective their incremental improvements. They make a little different. They are a little different transformations.

That hasn't been the case so far. I think that's what I like the other part. Is that mean? Real estate companies have zero techno technical or technological knowledge and house. They don't know what they don't know. About the technical side of us, were founded by people to come from a technology, Black Ops, don't know anything about the realistic side. Bringing those two things together are very challenging. It's been challenging for us when we were good

for us because the companies we work with, are the few would have had really strong, technical teams and house, and we can have good conversations with them. They understand the data issues. They understand about the model, say Irish in learning, what they run on how they run, we can get the outcome. We were confident because there is a lack of data, go back around, understand it. They don't understand. How do you spell? What is machine? Four things that are incremental things that they can generate a 3 to 6 month return on and that's hard to do, that's very difficult to do. When your, when

you have the balance of the way that he's either a funny looking for, and the things are really looking for big outcomes, but they don't want to pay too much wear. And they don't want it to take very long, doesn't work out there has to be a fundamental shift in, how Executives look at technology adopted. What kinds of? How are they taking their time? I spending the money and making sure that they get the right outcome and that's hard to do. When you don't understand the

pools that are on, the technology side is very difficult to understand the industry while announcing the problems that industry to build effective technology to address those issues. Right. So just just to summarize. What up, go ahead that every else way, How are, you know, technology cannot impact regulation. It is not yet. Using you talking big digestive to create accurate, forecasts of future models. We had to have the French Capital, Verizon's and profoundly 19 to 3. She blocking disruptive technology and real estate doesn't understand the

fundamental issues of Technology consultant. Technology doesn't understand the fundamental issues of real estate, which one of you wants to jump on that and come back here and Josh. Call Tara Valentino, you can do at first you want. I've got a couple points. It's the stage of props. Cuz in the industry is so it still at the stage where their adoption rates are not where we want to see them within the real estate and property taxes in industries were three like as a term of three years old, although some solutions they exist for a decade-long over there, but they've been

so I would say that those the old fairy variations, but that's only a matter of time on the doesn't mean that protag and Technology Technologies available and not the dressing. The fundamental, the fundamental issues of the market. In just also there in the tree needs to be given time and that damn, break down to those various Generations, which will raise first. And that's where Josh, I will challenge you. That they actually don't think that's real. Estate is an industry. It looks like a lipstick and abroad solution. I would actually say that what I see from the market,

and in my conversation with a practitioner's, they do actually appreciate and understand by the incremental Solutions, because what I've heard, historically a lot from Real Estate industry. Is that in the Raiders, when they try to sell them too much, they had received and they needed. A kind of the door is immediately shot because they are seeing as no taxi understanding the business. And real estate is a complex industry. And if you do that, I want to come from the outside at the free was staying there. All the fiend attacks in their prime numbers with certain folks act. So, if

innovators and real estate start that protects us all the holistic problem. Like instead for example, providing digital for digital signatures. They say, we can close the whole transaction for you than it actually closes door quite quickly. So it's sort of under a lot of low-hanging fruit in real estate. And those are still from the mental issues as well. And that's where I began. I would probably telling you slightly serving the lord hanging fruit song in the incremental in the future, is not a bad thing. And that's where it normally

starts and that helps that duction care of his ball and ended at something with me. I'm going to go to you and protect Oakford research, very eventful to Starbucks. Reserve open adoption. And real estate is still far behind many other industries that still had those kind of early adopter stage to be frank and then on the receipt and I think we see Capital was just first to explore this field and to have more sustainable Financial backing. For Real Estate, corporate store in the carnival bigger

budgets to support Innovations, and that's Abigail. I'm going to quote a start from your yesterday's final, right? Mention that one of those 300 million fans had pancake a random allocated to sustainable Mobility Solutions, which is just basically in the box right now. I'm going to have. That means what percentage of your assets under management located in the basement to make a meaningful impact and that that's what we're missing to start biking. B&B SeaWorld. I'll have to type but what are we

going to be a little bit more and medium-term investors rather than like investors with decades? When he first around aggregating tenant energy use and getting whole building data versus just the landlord energy data, which she described as the naughty I think this is where accelerators actually come in. So you often, if you try to understand what the problem is that hasn't yet been solved by a credible technology that's already out in the industry and the accelerators

are there to get in at Ground Zero communicate that a problem statement exist. And there is an a t, a m, a in Humble, grown within the space and to be able to attract Founders at at at the earliest age and and be able to invest in them. So, the pulp for Pacific salamanders in the market is actually go out and find startups for problems. That haven't been gone for which it seems like to have an opening through your various interactions with X companies. You haven't yet. Found a credible start up that sell them for the pain and

