AI IS NOT THE ANSWER - YET. HOW THE COMMERCIAL REAL ESTATE INDUSTRY IS CHANGING

[00:00:00] Andreas Senie:   CRECo.ai round table your all in one comprehensive view of what's happening across the real estate industry, straight from some of the industry's earliest technology adopters and foremost experts in technology, marketing, brokerage, government policy, capital construction, and cybersecurity.

As always, it's a three part show introductions and what's new for each Roundtable host in their business sector, followed by a sector focus where we unpack the biggest news and the biggest shifts happening affecting your business. And lastly, Bit of advice from each sector expert. What is it? What can you do?

How do you take what we've discussed and improve your business over the next 30 days? I'm Andrea cei, founder of cre, collaborative brokerage owner, commercial director here at kw, as well as a technology growth strategist joining me this month. None other then Salt Klein, realtor emeritus, data advocate, futurist, all things original internet and listings, and then some Sal.

Always nice to see you, my friend. Great to be here. I'm super excited for this month lot going on and joining us from the mobile location that's undisclosed. Rebecca Carlson, founder, c e o Carlson, integrated past president of Nicar and brokerage donor, as well as none other than, and Rebecca, nice to see you.

Great to see you. As well as Annamaria Quek, director of Business Development in Ling Green Capital, all things green and sea pace. Thank you. Dan Wagner are all things government relations, also SVP government relations, inland real estate group of companies. And last, love you man. Cer. Last, but certainly not least, professor Darren Hayes, CEO e o code, detective, code detectives, uh, professor of Pace University, one of the top 10 cyber forensic specialists nationwide.

Oh my God. I could talk to each of you for hours about all the different things happening, at least from my side and, and, and then, and I'm better. I can talk, which is the most important fact compared to last month. So, Saul, would you, uh, kick us off what is going on on your neck of the woods? And we'll run from there.

[00:02:28] Saul Klein: Yeah, well, you know, not a lot changes and everything changes. We had a good month at the car wash, even though it rained. And I always like to start with that because it tells me people are still spending money on things that are kind of luxuries. And, uh, you know, interest rates have gone up a little bit.

We saw that the other day, new fees in place for people who are, uh, getting loans. So there's a lot going on in the real estate industry. N Na r, the National Association of Realtors is meeting in, uh, Washington, DC for the annual mid-year legislative meetings. And so, uh, there's a lot of excitement. I'm sad.

[00:03:04] Andreas Senie: I think John, he just came from Washington, so I'm sure, I'm sure he is, got quite a bit to speak on. And Dan, I guess we're passing it right to you. How are things? Hey, thanks off for that. 

[00:03:15] Dan Wagner: So I just got back from Washington, DC uh, I was there all week last week with, uh, the Institute for Portfolio Alternatives and the Federation of Exchange Combinators.

Um, and with those two organizations, we had our hill visits for those two entities, and we met with members of Congress, our, uh, senators, um, members of the staff. Uh, and the big theme was educating, educating, educating about the 10 31 exchange. Because as we all know, president Biden in, uh, last year's budget and this year's budget wanted a cap at $500,000, which of course would dis, you know, eliminate it all entirely.

Uh, and so we were educating all the members of Congress about that. And it's all said, I will be in Washington on Monday, and I'm proud that the Inland Real Estate Group will be sponsoring the commercial cocktail party, uh, at, uh, N na r. And so, uh, we'll be in Washington. So that's just a, a quick recap, but I can go more in depth, uh, uh, when you pass it back to me.

How's 

[00:04:18] Andreas Senie: that? Uh, it's fantastic. So every, anybody headed to Washington, I heard sponsored open bar by Inland at the event. Um, just, you know, fine Dan in the crowd and will go, well, I think a 

[00:04:33] Dan Wagner: charges, for example, but we're sponsoring, but I think there's, there's a fee, so unfortunately you'll have to pay at the door, but.

[00:04:41] Andreas Senie: I love it. Uh, well, let's, let's take along those lines. Uh, Anna, Maria, how are things in the, in all in the green world of finance? Well, 

[00:04:50] Anna Maria Kowalik: it's interesting because, um, c Pace, as I've always said, is kind of a recession proof type of product. Uh, and yet here, uh, so it's, it's funny, uh, you know, we get the 10th raise this week, uh, in, uh, in interest rates and, and, uh, by the Fed.

