Building Our Future

Matt Partridge | Founder & CEO, Infabode

August 06, 2018 Episode 12
Building Our Future
Matt Partridge | Founder & CEO, Infabode
Chapters
Building Our Future
Matt Partridge | Founder & CEO, Infabode
Aug 06, 2018 Episode 12
Bert Broadhead
What is the future of real estate news & content in the digital age?
Show Notes Transcript

News content & analysis is available in ever-growing quantities. While this can offer huge advantages, it poses several problems; how can you ensure you're accessing the most relevant content for you without being overwhelmed, while also remaining in touch with the latest ideas from various sources.

Matt Partridge, founder of Infabode. Infabode is an online information platform for the global real estate market, connecting its users with companies producing market news and data, through an online platform that users can configure to suits their needs and interests. Since launching in 2016, Infabode now has over 450 companies contributing news, analysis and data for an audience of over 17,000.

Matt & I discuss the opportunities presented by customisation of news, data and analysis and how to avoid the pitfall of data overload.

The next steps for content provision in the industry, as seen by Matt are implementing AI to use news more intuitively (e.g. by geo-tagging news stories so they become searchable by location) and integration within other Proptech platforms, such as Infabode's collaborations with Realla & Coyote.

We discuss the value of data and how it may be monetised in the future. Is the value in the data or the ability to interpret it?

While real estate may seem an unlikely target for fake-news, content providers will likely be judged on their ability to verify their content and Matt discusses Infabode's approach to dealing with this.



Speaker 1:
0:06
Hi and welcome back to building off future the costs where we meet the people, shaping the way we design, construct and utilize our built environments, so apologies for the delay in getting this episode out. The chaos of summer scheduling has somehow got the better of me, but we've got some great content coming out to you soon, so please do stay tuned for more episodes in due course today I'm meeting someone who's revolutionizing and provision of news content in the property industry. Seems a long way since my time as a graduate, so there where you essentially had two sources for news within real estate, which were essentially estates because that's an property week. There's now an abundance of great new content, but it comes with its own new challenges, so I got in touch with someone at the forefront of this new way of thinking to see how we overcome these.
Speaker 1:
1:06
My guest today is Matt Partridge, founder of Info boat. If the boat is an online information platform for global real estate market, connecting its users, would companies producing market news and data through an online platform that users can configure to suit their needs and interests. Since launching in 2016 into bowed now has over 450 companies contributing news analysis and data for an audience of over $17,000. Matt, welcome to building our feature and thanks for bringing the cooler weather. Have you over to our HQ like I have in mind. Um, so we're in the midst of a prop tech boom across all facets of the industry. From what I understand, you've come from outside of real estate. So what drew you to research and information as part of the sector that you really want to see? Help exploit the question. So my background, I guess
Speaker 2:
2:01
lots going back to university when I was studying business enterprise development or bed as we like to call it, and I was studying a whole range of sort of business topics and one of them was economics and we had a dreadful academic teaching as economics. And we had a, we had a paper coming up and um, we had to do some research on what we were about to be tested on and I hadn't, hadn't learned a lot of this particular academic going into the test. So I did what everyone does and I turned to google and I was starting to Google sort of academic research on what was happening in the economy and I just found it really hard to get at particular academic information, finish, finish university. And then I moved into the sports industry and my role there was to analyze opportunities within the sports market.
Speaker 2:
2:45
And again, I'd have to look at the rugby industry or the gym market in, in, in London. And again, turn to Google and really frustratingly struggled to get at research on what was happening in the particular market. And at point just realized, you know, Google's great if you want a single point of inflammation. So if you want to know who the president is or how it gets to this building for this, for this interview today, Google's very useful. But if he wants to analyze what's happening across a particular industry or market is really tough. So. So the idea sort of stuck. Then the Google, although great for some things wasn't great for industry research. And then I moved on into interest another sports company, but they've selling merchandise and this company sold much dust for the world rally championships and they sort of fortunate events.
