Sal Caldarone
CHICAGO, IL—Software-as-a-Service provider rSquared CRE recently announced its official launch. The company will focus on developing cloud software solutions that fill the unmet demands within the CRE space.
According to Sal Caldarone, CEO of rSquared, some of the unmet demands in the CRE industry include the need for greater data transparency, outdated technology solutions, and reliably accurate data.
Greater Data Transparency
“There's currently a degree of secretiveness around data in the industry, as well as a lack of data sharing in general. There's also a lot of uncertainty surrounding data—legitimate questions about the source and accuracy,” Calderone tells GlobeSt.com. “In many cases, the formulas used to generate numbers are obscured, making it difficult to know how the figures are derived.”
Calderone says the company addresses these issues by creating open solutions with transparent formulas that make sharing data fast and simple. “This way, all parties know exactly where the data they're seeing came from and the nuances and details behind the calculations,” he says.
Outdated Technology Solutions
Calderone further believes many of the technology solutions the CRE industry uses on a regular basis have become old, outdated and cumbersome.
“The industry is much more complex and moves much faster than it used to, but CRE technology in general hasn't kept up, especially with solutions that support transactions such as acquisitions, dispositions, lending and appraisals,” he says.
“Consequently, the companies that still rely on those solutions are forced to check and recheck their results, an arduous, time-consuming and, in our opinion, a completely avoidable process,” says Calderone.
The Future of PropTech
As the proptech industry continues to flourish, Calderone says even though the sector has experienced explosive growth in recent years, proptech is still in its early stages and not nearly as mature or saturated as many other industries. Proptech investment, he believes is on pace so far this year to reach record levels and that trend shows no sign of slowing.
“We're seeing greater investment in proptech from the big CRE companies, like Blackstone and JLL. They're investing in tech start-ups and technology that will not only benefit their own business, but will benefit the CRE industry as a whole,” concludes Calderone.
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