And, and so, um, no recession. Recession, you know, everybody's still, uh, debating it back and forth. And it, you know, and I, I like your comments sa that, uh, the, uh, consumers are still spending money, but I noticed something in particular, so I went to refill my, um, Tissue box today. Uh, and I noticed that my previous tissue box on my, uh, desk was 182 ply tissues, and the new boxes are now only 124, so there's no inflation, but, you know, maybe shrink inflation or whatever you wanna call it.

And so, um, you know, things are still plugging along. Uh, and, uh, and we need to do more, uh, energy efficient projects in order to get, um, uh, buildings, uh, Up to speed and, uh, energy savings created and lesser consumption of, uh, energy sources. And, and so, um, you know, still always hopeful and still working those deals, so 

[00:06:36] Andreas Senie: well, it sounds like instead, instead of reducing the, the supplies in the tissue paper, they should focus on, on optimizing that asset, their buildings to make up those margins on the bottom line.

What, what kind of 

[00:06:47] Saul Klein: tissue paper, Anna Maria? 

[00:06:49] Anna Maria Kowalik: Well, no, I, I, I, I'm not at, uh, I shouldn't be promoting or not brands, but, uh, no, this is a lot of brands across the board, even with a different brand that my mother uses so 

[00:07:04] Saul Klein: well, so 

[00:07:05] Dan Wagner: Anna, Anna, Maria, you are the best. 

[00:07:09] Andreas Senie: Well, companies, you have to find a way to, to, to, to move that number, right?

The Aetna, uh, your bottom line and, and companies far and wide. Some are. Reducing what they sell you, but that's not new. And look at cereal boxes, yogurt, anything of any size that's just gotten smaller and smaller. Smaller for more money. 

[00:07:26] Saul Klein: Except for soda pop. Except for Coca-Cola. Right. 

[00:07:30] Andreas Senie: But it's gone up and br That's true.

Um, although they do sell that mini one now, like it's a three quarter size bottle that was Damn. At least here. 

[00:07:40] Anna Maria Kowalik: That's only so that they're complying with the lesser sugar. 

[00:07:43] Andreas Senie: Right. I think it's for plastic concerns, like they want to show less output and being 

[00:07:48] Anna Maria Kowalik: a little Oh yeah. They're bottles, aren't they?

That's right. 

[00:07:52] Andreas Senie: The, um, how about you, um, Darren, how are things on your side of the fence? Cybersecurity, I, you can't cut costs with cybersecurity prices. Just go up. Last I checked. 

[00:08:03] Darren Hayes: Yeah, no, no, absolutely. So, uh, yeah, I, I think that the job market is still very strong. I, I do see, you know, quite a number of people who've been laid off from Silicon Valley companies, but.

Uh, they're not cybersecurity people. They're still, you know, uh, a lot of positions open. I just came back from a couple of conferences, uh, related to digital forensics and investigations. One in London, one in Norwood, Massachusetts. And, uh, there's been a lot of chatter about a bill that has gone through its first pass in California.

It's C AAB 7 93, which basically would prohibit the use of something called geofence warrants. And geofence warrants are, um, requests to Google, for example. Um, they're used when somebody goes missing rape, murder cases. Um, and so they're really, really important for, for law enforcement to, to use these types of mechanisms to find, um, people.

And so it's been. Supported this bill by, uh, the Electronic Frontier Foundation and some others. And, uh, I think a lot of people don't realize how, how critical this, these geofence requests are with, with finding missing persons or finding murderers. And, uh, so it's caused a lot of consternation across the board and people are very concerned about, uh, this, this new bill that, that's been proposed, uh, in 

[00:09:37] Saul Klein: California.

Gary, people like it or not like it? 

[00:09:42] Darren Hayes: Uh, it, it's a, it's a problem because it's, it's viewed as protecting people's privacy, but it doesn't stop Google collecting your location information continually, or other companies. It's really targeted at law enforcement and so it's seen as counter surveillance. But if you find a body in the woods and, and you need to find out.

Who's been near that body at a particular time of day, um, you're not gonna have access to that information from Google if, if this, uh, bill ultimately passes. So it's, it's very much a concern. Um, and many, you know, kind of wondering, it doesn't prohibit companies from collecting information about you. It just prohibits, um, law enforcement from accessing that information.