Speaker 2:
3:31
So every we would go around the world. We've got to France, Italy, America, and every time we would turn up to the world rally, they would sell thousands and thousands of pounds worth of merchandise. But online they still barely anything. I think that sales was something like 5,000. And I was basically brought in on the online side of that to say, right, can you boost, help us boost the online sales and a black to with skill but more for luck instead of hard selling to people and saying, you know, buy this merchandise by as much dice through like Google adverts or facebook adverts. We thought, well what if we put like a community? And we had a like an area where people could talk about the world rally, you had interviews, you had upcoming events, so we built this sort of like community aspects of it and then we soft sold the merchandise off the back of that and it went crazy.
Speaker 2:
4:12
I mean within a year I think we'd sold a quarter of a million a merchandise. We were out selling online to offline and it was sort of just like a moment where it was like, wow, well what if you combined the two? What if you can find a platform that had all of this industry research and knowledge in one place, but what if you did it in a community format where everybody that cared about about that particular industry or sector was all in one place. So [inaudible] was sort of born and at the time it wasn't necessarily going to be just a real estate. In fact, it was going to be the idea initially was that you could sign up from any industry, you could contribute data, content, research, and then users could access it. Being young and naive. I thought that was possible. He quickly became apparent that really needed to focus on a particular market and then it was identifying which market that should be.
Speaker 2:
5:00
Um, and initially the first three were sort of tech pharmaceuticals and real estate family background in real estate. So I had lots of people that could talk to him. Real estate and real estate was fascinating in terms of how people use data, how people use research and a lot of companies used it for their marketing purposes. So, um, you know, your saddles, jll, colliers of the world would release massive research reports and massive and aggregated data to show off their knowledge about particular market for marketing purposes. So if you were reading research about the west end office market and you were reading that from, as you would then likely go to saddles to, to help you broker the deal. So we moved more towards real estate. I mean, pharmaceuticals was fascinating but there, and there's a lot of money in pharmaceuticals, but it's very everything, all the data and all of the information that is very kept undercover until I get the pattern and then they're shouting them out, uh, where real estate's more sort of open and more welcoming a market for us. We shared a space draw distinction between data and research,
Speaker 3:
5:58
so a lot of what is on and forbade his space for such. So it's people using their proprietary data, aggregating it as you say, and presenting it in interesting ways, but you're not getting as necessarily just raw data.
Speaker 2:
6:13
Yeah, absolutely. So where I think info comes in is we are not 100 percent, but the large majority of your body's macro data. So it's aggregated data about a particular market. So everything happening in the London, Western office market, everything happening in the city but not individually specific Mark Crowe data. No,
Speaker 3:
6:30
just say, say for our listeners to be clear, your income from innovate bait is actually coming from the people whose content you're producing rather than the consumer.
Speaker 2:
6:39
So we looked at it. It's an interesting one in terms of when you look to monetize it by, because what we're competing against is people go into Google now, we strongly believe and everyone we spoke to in the industry does find it difficult to get a real estate data and research fru fru, Google, but you don't want to give people an excuse not to move over the platform, so from very early on we were like, it should be free for the real estate industry, so it's free for consumers to sign up and it's actually free for the content providers as well. So we, we actually say to the content providers, look, give us your, your, your market knowledge of your market information, which then sits on inputs database and in exchange we'll give you an increased reach to people that otherwise you wouldn't have been able to access.
Speaker 2:
7:20
We then upsells, so if they then want analytics on how their content is performing on inspired, they pay for that. If they want to advertise to particular bits of the market on boats, for example, if they want to get a German investors, they can advertise. The German investors bowed, they're the two main monetization routes at the moment. We do move into other areas, so we do sort of like integration deals where other people can have access to our database and we will move in later this year into paid content, people that charge for subscriptions and access to paid content, which our users will then be able to access through the site as well.
Speaker 3:
7:54
The paid content being what magazines that you'd avoid subscribe to online or
Speaker 2:
7:59
initially we're looking at news, so we're looking at new subscriptions, so the ability for you if you have a no, I'm just going to pluck a couple out of the area here. These aren't, these aren't exclusives, but there's a property, you know, property week. If you had subscriptions with those guys and they partnered up with infoed, then you. If you had a subscription with them, then you'd get to access that content within the platform and if you didn't have that then we could upsell that and say, okay, you're interested in UK news. These are the news providers. Would you like to take out a subscription with these guys?
