Sign Banking PPT New York Later

Industry sign banking new york ppt later

many have tried most have failed why is it so hard to do real estate and what should prop tech startups be doing instead and what what are our favorite real estate technologies we've seen so far i will share all these secrets but if you truly want to become my disciple you must hit subscribe i'm revealing my kitten net 250 subs unless she becomes too old to be called a kitten by then don't wait for her to hit subscribe first some definitions which i'll borrow slightly from clayton m christensen's book the innovator's dilemma let me define disruptive technology as a product or method that is so clearly superior to the established norm that it will cost you money not to switch to it this kind of technology challenges and eventually overtakes the incumbent sustaining innovations on the other hand just improve or evolve existing technology to make the existing way of doing things more efficient and profitable real estate isn't like the computer industry where massive leaps in design and computing power create tectonic shifts amongst every device maker single companies like apple design manufacture and distribute their hardware as well as the operating software that runs it they also have a much shorter product life cycle as evidenced by this side-by-side comparison of the evolution of the iphone versus a building on street view [Music] no company in real estate controls their supply chain end-to-end remember real estate developers are like orchestra conductors we don't play any instruments we manage everyone who's in the ensemble so it's not easy for us to design and develop new technology we can just vote with our dollars by choosing new tech to put in our buildings the real estate industry is made up of many sub-segments and even those have proven hard to disrupt on their own to really illustrate what has to happen to disrupt the entire industry let's imagine a super technologically advanced 3d printed ai designed organic-looking structure made of experimental lightweight materials stronger than steel it's also zero waste zero energy and negative carbon we're going to release an ico and record all financial and legal transactions on the blockchain i'll call this project phallus or pp for short now this would be disruptive if we built it today not just to the industry but to all the neighbors that'll complain until it's demolished let's say the neighbors love pee pee the initiative to erect pp has to come from ppt's number one me the developer i have to be aware of all the technology that has to go into it i keep myself pretty up to date on real estate technology but i'm not aware of how to commercially implement most of the features in pp most developers don't need to think about pushing new technologies because they're perfectly secure with their fallacies let's also consider how a developer operates my job doesn't need much technology we just need basic collaboration tools so aside from email and phone we use google docs google photos messaging apps and asana that's about it we're experimenting with openspace.ai to document construction progress with 360 degree imagery we tried slack at one point but when our architect and gc didn't want to learn how to use it that failed miserably there's not all that much to disrupt in the way we operate but we'll continue evolving our choice of software the verdict i am a potential catalyst for disruption but as far as my operations nothing to disrupt here ignoring the issues with my job let's imagine the neighbors love pp and i commit to making pp happen my first phone call would be the ppt's number two the architect if we want an ai to design pp we'll still need an architect and designer to run the software and to set the design parameters but this software only exists in academia right now we're quite a few steps behind in the commercial world where the latest and greatest architecture tech are digital twins and bim for the most part 2d cad drawings still rule this industry and pp uses new materials too architects would have to be familiar with the materials properties and the right context to use them in an architect using cutting edge software and materials would have to be constantly learning new methods or hiring fresh minds not all architects have the time or resources to keep up with trends especially if most of their clients don't care about new tech they don't advances in materials and structures have been pretty slow to evolve because the laws of physics fundamentally don't change and humans figured out how to erect four walls in a ceiling without it falling down a long time ago verdict there's disruption potential here but in steps let's assume the neighbors love pee pee i commit to making pp happen and i found an architect from the future i'll have to close on the land so we've got some digital paperwork to do with ppt's number three lawyers there's actually a lot of technology on the horizon that's threatening to legitimately disrupt the legal industry there's a number of sustaining innovations like docusign that make it quicker to digitally gather and store executed contracts the big leap forward will come from blockchain technology and digital smart contracts at closing a building whose prior ownership is recorded on a blockchain can eliminate the need for title companies in the future because a distributed ledger is a trustworthy form of proof for clear chain of title also if a building is financed with digital currency it's possible to automate contract enforcement in events like waterfall distributions verdict the legal industry will be disruptive but it won't disrupt real estate as a whole it just saves us a little transactional cost okay let's assume the neighbors love pp i commit to making pp happen and