When a crime is being committed, 

[00:10:35] Saul Klein: wonder what the agenda is there. 

[00:10:38] Darren Hayes: Uh, it's, it's one of these bills that's, that's seeing it, it's similar, I think, to San Francisco, which introduced the, you know, banning of facial recognition. But I think a lot of people haven't looked at the number of people who have been caught, uh, murderers, people robbing people, you know, and it's the same situation as this.

We've had, you know, countless people who, who were. You know, count countless murder investigations solve countless people being found who are abducted. Um, really, really important that, that people know about this because people don't realize the, the importance of these geofence warrant requests. Would 

[00:11:20] Saul Klein: it, would it be synonymous or would it be like saying you can't use DNA to track somebody for a crime kind of thing?

Yeah, 

[00:11:29] Darren Hayes: yeah. The, the reason that it's been a little bit controversial is that you are basically sent, uh, a list of people who are in a particular area at a particular time. And so people think that this is over broad because there's people who are, who are not real suspects, you know, who are getting caught up with this.

But the fact of the matter is that ultimately it's only one person that's going to be investigated. So, so that's, that's where the concern is, but it really shouldn't be a concern. 

[00:12:04] Andreas Senie: I, I've wrote a few things on this and, and I mean, geofencing. If you, if you're in a 2016 or newer car, right? The car's got telematics.

It knows where you are. It's telling, it's going somewhere to tell them. And then for for stopping crime, or at least solving grime, if you have an Apple watch, I think most of us have smart watches on here. To your point, Darren, if you're in an area where a crime is committed, it's not just that you're in the area, but it's the fact that your Apple watch also noticed that your heart rate was elevated.

And that maybe you were running from that area. So there's, and then you get in your car and you drive off quickly and they put all of that together. So you're saying even though Google's gonna keep that information so they can sell me new tires, uh, cuz I've now peeled off the rubber to get away from the crime.

They're not gonna share it with the government. It's the goal. Yeah. Yeah. That's 

[00:12:51] Darren Hayes: the, 

[00:12:52] Dan Wagner: and Illinois, we have, uh, the ACL's try as a bill to try to stop, uh, license plate readers for the police for the same issue. They, uh, think that it's just inter, it's it's big brother and it's interfering too much. But the license plate readers are how they're able to catch the bad guys.

And so that, that's the deal. It's a 

[00:13:13] Andreas Senie: new world. Well, regulations, catching up to technology and whether or not it's the right regulation is a different question for a group of politicians. I'm not gonna jump down that rabbit hole. Uh, it's too far and bright, too far and wide. Um, but speaking of, of geofencing, targeting and understanding people, Marketing, Becca, I mean, what's going on in, on your neck of the woods is, are you being tracked?

Are you near a crime in the car there? 

[00:13:40] Bekah Carlson: Well, I'm sure I'm being tracked in in the car and I'm in a restaurant parking lot on the side of the expressway because I had an errand I needed to run for my family. I, things are very busy in marketing and we're seeing, I think, similar to every industry, right?

Technology and regulation and it all intersects and where it all catches up. So certainly, I know a couple months ago we were talking about chat G P T. That continues to be a important kinda moving target. AI and AI and content and intellectual property and copyright. These all intersect and those are big issues in marketing right now.

[00:14:27] Andreas Senie: Ai, of course. Somebody brought up ai. Sorry. Ai. Well, I never, and there's a lot of smart people here in a lot of, a lot of sectors chat. G P T or g p T four is the first paradigm shift that I know of, that I can think of that forced every startup in technology, even every real estate company, perhaps, to rethink how they moved forward, which really goes back to Saul in your world of 10 years ago and, and iex.

But, um, it's incredible to, to hear and see all the different tech founders just adjusting as quickly as they can to integrate in one way or the other. So actually, I, I won't pencil on that. So even if, if, uh, if the government can't access this data, obviously we as companies will access it, buy it, sell it, and be able to use it.

How, I gotta ask, how do you see AI changing? What you do is, Dan, I mean, is is relate. Is there any talk yet about AI affecting changes in policy writing policy, improving policy? Real estate or otherwise a 

[00:15:35] Dan Wagner: Yeah, AI is clearly, it's a, it's a up and coming issue, or it's not, it's not even up and coming. It's here and it's, uh, it, it is something that we have to take into consideration and it's really over my skis to really comment on it.