Speaker 3:
8:31
Going back to data, we seem to be at quite a strange point just from a general market perspective where the power of data is now very clear and I think everyone's pretty much grasped that and I was actually going to just vacuuming up and collating as much data as they possibly can. Sometimes not knowing what they might do with it right now, but knowing that in the future it may well hold value. The challenge is really how you translate data into
Speaker 2:
8:56
information, knowledge and wisdom. What do you think the answer is when this kind of world of big data, if you go back, I don't know, even sort of four or five years. I think the agents were sitting on a lot of data, a lot of market knowledge and I think now with data becoming more accessible, a lot more of it. People understand the value of it and as you say perhaps the future value of it. A lot more companies and platforms are sitting on a lot of interesting data and and the agents are sort of shifting multiples advising on that data and making that their niche rather than holding the data. So I think it all is all gonna come about the interpretation of that data more and more of it's going to become accessible and if it's going to be identifying opportunities off the back of that data rather than necessarily just we've got proprietary data, although there is still massive value, I believe in proprietary data right now.
Speaker 2:
9:48
You think they are already agree with that, but in in a world where there is value in prodigy data does being big have, is it going to give you an unfair advantage so the more powerful data becomes big, you need a better your data collection. Is it going to create monopolies on data collectors and therefore performance potentially? I mean I think it depends how, how they adapt. I think it's wherever they, whether their business model with apps because of that. Because although it gives you an advantage being one of the bigger companies are sitting on the most data, undoubtedly you're going to have more threats from from young startup companies. I think the whole idea behind sort of the data being made accessible by the government in terms of sort of your land registry data, the whole idea behind doing that is they think so they were charging for that data, they recharging access to that data and I think the government's view is that they will bring more value to the economy by making this publicly available and therefore companies can can use this data to create valuable companies that will then employ people and in the long run that will add more value than just charging for access to the land registry data.
Speaker 2:
10:59
When you talk about data firms, where you're getting your data from that are what I'd call data facilitators, so really great platforms like a labyrinth stories, a good example, he's using that well datcher realize land insights and which is all you know, effectively find. They're using other data sources as well, but it's taking something publicly available. Data sets and visualizing it and in a user friendly manner. Then you've got other data providers were that they're real raison d'etre or or or point of difference is actually data collation. So if you look at something like Costar or a lot of a lot of our information is gained by people ringing up and literally kind of finding out what lease deals have been done, etc. And that's kind of harder to challenge in a way and unless you can kind of automate that process, people's value proposition is in one of two points.
Speaker 2:
11:52
EvA, you're visualizing thing and an intuitive manner or you're actually collecting data which other people come and right now that is why a company like a, a or an imbecile or whoever else is visualizing that is in the millions and and your costars market cap of I think eight, eight to 10 billion. So you know, that's massive. But I think I think that gap, that gap will narrow wherever that's costars value becoming less because that data that they're able to collect becomes more accessible or whether that's companies like some of the ones you mentioned being able to take more of the market share. I'm not, I'm not sure which way that goes, but I don't think that gap will remind remind that wide. But a company like a costar, you're in a fantastic position with that sort of market cap and financial resources to be able to take out any company that that starts to take any of their market away.
Speaker 2:
12:50
I guess it just depends on them what, you know, what they see the future of the market. Boom. And shrink was the consolidation in that, in that area? Oh yeah. Massively. Yeah, definitely. I think collaboration and consolidation will be the two key words over the over the next few years. I think we'll see a lot of companies fail as well. I think there's a lot of similarities between prop tech in the fintechs been through were probably sort of a couple of years behind the fintech space and when there's so much interest in a particular industry, obviously that brings a lot of money, a lot of interest, a lot of press coverage and we've got a lot of new companies, um, and I think some of these companies will become hugely successful on their own right, but a lot of them to become hugely successful or even going to have to collaborate or merge with other complimentary products.
