The Impact of Data Analytics on Commercial Real Estate
A conversation between Terry Montesi, CEO of Trademark Property Company and Noam Ben-Zvi, CEO and Co-Founder of Placer.ai
Terry: Noam, thanks for your time today. I would love for you to start by just giving us some background on Placer.ai and how and why the company was started and how it’s evolved.
Noam: Placer is a mobile analytics platform and the idea behind the company is to provide instant visibility into any physical place to drive better decisions.We do this by gathering the data from millions of mobile devices, including mobile location data, and we aggregate the data to learn about any physical place. The company was started a few years ago by co-founders with backgrounds in tech revolving around data. This is my second company, the first was also a data company that I sold to Sales Force.When starting this company, we understood that location data has the power to track what humanity is doing. Initially, we met a few people in the commercial real estate industry to help us figure out how this data can be applied.This is how the company evolved.And though we were newcomers to the commercial real estate industry, we learned a lot about different uses.
Terry: Give us a little deeper dive on the actual product and how people like us use it, how retailers would use it, and how it stands out from the pack of 600 property-tech applications out there in the market.
Noam: The main idea behind the product is that it integrates into everyday decision-making about property acquisition, leasing, marketing and operations. The idea is you can go into the product at any time, enter the name of any place like a shopping center or retailer – really any region that you can geofence and draw a polygon around – and immediately you get insights about that place based on the people who visited.We can tell where these people live and work, where else they’ve shopped throughout the year, what other brands they like, and answer many of those types of questions.
Terry: There are a lot of people out there using mobile data and geofencing to inform developers and retailers. How do you stand out from the others?
Noam: I think the core value behind this product is we make data very accessible. So you can get instantaneous access to actionable data about any place.The data is very accurate, it’s been battle tested versus real results so you can trust the data when you’re making…