I wouldn't be able to, uh, to, to highlight it, what I know or what I don't. I know, I don't know. So I will put a pause on that. I, let me do some research for the next time I'm on, because I know there's stuff going on, but. I'm dealing with these other issues of, of uh, just block and tackling what I'm doing right now, but yeah, 

[00:16:07] Andreas Senie: to 10 31.

And, and so, but it's still business as usual, at least on Capitol Hill, which is a good thing. Cause everywhere else you're looking is not business as usual. Cause 

[00:16:16] Dan Wagner: and, and it's on Capitol Hill, there's lots of hearings on ai and it's all, it's a big deal. So, um, stay tuned for, um, I'm just, at this moment, I cannot highlight what it is.

Wasn't there something 

[00:16:29] Saul Klein: that's interesting to, to, to see that politicians who don't know very much about the technology, talking about the technology and talking about regulating it when they don't have a clue what it is? Um, you know, I like chat. G P T I use it now. I don't go to Google first. I go to chat.

G P t I use it as a search engine and it helps me get started. And it's just really a great search 

[00:16:51] Andreas Senie: tool. Right. Has it hallucinated on you yet? 

[00:16:55] Saul Klein: It does sometimes, but that's 

okay. 

[00:16:57] Andreas Senie: Well, and for those that don't know, I mean, it will, well, Darren, why does AI hallucinate or why you're probably the best guy to ask here on this side.

I mean, what's going on? Uh, uh, I tried Bings, Saul, I had bing open for a whole day, and I tried to work my flow, like things I would look for or think of or need an answer to. And for me just to, to, to jump in there. The, as long as I fed it all the information up front and asked it to, to say it better than I would, then it was great.

Long as you know what, as 

[00:17:29] Saul Klein: long as you know what to ask, right, I am. Then you get a better response. I think that's one of the keys in using it. 

[00:17:37] Andreas Senie: Is, you have to learn, you have to ask things correctly. Yep. Absolutely. Well, 

[00:17:42] Anna Maria Kowalik: and I was concerned about a report that came out this week, you know, because I've, I've been caring for my elderly parents over the last year, and, uh, they've been subject to like everyone else, uh, particularly the elderly community with, um, scam.

Uh, phone calls and, um, I was reading where the chat g p t really makes the voices now, uh, much more, um, uh, uh, copyable, uh, let's say, um, uh, a family members and that is just going to increase and, and, Uh, magnify the problem, uh, you know, that we're all facing. Uh, and of course, none of us are getting any younger either, uh, every day here.

And, you know, who knows the kinds of challenges that will be set forth. And it's not that doom and gloom of, you know, sci-fi, 

[00:18:44] Saul Klein: uh, 

[00:18:44] Andreas Senie: uh, you know, rise rise of the machines, 

[00:18:47] Anna Maria Kowalik: right? Rise of the machines necessarily. But, you know, there are some concerns with, uh, with controls and, and regulations, rightfully so. And, and so, you know, people like Dan going back and forth to Washington are gonna need to know more about this, you know, to really, uh, be able to, um, speak intelligently, you know, and, uh, to the, to the points And, uh, And, and make sure that, uh, you know, real estate concerns are protected.

And, um, you know, when Darren's just gonna have to, uh, really, uh, be vigilant, uh, and, and who knows what new challenges he'll be seeing on a daily basis. So 

[00:19:31] Dan Wagner: I think I ultimately though I'm, I'm still old school and I think, uh, realtors are gonna be needed, uh, more than ever. I mean, people talk about AI replacing the broker, and I just don't see, I mean, there's so much data they might be able to figure stuff out, but that, that one-on-one personal touch is still everything.

And in the transaction, and, you know, people might say, Look at this new piece of technology, but ultimately it just comes down to the fact that you have those relationships. So I, I still believe that Naar and our entire, uh, real estate world is still going to exist. It's just as another tool. But, um, you know, but some people are trying to say AI is gonna replace, uh, you know, all of our brokers and, uh, we won't need, uh, real estate agents anymore.