Speaker 2:
13:35
And I think we're already starting to see some, some very interesting collaborations and mergers between, between prop tech companies is a natural extension of that that you think that the end game of prop deck is going to be a number of big players effect. We doing the whole piece rob them where you've got at the moment, which is a lot of boutique ideas. I don't know to what degree that's going to happen, but yes, I feel quite strongly about the um, eventually there will be some, some platforms that emerge. There's differences of opinion and we have this, I have this discussion with other prop tech companies, but I think it will be very interesting to see which areas collaborate so that there's a thought in terms of on the data side of things that you could bring some very good data research news companies sort of together and you could create a very, very valuable platform and I think.
Speaker 2:
14:22
I think there's a very strong argument that for him for both that we are a piece of what should be a much bigger puzzle on on that side of the prop tech space. Then you have more sort of like your property management software and your asset management software and things like that. Now there's one argument to say that you could build a platform with collaborative or merged data companies and you can plug in your sort of property management software and things like that. Then there's another argument that some of that software, what works for one company but doesn't work for another company. Therefore that stuff remain should remain very separate. Where the data side is factual. So what wE. What I think we'll definitely see is data companies starting to at least work together, if not starting to merge with each other on the property management software side of things. That's up for debate. I'm not sure where I sit on that at the moment. I knew where I serve, which is
Speaker 3:
15:15
well. a lot of the bigger asset management products are designed for institutional and more, more, more generous client platforms. The space who are doing more traditional real estate. If you're the morgan of terry, you get and different types of data that you get. Trying to have a one size fits all solution actually just doesn't work and what you end up wanting then is is actually the ability just to piece together best in class kind of niche concepts and have some means of connecting them all in your own effects. Very customized system. Yep. Just just kind of going back to the qualitative elements of have infoed and venues you receive. We're in a world at the moment where one of the dangers ironically is data and information overload. I say this as someone who very much welcomed in for both concept, particularly the ability to customize your newsfeed, but as a generalist, what it does mean is that keeping abreast of all things at the moment is becoming increasingly difficult because there's just so much content available.
Speaker 3:
16:16
Wherever it's data, news, research, comments, nassis, you name it, it's that and it's brilliant that you can now kind of customize your feed, but it all, it's obviously a lot more brilliant if you're specializing in a particular part of real estate, but it seems like the real estate world just seems to be getting bigger and bigger and more connected and you know, there's now a whole tech element to it and yeah, like I say, drunk trying to kind of keep up with the magazines and newsletters which come on my desk and in my inbox as is becoming increasingly hard. What'd you think? This is all gonna. We're gonna end up.
Speaker 2:
16:50
Yeah, I mean it's, it's, it's a great point and a strongly agree with andy and one of our biggest challenges actually, you know, it took us two years to get 10 companies to, to partner with us to give their content over. It took us another two years, we just hit $500. That in itself has brought its own challenges, so at the start of infoed when there wasn't that much content on there, it was in our interest that you subscribed to as much as you possibly could because we just didn't have that much content and then what we were finding was that as we got more and more content providers, we weren't necessarily getting more and more engaged users because the content they were receiving was becoming less relevant to them. So we quickly had to put in place this new subscription system. Now as we get even more and more content providers, I think even that won't go far enough and what will actually have to start doing now is identifying what you're clicking on.
Speaker 2:
17:37
So yes, you are interested in the research and the london and the paris office market, but this company keeps sending you or you keep receiving news on this company and you never click on it, you know, therefore we should stop sending, showing you this, this research because because you're not interested and that from a tech companies want to do is really, really difficult to do and something to twitter. Twitter always used to be chronological order of everything that everything that was posted and they move towards predictive analysis in terms of what you're likely to click on and what you're likely to read. It's really, really hard to do and get right as a company so we know you're going up. We're going to have to get to that point but. But, but it brings its challenges because to start to tell someone what they want to read, you have to be sure that your algorithms are right and you're correct.