i've recruited an architect and a lawyer from the future the next pp blockbuster expedite this is one of the most oxymoronic terms in real estate an expediter's job is to fill out all sorts of paperwork related to the construction work at local government agencies it's hands down the slowest part of real estate development and often a critical path item in the schedule how do you think new york city's department of buildings will react if we submitted plans for pp in a landmark district well first we'll need to submit the plans with several notarized forms and they won't be able to properly view the 3d structure so we can expect a rejection in about three to six weeks the latest sustaining innovation necessitated by kovid was the requirement to submit filings digitally and the acceptance of digitally notarized documents any real disruption in this segment will have to have cooperation across several levels of government okay let's assume the neighbors love pp i commit to making pp happen i recruited an architect and a lawyer from the future and i've convinced every elected official involved in changing the filing processes at dob to accept my plans there's another pp block financing hold on let me call the bank i got the perfect spot for my pp i'm gonna need to borrow 25 million to close yeah yeah we got the design and everything this could be amazing contractor's gonna use robots from the future hello the truth is it'll never get that far in fact you'll be hard-pressed to find any bank that'll lend if you're trying to use a few unproven technologies and their definition of unproven is very liberal products from startups that haven't raised series b financing yet will probably not be okay with a bank potentially disruptive tech means a potentially risky project we can't get too experimental unless we finance with mostly equity and this sadly is the greatest single pp block to disruptive innovation in real estate i can't stress this enough so i'll repeat it and this sadly is the greatest single pp block to disruptive innovation in real estate however there may be good news in the future because finance itself is vulnerable to quite a bit of disruption fintech is a huge part of the startup ecosystem and so far we've seen an explosion of digital currencies and several attempts at creative and more democratized ways of raising investment crowdfunding hasn't been disruptive though and it's arguably not even a sustaining innovation because it hasn't proven to be a consistently cheaper or more reliable way of raising equity verdict finance is a pp block now but could be a ppt's later okay let's assume the neighbors love pp i commit to making pp happen i recruited an architect and lawyer from the future i convinced every elected official involved in changing the processes at dob to accept my plans and i robbed a bank let's build this thing let me just summon the robots ppt's number five construction i can count on one hand the number of vendors i would contact to build pp and all of them would tell me that they can't do it yet right now all contractors use a combination of human labor and machinery but i've seen hints that we're making some nice progress towards new standards there's human enhancement like exo suits that will reduce fatigue and automation of skilled labor like robotic masonry and drywall installation modular construction has been used in a number of buildings in new york and social construct has come up with an amazing approach a few companies are making progress on 3d printing like ai space factory and there are a bunch of academic papers explaining how swarm construction will work in the future so the verdict construction will probably be one of the first segments to get the industry where pp needs it to be okay let's assume the neighbors love pp i commit to making pp happen i recruited an architect and a lawyer from the future and i've convinced every elected official involved in changing the filing process at dob to accept my plans i robbed the bank and i summoned the robots to build the thing the last step is to sell pp block number four brokerage brokerage is as difficult to change as expediting and i blame commissions if you were to plot the earnings distribution of brokers it would follow a power law curve meaning a disproportionate number of earnings goes towards a tiny number of brokers these are the best of the best and if you try to change the compensation system to something less than five or six percent of sales you're not only not going to recruit the best of the best you'll be competing against them every attempt i've seen at changing brokerage compensation has failed and yet there's a clear desire from the market to change how much it costs to buy and sell a home because the information a broker provides is becoming more readily available verdict this segment has to be disrupted because nothing short of disruption will work i don't know what disruption will look like so all we have to do to create an industry disrupting building is to convince the neighbors commit to the project hire an architect and lawyer from the future get all my friends to be elected to office to change the filing process rob a bank summon the robots and devise a disruptive compensation model to replace commissions yeah at yd development we'd like to tackle this problem we're going to be making videos discussing all the new technologies we're learning about in real estate and talking with startups everywhere because we do want to erect pp we don't think the industry can be disrupted but we strongly believe that by learning about and investing in the latest proptech we'll be leading real estate's evolution we call it our revolution and we'd like you to join you can start by hitting subscribe if you don't do it i'll send the robots after you