aggregation of 10 energy. They do,, we'll certainly take that one away and just touching on some of the point. Go to buy Josh around BC, backing in the timelines associated with it. The ecosystem for funding, for startups, has matured in countries, like the UK. And I'm sure in the US, you do have R&B grants that allows startups to really build the R&D out for deep Tech complex Technologies for a longer. Of time before. BC, get on board. As you said, you really are a closed-ended fund, has a ten years after I'd do, you need

to have some kind of outcomes within seven, eight years, but there are other terms of funding out there and any good VC investors will be well plugged into the different sources of funding, be able to help a start-up through its entire life cycle, right? I'm in an airplane around the state companies. Don't do not having technical teams. I think. If you compare a real estate to all the other major indices industry, sectors, Do you agree that it's probably ran slowest, in terms of R&D spending Tech R&D spend, but that's exactly why real estate companies are now

partnering with a Khaleesi's. And it is almost the way of externalizing your R&D because there's in the near-term, at least, we don't seem real estate company spending any significant amount on the inner and distribution Partnerships and basically, bringing technology and property Minds together is where it's at. If it's at that intersection, that great things happened, we see these these types of collaborations happening all the time where I found early may not be from the property industry, but has great. Great technical team is married up

with somebody. From the real estate industry open open up doors and also be a sounding board to help build a product at the industry really wants. And that's something that we really focus on those. Of course, these are all problem that you've identified but there are solutions and that's the reason why I would argue firms like pie labs and down. He is firm invests. Its to bring these two worlds together and Afraid the results and successful project company. I'll come because neither the tech startup have all the skills that are needed and neither do the real

estate companies and you need to create kind of a breeding ground for the fertilized cross-fertilize between the two worlds. I'm willing to let you guys. Just don't answer immediately. Rawls me stepping in the middle now. So if you do have direct comebacks, Josh Abigail jump, jump in and and far away. It's not like his first more questions. You'll be coming to the questions. Face is too quick for you. I would make one is I think one of the the real challenges, yet is how to

scale up its Solutions. So will often have a situation where you have any new technologies that you could deploy in either individual buildings or into and you can meet Sunday, is he says, and and I was but then the challenge of taking that from a, a pilot building, or a pilot portfolio skating it up, and applying it across the complex books are there in an orange since it would normally be held across multiple different structures that it's not as straightforward as same way where a company that

we can roll it out. It's not like that. It's 80 different, individual companies. Almost, so you're being able to take a technology and I'm get it to scale. Taking into account the different leasing structures that you might have the different ownership structures. That is that is something which I think that the nation's haven't quite been able to talk. Now. I think you could fairly obvious that that's the real estate people to solve that problem. But Eric said, but I think maybe that you have to have to work better together that needs to be some deepest

or some sides with the understanding how to overcome some of those scary. She's so I think that would be something that needs to be addressed before. This committee is dr. Make it huge impact from the industry has linked to. That is a huge time. Commitment, that is needed by walking the moon States in order to read adults these Technologies and various the certainty of skills gaps that. And the, that the amount of Knowledge time commitment that is needed to devote today. I think that's probably more of a

barrier than the financial commitment actually, because a lot of real estate companies in Chico lights, that relying on a huge network of others, in the industry providing and then the different, you agents and property, managers and designers and the people at the center of that. You don't have huge numbers of people. So really you're having enough people that truly understand how these Technologies. What makes is a big barrier to that when you getting ready to walk. So I think again. So

I told them that lies between the two sides in the critical issues that need to be addressed. Before we see, actually being used consistently to address some of these issues. I'm unconscious. Abigail you are now arguing for the Protec is addressing the fundamental issue and it seemed to get by selling and Valentino pcmi. Play a very critical role in pushing out technology. The problem is that our India should not happen in DC's, that's not the place for iron Dr. Andy hokanson Labs. That happens with these government grants for those new technologies and get to BC's BC's. Partner them with

growth. We could offer the new, where's the teams? They help them grow into a company that takes 5 to 7 years. Are you seeking men? Say this, kind of growth potential is what we're looking for, in order to me. I do not think that real estate companies corporations as their way of Performing research and development. There should be research and development happening in the corporate side or that's where they are. Either spun up internally or their sense of you cease.