Speaker 2:
18:24
Just to give you an example, sort of if you're on instagram for example, it will analyze how long you spend on looking, scrolling through each picture and it will. And then it will, when you load your feet, the next time pictures that you've looked at regularly will, will show higher up. if you go on facebook and you click on a company's, uh, if you click on lots of adverts, you go on your facebook feed, you will see a load of adverts because you've asked someone that clicks on a lots of adverts. So that's, that's of high value to facebook. But where it becomes really difficult for a tech company to, to alter its feed is, is a comparison like if you were driving on them and 25, for example, a new sort of accident on the other side of the road, it's the natural reaction to slow down and look at the accident.
Speaker 2:
19:03
That doesn't necessarily mean you enjoy looking at a car accident. So it is a real, it's a real challenge from a tech company. But for us that will be the next step. So first step was let's get the information in one place and people can come to one place to access it. Then it was how do you customize that so that people are at least seeing information in the right sectors, in the right locations, and the next step will be is how do you analyze that in interaction with that content to better deliver at least a feed, not necessarily in chronological order, but in likeliness of, of reading the content you have. What you'd see is as competition, people like animodo and biz now, how do they differ from what yodon? Yeah, so my ambition, our volume boats, so they both. They both provide content for our platform.
Speaker 2:
19:51
So I think the key thing that to identify inspired about is we are a platform, so we made a decision very, very early on that we would not produce our own content. We would not produce our own research and and literally we would be a distribution distribution platform. a lot of these companies like pro bono business now you know, we should be welcomed by them because literally we are reaching. We're helping them reach a much wider audience. Now when it comes does have its challenges with companies like biz now because obviously their model is to sell advertising on their own site, so we have to do, we have to be smart and you know, some companies it's a case of, rIght. We kind of all of their information, but we can have enough to drive people to their site and on our site, each individual company does have its own challenges depending on the purpose of their content all day producing content like that.
Speaker 2:
20:40
Your agents are for marketing purposes or are they producing content to sell advertising on their own on their own platforms, in which case the pitch from info to them is very different. The innovators as a business model is to be a distribution platform and to have the community. The facebook for the real estate is the wrong term, but the idea of a platform, a distribution platform for the industry. Then why would you continue? Obviously you would still. I think companies would still have websites because there's massive value around them, but the posting content, posting marketing material, posting research would become more valuable on a platform where 300,000, 500,000, whatever the number ends up being, people that are interested in that data is going to be then posting on a website that they've then got to spend a fortune trying to drive the traffic to. Why not take your content Straight to to the audience you're trying to reach, so that's the input by business model and that hopefully what the future looks like. Fair enough.
Speaker 2:
21:36
Similar future for. For innovators, you have teamed up with a number of other tech companies say thus far and gets hit quota? Yes, riella. Are they part of the same partnership but their agreement is real or not? Ours is inbound. Quincy, other such collaborations in the pipeline. Another one that will be announced in a couple of weeks. There's a big us company or another prop tech company in the us. That deal was done ages ago. I just hasn't been announced yet. There's three or four others in the pipeline that we're talking to. So by basically, you know, we're very open and you were speaking earlier about collaboration. I think [inaudible] has a Big part to play in terms of collaborating with the reset, the macro stuff. So the macro stuff that we currently sIt on and you know, we're looking at ways that we can drive more people to read that content because that's then a value to the content providers, but lookIng at ways that people want to engage with that, with that data.
Speaker 2:
22:35
So the curiosity thing, I'm not sure when this podcast is going out, but the thing when it goes live will actually enable people to see what's happening around their portfolio. So the whole reason for the doing the partnership have infoed is if you have, I don't know, an industrial building in sheffield, you know, tying up the info we're now about to tell you anything happening within a 10 mile radius of your industrial building in sheffield. Um, so, so there's going to be some big value add there. The one in America is more about they've got services around the real estate industry and they want to plug in, you know, what's happening in the market next to what they're trying to, the services they're offering to their users. We're talking to companies that have availability, building availability and they want to show the market research around it.