You know, Dan, 

[00:20:21] Saul Klein: I, I was once a, um, one of the strongest proponents of, you'll always need a human being and a real estate transaction. But I've since really kind of changed my position on that. But I don't think it's immediate. I think it's, there's a generational aspect to this. And when the gamers and the people who are used to virtual reality and augmented reality and dealing with that online world, when as those people mature, you're gonna see more of a shift.

And there's no doubt that the position of the realtor and the role of the, of the real estate professional will be more consultative as we move into the future. And so your ability to use the technology to do the research, to be able to help buyers and sellers make decisions based on information, I think the realtors that learn how to do that are gonna be better positioned.

Relationships still important than those people that don't learn how to do that. 

[00:21:13] Andreas Senie: Understand your net, your network remains your, your net worth in real estate. I think it will be for a long time and AI will shrink workflows. But as yous as we've all experienced, those of us who've tried chat, G B t, I mean, it does hallucinate.

You can't teach at common sense. The chat G B T is, is, is built to help things sound good. That, that's how it's programmed. Doesn't, not to, not to be true or accurate, but to make sure it sounds educated and there's, and that flow in and of itself is a problem. 

[00:21:45] Dan Wagner: Well, one of the things, one of the things that came up in DC was Bitcoin and how, uh, you know, the cyber money is really, um, gonna, is being challenged greatly by set, by the, the, uh, Senate Finance Committee.

And they're just trying to say that there's no real value to it. And so that, that's a i i, I don't own any Bitcoin and I'm glad I don't because it really is, uh, it seems like it's gonna be collapsing. It's my perception, but there's a lot of people 

[00:22:13] Andreas Senie: who invested in it. Well, that's, it's, it's another area.

Go ahead. 

[00:22:17] Saul Klein: It's really cyber currencies, Bitcoin being one type. Of cyber currency, but then look at the central banks that are all trying to create their own cyber currencies. And so what Bitcoin becomes is competition to the central banks which are moving in that direction. Look, CB, central Bank, cryptocurrency, c bcc, you're seeing a lot more of that.

So, you know, um, I think that there will be this cuz it's just a payment system so that technology will continue to evolve. And so some people own Bitcoin, some people don't, some people own Ethereum. There's many of these different types of cryptocurrencies. And uh, today Bitcoin's trading at $28,842 and 52 cents, uh, dollars per Bitcoin.

And uh, it's pretty steady and it'll move back and forth. And there are different ways to buy it. And it's kind of interesting. You can buy it, you have to buy it almost fractionally cuz not everybody can afford to pay $28,000 for one Bitcoin. But how else can you, uh, Adapt that technology of fractionalizing assets and putting 'em on a blockchain so they're secure.

And maybe, and I've seen this done where you could take a piece of real estate, buy a piece of real estate, chop it up into 10,000 pieces, sell each of those pieces, uh, for $25, and now you're funding a type of cryptocurrency that's backed by a real asset. And it's almost like a crowdfunding capability using this cryptocurrency blockchain capability.

And people are doing it. And I think you'll see more, I take something like a work of art, like the Mona Lisa, if somebody owned it, they could take the Mona Lisa, divide it up into a million different pieces, sell them pieces for a certain amount, and people could actually own an interest. And if enough of this was done, you could create secondary markets for it and then people could start trading.

So I think that's kind of where this will go. Not anytime soon necessarily, but I think that's kind of what a lot of people are looking at. Yeah. I There's gonna be ups and downs along the way. Uh, Darren, yeah, 

[00:24:24] Darren Hayes: no, I was just gonna say, uh, Bitcoin is not going anywhere. It's probably except up. Um, and I mean, when you think about all currencies and all transactions, probably about 90, I think is the, the number is 97% of financial transactions are virtual anyway, not involving like a hard currency.

And so Bitcoin has been going up. It was, you know, went back to about 18,000, I think not so long ago, but has, has popped back up. And I mean, even if you just look at, you know, the criminals use of, uh, Bitcoin and Ethereum and and Dash and Manero and other currencies, you know, that alone is going to keep that currency popular and propped up.

Um, with regard to Chachi pt, I would just say that, uh, you know, we've seen big problems in the academic world with obviously academic integrity, but one of the things the telltale signs of, of chat G p T being used is we've seen a lot of these references at the end of these papers completely made up by chat G P T.