And decease can do it that you. Well, I don't believe. Slightly different points for what they need to do in order to grow. That's where I think the problem is. I'm outside and not close. In my opinion, squarely on the real estate companies not being willing to put forth. The R&D many of these companies are based on funds are not based on corporations like Amazon or any other thing is, the culture does not have a cultural research things for 5 or 10 years, except that it might take that long before they start getting a return on their, on their

The other things on tuna. Goes back to the Rosa, is what they are looking for. I'm in there frustrated because they're not getting things that are Transformers, but they're asking for things, around,, someone say once that often technology decisions. Not just a technology. We can use deep learning to give you a much better market analysis. Will. That isn't an immediate outcome, but it will be a fundamental capability that you can make better decisions for the next five or ten years and growth strategy rather than

fundamentally new ways of that lack of Technology experience. On real estate light comes on before the lack of willingness to fund. These longer-term adventures and take risks and explore and experiment with things that might wear many other companies do. They might 61 out of 10 times and they're okay with it. And my experience or not. Okay, with that. Makes it hard when you're talkin, many of these problems are bigger that I'm more. Transponder more holistic. They are very

very hard to do data, availability in real estate. Dirty data is incomplete. It's not granular. It's not local, but many of the problems that these real estate companies want some Abigail side or hyperlocal you do this, even if that algorithm completely accurately represents the problem that you're trying to solve in the real world. You still need the right kind of data to put in so you can go down and get a 30-day. Then you're going to get there. That's a lot of what we're seeing. Pushing these

Technologies out in a way that they are complete and accurate and valuable to the company has not been done yet and that's not necessarily a problem. What does that's a problem with information? This problem with when you come from a technology background? Not knowing that granular data is important when you come for Real Estate around not knowing the fundamentals of this data. We know, we need to get to the kind of about that, or explanatory information. You needed something not available in a way that we need it. And

it's very difficult to solve that, but there are companies out there. Train station and sell their products and look at them. They don't work and make it. So that's one of those problems. You're planning on bringing two sides together. I think that works really, really well when you have a lot of resources, you can bring in a lot of the right people and Bridge knockout really well, but both corporations in startups as they have somebody with a really

strong technology and it makes that process very very difficult on Wall Street, we tried to do it and that's this is one of the reasons I stopped specially when you're trying to look at more complex and sophisticated. Andy, go ahead and Josh on the granular, dirty data coming from a multitude of different sources being like one of the fundamental problems before you even start to Overlay. The more sophisticated solution is exactly. It is, it is ultimately in engineering talent and I'm really smart computer science

teams that are trying to sell for that. Very problem. Where, how do you get data from a number of different formats and try to cleanse it and put it in a format that then can be analyzed in, in, in, in one way, for the asset manager. We have a company in France, call resolution tackling that very problem. I'm sure there are many other companies around the world trying to call Craig, but it is a fundamental problem, but it is an engineering problem that is going to sell. that's why I disagree little bit is that Much of the data that we've seen others.

Is this not produced in a way? It's not conveyed. In a way that you can even make sense, though. Doesn't matter how good the engineering need. A problem is a fundamental problem with reducing data for this entry that other other Industries have gotten better. And you get to a wall you say I cannot make sense of the day. I cannot do that when I get to a place where I'm seventy-five 80% confident and not data. If I plug is seventy-five or eighty percent level of confidence into another model or I have 10 or 20 other data sources that I'm also

75 or I'm not confident in the outcome evaluation model for single-family. You can quantify maybe sixty or seventy percent of the inputs to go and stuff, but you can concentrate things like what is the view? What is the quality of the interior? Fireplace obviously, adds value to hunt is on fire place on Monday in fireplace, or is it a really nice by those? Who think those two different types of fireplace will a different amounts of value. But there's no way to get that information. You can get

to a level where your someone a compliment. I have a decent range of that value is, but without walking and not, even if you walk in that, you see that fireplace, it's almost impossible to put a quantitative value on the newest variable. As to how much value that fireplace adds that I wanted to try. Some of those are good things. Get a lot of the way there, but because of the quality of the date and the date on the granularity of the day, we run into problems that we can put them all together. Not confident, enough. Model because we know that we are missing a lot of the

enforced human would consider when making a walking through a property. Happy to take it offline. That day there has been in the city for many years before you remember the day. So I'm not used to people. Not so warm in Germany. That means one thing in the UK and other. So quite frankly, I get there. I will start out the door now activate and they built the core systems that kind of phone you should have. I will also going to get back from the man to do is rest couple of things, reach a