Speaker 2:
23:22
So there's whole host of different ways. So the model in terms of the collaboration from input into other products is I think we're probably do six or seven integrations over the next year and we will leave it at that and basically the idea of doing six or seven integrations and there'll be bespoke integrations with each company is to really understand how companies would want to use the data and provides. Got to better their product on their side. and then I think once we've got our heads around that and seeing the different ways people want to interact with that data, then we'll probably make a publicly accessible api available to all all prop tech companies, all real estate companies that want to have access to that data. That starts to get very interesting. That's when you're in here. The real remit of what big data could potentially potentially start to deliver.
Speaker 2:
24:08
Yeah, absolutely. This is a slightly left field, but in a world of fake news, I don't imagine this is a problem for you at the moment, but do you have to think about how you kind of validate the content coming onto your platform? It is something we have to think about very regularly and initially on infoed only going back now of a year ago, we let users could upload their own content directly to infoed and I do want that to come back. I do want people to a post discussions. I do want people to be able to post their opinions on particular markets, but at the size of the company as we were then perhaps we're a little bit more capable of dealing with it now, but we just didn't have the resources to check that. This wasn't promotional material. This wasn't spam. This wasn't just people trying to hit professionals in the real estate industry with, excuse my language, but crap.
Speaker 2:
24:54
So we pulled that and we said, right, it could only come from the companies, but we don't even let companies post directly to bode. So all content that comes from companies go through a content team and they check that it's a value to the community. Now that's not necessarily fake news. In fact, it's not fake news at all. It's more a case of we don't allow companies just to post promotional material about themselves or wherever it's fake news or manipulation of venues. It's still. Yeah, it's the same point. It's a big issue. I think for all media companies that is a big issue and one that will become a bigger issue. I think the bigger our community grows is again, kind of a fairly non sequitur question, but what do you think of data as a tradable commodity and, and emergency, the kind of platforms to facilitate that?
Speaker 2:
25:41
I'm thinking of things like, um, comstack I'm not specialist in there, but I think perhaps used a lot more heavily in the us than it is in the uk. They are very interesting models. I mean, comstack particularly like their business model in terms of that you can provide data and then the pond in what you provide, you can then access other data and costar as well. I've spoken to people and some, a lot of people have concerns over it because you are incentivized to provide data that you perhaps don't really know or you're not 100 percent sure on. Right. Um, and then that the, the values, the values of the data so that there's challenges to the business model. Definitely, but certainly, uh, an exciting space and one we watched very closely. Another thing which is slightly tight, uh, my, my acon years question, which is blockchain technology.
Speaker 2:
26:29
So we've touched on a land registry and that's suddenly going to one thing which is mooted as being a kind of database which can be made more robust via blockchain or other forms of data. Like where can that extend to in terms of how we protect the validity of our data. Yeah, I think blockchain technology, you know, hugely exciting in terms of, in terms of its possibilities. The only thing I would say against that is I do think it's being a bit overused and I do think that, um, a lot of companies and, and, and people talk about blockchain when it's just not required. Right? Um, you know, is an interesting and fascinating technology and I'm sure it's going to transform in 10 years how we buy houses, the financial market. But right now I do have to question some, some business models that say, you know, we're putting everything on the blockchain will, why you put me on the blockchain, you know, the, what's the value add of that being on the blockchain.
Speaker 2:
27:29
I wonder how many people like me. You're going to know what blockchain is, but actually the technological fundamentals of what the real limitations are. No other assignment with cryptocurrencies, you know, another fascInating space. But again, it's such early days and again, you know, you have to question the value. Sometimes I'll have these products and so on, on, on, on that point of some technology being a not quite as understood as it may well be portrayed as if you were speaking to someone in my possession and use kind of scoping out in the market for data provision services. Do you have any kind of words of advice in terms of how to go about sourcing and procuring and how you can actually validate that, what your data providers, uh, purporting to do is actually what they all do it from [inaudible] point of view. It's a case of we will, we upload the research, the aggregated data, if you like, and the companies put their, put their brands that uh, to the data and the research that they're producIng and their opinions to it.
