SMA Equities is a New York-based
investment firm that invests, builds and manages multifamily developments,
retail, office and mixed use properties with complementary expertise in all
facets of development and asset management. SMA investments are nationwide,
with the largest share of our assets located within the greater New York
metropolitan area. Throughout SMA Equities‘ history, starting in 1986 as SMA Realty, the
company has excelled as an active hands-on organization, rather than passive
investors. We had a chance to get insights from SMA’s very own CEO Samy Mahfar when it comes to real estate and your retirement.
Here’s what Samy sent to us in an email recently:
It’s no secret that the real estate industry as a whole has,
historically, had a hard time adapting to new technologies. With many agents
with varying backgrounds, working for a wide range of agencies, it’s little
wonder that new technology is slow to catch on. From small changes like new
listing technology and syndicatiosn to utilizing cutting edge software to
streamline operations, bringing technology to the real estate sector can be a
challenge. Technology, however, has the future to permanently shape the face of
the real estate industry—and many real estate professionals are realizing
exactly how beneficial it can be.
Change Is Hard
Technology in the real estate sector is relatively young. This new
factor, coupled with the need for change in order to introduce technology into
a real estate agent’s daily business operations, explains part of the reason
why technology throughout the industry has remained at status quo. Change is
hard, especially in bigger organizations where everyone has to come on board in
order to successfully implement new technologies.
The reward of implementing new technology in real estate, however,
is well worth all the difficulty that goes along with it. As a reward for
taking the time and accepting the startup expense associated with advances in
technology, both management and lower-level employees will be able to enjoy
more productive schedules, increased sales, and less time spent dealing with
common tasks. For example, the recent StreetEasy saga—which ended with many big
companies choosing to pull their listings from StreetEasy—could have been
circumvented had REBNY stepped in as an innovator with an effective solution to
fill the void.
Taking the Leap of Faith
Stepping out and taking that leap of faith to technology should
always be focused on the specific needs of the company, not on what’s “in” at
the current moment in time. You need technology that will measurably benefit
your business, not just the technology that everyone else is using! There are
several things in most real estate ventures that can be substantially aided by
technology, including:
·
Streamlining
the operation as a whole
·
Making
back office tasks easier
·
Creating
easier management and oversight opportunities
Technology gives everyone
the opportunity to become an expert and do due diligence in a way that, in the
past, simply wasn’t available for small to medium sized investors. Increased
availability of data, speed, and efficiency all make it easier to close a deal
and ensure that every person involved in it was able to make the most out of
the transaction.