Abigail, right? You still first more. If I remember well on a scale of sand weather supposed to be like how easy it is to scale businesses and thankful for that question because in fact, I realize that they completely keep my company. So we kind of straightforward to scale as long as there is no language. Music stores, actually buying it. And that's what I've become. So they can be challenging but that's why it's part of the game. And sometimes it is not that makes two profiles. So I

have to see the company as far as I've been based on if they do end up working. So sometimes they have to take And then the second point in the adoption skills at the Greene Mall that is required certain efforts and then starts crying. And what I think is a medical term that are made with being just to a bigger. The biggest tree was paid to start moving and texting issues that flexible working. Baby. And I'm not taking working from home and just sort of working from anywhere. So how are you going to as a tenant? Has a lot of a lot of

interest from the real estate industry and I'm stuck at the airport and that's where he was at election day. So what do I do? What do I actually do this? Question. So how would I develop for people are reading too many miles is it from you? So that means that they need to pay for data analytics. So that's why I was paid or I can see that being forced to fly the thing or two. So stressed, or able to answer so covid. I'm on the way. We spend a lot of time. Debating. Why protect will be applied within the real estate industry.

I'm weak. There's a lot of questions tonight. That's one question in particular that I called locksmith around the usage of real estate. We have homelessness. We have publicity and we have thousands of empty buildings with vacancy in real estate. How, how is Protech trying to address these. These, these questions of usage and more specifically for me. I would like to understand how, how can help with global housing, Quake, 102, commence, meat side, and then we'll have a summary and that bite. Very quickly go. So I think if you were to speak to one of our

Founders, Johnny Britain, who's the founder of lentech? He's a total of Vangelis of this cause of using data and data analytics to unlock more land for development, build more houses to address the housing shortage and his whole company has been built around the vision of using data analytics, the really fast track, the due diligence and acquisition of new land by developers so that they can easily get onto doing what they do. Best with his building building homes. And I companies people when we back then do it, but a hundred people and rapidly growing on built around this

one Vision, so they're definitely our great startups that started with a social Vision, an adult, a great commercial commercially viable and scalable business office. Premieant, I'm just going to go with couple of examples that are within our portfolio, to reach UK. So we have such company as preparations back. And what day do they help with a digital remote inspections and how it plays into it and understand what the low-hanging fruit for them because they use technology to facilitate rapid homeless

rehousing in the US and how they've done it. But like the expensive more expensive and the solution, they are able to quickly issued certificates that the particular home is suitable for homeless rehousing. So it's all anyone can quickly do this with the help of a nap and I doubt the movie place into this kind of category. Housing shortage, another example would be the company called under the doormat. It now principal so they they are in the UK. So would

they do? They offer still holds you in Colville today used their network of homes for the two to cause any chance that for free, but ultimately they all about short-term rentals and utilising underutilized his Dental stuff. So when does the properties for too long not been sold or developers build it and they had time to find? It's a bar sweater that they can quickly with their software arranged this property on the short term rental market and its managed by a through the software, as well as something more than just being there. And then again, it's been able to call

If plates are in Celeste from the mental issues, real estate. I think it would sound like a very interesting and examples of hazing mounting a phrase. I would say, from my perspective. I haven't seen a huge mobilization of her into trying to solve that issue and I do still think that large, lots and lots my realizing around some of the same issues that may be slightly easier to see what I can see of Quikrete to Market address in some of these more fundamental issues. Maybe we haven't seen as much of, but we will see more magic. What I have been

surprised about is not to have baby seen at more innovation in the construction stage. So, looking at low-carbon commercial construction. Maybe you can bring 3D printing. I think has been, I've had lots of two different times and have it ready. I just want to be big things, maybe some of those things and people always say you going to do the rest of it was going to happen in two years and underestimate what's going to happen in 10 years. So maybe it's a decade's time will be staying low, carbon modular

construction of affordable housing in sky everywhere, but then it doesn't seem to have that I can save in a huge mobilization of project around. I would agree that Abigail is also something. Called jevons Paradox where you do something to increase the efficiency of something, but that efficiency also increases the man. So, let's say, we found some way to lower the price of housing in Manhattan or London. What would I do that? Wouldn't go back to where you were, but I don't think these Solutions are trying to cut

costs and trying to get you real and they're going to solve the problem. If it takes you an hour to get into the city because you're living there in New Jersey or Long Island at Westchester. Then you're more likely to be willing to pay higher prices to live in the city and closer to where it was. Much better mass transportation to take you 15 minutes to get on to work. Then he'd be more willing to learn and would reduce the demand of demand for housing within. I don't think that