Speaker 2:
28:33
And you know, that was, that was one of the things that we sort of decided quite early on in terms of not going down, perhaps like a compstat model where, where, you know, this is, this is the data on the market, but saying this is what saddles things happening. These, these are the comps from jll. Colliers. So we're, we sort of sit very neutrally on that and saying well we're a platform for companies to share their opinion on the market or what their value of the data is on the market, but it does become challenging. Get back to New York again, they were talking about comps between companies there in terms of breaking down New York, but people put the boundaries differently in New York, you know, as they do that, you know, what someone calls the west end or midtown or, or greenwich in New York is different to what other people call it.
Speaker 2:
29:16
So therefore the data's going to be different anyway, even if it is real data. So the universal classifications in anything. Yeah. Nightmare. Nightmare. So, so it is really, really tough. I think, you know, multiple sources is, is the way forward out. Well thank you. Um, so if, if you are one of the, if you are not one of the 20 odd thousand people already using infer boat, it's very. And it's very easy to use. Set yourself up, get your own customized news channel. So info.com, nice and easy. A authority recommend that you, that you do that. A couple of couple of questions just to finish up on. First of which is, uh, what's your favorite Building? I feel feel guilty for saying this with, in a city with so many historic and beautiful buildings you're going to go through to this. I'm going to go shelled.
Speaker 2:
30:05
Uh, I mean, I think it's got 11,000 glass panels. I mean, that is incredible. One of my favorite places to go up. So with so many beautiful historic buildings. I feel bad for saying this yard, but you don't have any ever been halfway up. Never been. Never been to the top. Alright, well nice, nice and easy at sheehy. Oh, I'll give you that one. And the final one is. Yeah. What, what kind of innovation in and around the real estate industry have you seen that kind of exCites you for its potential impact in years to come? Yeah, I mean, well we were just talking about blockchain. I mean, I, it does excite me. The possible uses blockchain ai is this fascinating things in ai. I think the more data that becomes available and accessible, I think the more exciting things we're going to see with ai and you give us an example.
Speaker 2:
30:51
There is a big project going on in America at the minute where they're analyzing the real estate market and what happened in the last crash if the crash happened again, what the predictions with them be for the real estate market following a crash. So there's a number of universities working on total market simulation event. Yeah, so basically market simulation based off data and what happened previously and then trying to predict what will happen in the future should have crash happened again and I think are the real estate industry at the minute is very much done on, on personal relationships still despite the technology coming in and I think we'll start seeing more and more sort of ai data funds coming out as in a competitor to index tracking equity funds or etf. So yes, something similar to that. Yeah. In my opinion will say, I could be completely wrong, but I think we see it in the equity world. I think real estate and equities will become, will become much closer. They're not going to be ever be the same because it's not as liquid and it will never be as liquid despite some very interesting projects to try and make the state more liquid, but I certainly think it will. They'll move closer together. That's probably probably right. No idea how it will happen, but I'm sure your rice in the end. It's
Speaker 1:
32:04
been an absolute pleasure to have you on, so thank you for joining us and thank you. If you're not already is probably time to start thinking about how it is that you receive your years. the challenge out there is the quantity and trying not to drown in the amount of information, the opportunity, it's quality, it's more quality analysis, comment and data available than ever before and this provides a huge opportunity for those who can harness it appropriately. Places like a great place to start. There's other sources out there to get to explore competing. Promo a is now land collective. You like. Many of these are free, so there's no reason why you wouldn't. I think it's a question of should space has mass and others now seek to integrate provision of this information within other tech ecosystems and use innovation such as matching use items to increasingly provide a customized end user experience as demonstrated.
Speaker 1:
33:07
There's also a clear opportunity in the collation and dissemination of information. The question now is what knowledge equals power? What prices are knowledge? I think there's a huge way to go into battle as what data is proprietary versus what is publicly available. I say it's the theme we'll return to in due course. We've got a great pipeline of interviewees coming through towards the end of the summer, so please do bear with me. I'll be publishing updates so my website has them when you interviews alive, but to say hi on twitter. We're on at building underscore, r will be vaccine. Until then, please do enjoy the sunshine.
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