it's a different types of cost-cutting measure isn't looking, for better ways to reduce these properties or provide financing and incentives are lower prices. Little bit is going to be a long-term solution to the problem. Will will just get technology that allows us to video conference for 1 and we don't have to go to work at 4. If you saw this on the debate over with without lot about availability. I'm going to summarize where I think the debate has ended up and then I want to come

get you until I don't know if made, you stay on the south side of the debate, give you a true feelings for you. Agree or disagree. I will have to give it to Valentina, is it awfully? Protective is addressing the fundamental issues of Real Estate? However, it's looking at the low-hanging short-term. I need a smaller. The issues that I created Financial viability and the market itself is very highly and young and practice going to take a lot more investment before these fundamental issues assault to the dressing room.

I think that just really trying to before by saying that these will probably only be so on Thursday, huge investment interest specific research development of the industry has disrupted. The staining existing outside in the same way. You have smartphones and completely disrupted, everything. Real estate will start you transition props didn't, you know, availability or acceptance. Cool. I knew, take back technology. Will will, will one of these developments in the street more so than any internal protect is that is yet to be seen. But, you know, that

start with a z. I want I want an appeal and every town, but you'll be using them at your grievances with the real estate industry and more conciliatory note. It's not really a prop Tech versus property. I really do believe that. These fundamental issues you be at the housing shortage or sustainability or work or well-being, will be solved through collaboration between the bricks and mortar world, and the technology world. And I just want to remind everyone that the building

blocks of innovation is not necessarily code. Its people. And ultimately, the reason why I believe the real estate industry can't solve the problem on its own is because he just taken Look at who works in the industry right now. It's a largely homogeneous bikes there. People at least in the UK that went to the same three schools, it reading or Oxford, drugs or cash and is gone to the same rics training through the same agents. And they kind of have a very Sandy type of homogeneous lens through which they do the world, and

that's not a bad thing. But it never is the diversity. There is lacking, but then you bring the prop Tech world and you have people that have come from travel and Hospitality give come from engineering to come from design. They're challenging the status quo. They're building all kinds of groundbreaking new technologies. You actually need these two different types of people rubbing shoulders to come up with the ideas, a platform to technologies that will help the real estate industry enter the next phase of its Evolution. So I really don't think the Innovation is down to the code

based down in the people real estate industry. Currently is pretty. Call Janice bunch and you need to collaborate with a prospect World in order to achieve these big outcomes that we're all working. Hopefully, we'll work together that she's over the next decade or so. Grab. Yeah, I mean, I think a largely agree with you somewhere and then I'mma go about face. Want to say is well. I think that there is huge potential and protect to address some of these fundamental issues. But I I I think Valentin and she said it was just the same

industry and I had two percent agree that the collaboration and within that preparation places that versity of thoughts is as the K. So it's it's about your learning process that the whole industry has to go a different way. And I do think that truck that has a really important role to play in that he hasn't sold any of the fundamental issues. Yes. Definitely has happened to Josh. So agree with hazel completely, there has to be some there has to be more collaboration and has to be done or not. A very smart way where you get the

right kind of people in the room solving problems. The right way.. People didn't know the problems that need to be solved. People that can write the code actually solve those problems. All in the same boat with that you agree that it's there. I think that disagree a little bit in a way that it's clean. I think corporations need to pick a much bigger lead to establish. Real estate companies need to take a much bigger. The transform their cultures to be wire Technologies

friendly and accepting of the The Innovation risks than the rest of them along with the negation. The process that comes with developing technology and innovating and abilities. As far as the industry themselves, have talked a lot about it. But in my opinion have not done a lot in the right way to accomplish. Funny Valentina effects of the month, create Supply and buy effective. I mean it they need to be budgeted in real estate. They need to be good enough for adult. I'm glad to see that real estate has

awakened over the past 12 months was force awaken. So this this Tramp is there and I would be curious to meet again in a year's time to see where we are on their adoption and her I would love to see you again. So hopefully at the 2022 conference I can have the same four people back when we can actually read it. At least. I'm thank you for all of your questions on Friday. We can get through them, but it was, you know, I really wanted spot Josh basil. We would love to see this taking so long. We want to, we want to be a part of that safe weekend. If

I can moderate. We can get participants to watch that. They're nothing more than happy to finally have Josh. Tolentino. Thank you so much for your time, and thank you for choosing instead to this.

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