They just don't exist. Um, the other thing I would say is, one thing I learned at this conference is about, you know, I was speaking about iot technology and the internet of things and how that's changing the world we live in. And I, I was learning about some farms where people are using iot devices to track, uh, the health of all their livestock, whether they're, each of their cows are, are getting enough nutrition, if they're, um, getting a temperature of what they're eating every day.

You know, the, the amount of, of, um, feedback from these sensors that, that, that livestock have today helps you be a more effective farmer today. So, um, it, it's tremendous the way that, that technology and iot in particular is impacting this. 

[00:26:22] Andreas Senie: Well, the, the, it sounds like Bitcoin, opinions aside buy real estate.

I say it every month. Real estate's tangible. Absolutely. It's predictable. Yes. At the end of the day, outside of owning a carwash with great cash flow, um, Bitcoin, as I understand it's supposed to have, and it's supposed to go up at the next year. I don't buy Bitcoin, try to stay away from stocks, but all, when you talk about fractional inter ownership interests and, and how do you get into real estate or how could someone get into real estate that couldn't otherwise afford to get these blue chip assets?

I mean, that's the original DST product. That's a tick, that's a partnership, that's a syndication. Um, if they can do it through block a Bitcoin or whatever cyber currency, that's very exciting. And that we've seen that with a bunch of, uh, proliferation of different apps where you can buy, uh, an ownership stake in, in loans, uh, in different areas.

And some of those have, have cratered, um, recently without naming names. Yes, sir. Go 

[00:27:21] Saul Klein: ahead. You can take hard assets or assets. Mm-hmm. And you can document the ownership in a way that can't be hacked. 

[00:27:30] Andreas Senie: We can't say can't be hacked, put down on the call because he'll say anything and be hacked. Yeah. Some people 

[00:27:35] Saul Klein: can steal your $20 bills outta your wallet too.

Right. But if you can a real property, break it up and document it, you might get into the whole area of title insurance and why don't you use water for that? Right. I saw one the other day where not only can you take a, a house as a simple example, break it up into 10,000 people at 10,000 pieces, sell 'em off one at a time.

But, you know, uh, residential property is a very specific type of rental. What about something that, a piece of real estate that could produce a greater return, like an interest in a hotel? Well, you can do the same thing, and I saw this the other day where someone was taking a hotel asset and fractionalizing it.

And you're right Andreas. It really is something we've done for years and that's group investing. I always called it group investing. It's just a different way to document the group investing. 

[00:28:30] Andreas Senie: Right. And that's generational. It's the next generation's group investing maybe. Yeah, yeah, yeah. And they might be, and the support team that helps.

[00:28:40] Dan Wagner: There's value there. Go ahead. And that makes sense. There's value there. But what the members, the the members, the staff members in the Senate that I was talking to, if there's just Bitcoin or, or whatever cyber, you know, cyber money, it is, if it has no value, it just accepts, somebody says, this is, I have $28,000 and this is one it, that's just what somebody just claims it is.

There's really no nothing under underlying it. And that's the problem. And so I really think that, um, you're gonna see some major regulation from the people I talked to on both sides of the aisle. I think some stuff's gonna come be coming down, so, um, That's my 

[00:29:16] Saul Klein: 2 cents. No, that's interesting because again, you got people trying to make rules on things that they don't understand.

Yeah. Right. And so the value of any money or any currency is there just because somebody will accept it as payment. If somebody will accept something as payment, we accept Federal Reserve notes, they're not worth it. I mean, they're backed by the full faith and credit of the United States government.

Right? Right. And so we take them in exchange for our labor and for our products and services. Why do we do it? Because we trust that other people will take it when we wanna spend it. And so if you've got people that believe that other people will take whatever the currency is, then you've got something that is a medium of exchange.

Right? Right. And that's what they're kinda looking, how do you exchange and, and is there a future way to do it? And bitcoin's got it. So all these different, it's amazing how many there are. Right? 

[00:30:06] Andreas Senie: It is. Fair market value, right? So an informed buyer. What an informed buyer's willing to pay, and what an informed seller's willing to sell for, regardless of what it is or when it is.

[00:30:17] Saul Klein: Can they buy solar panels? Annamaria, 

[00:30:21] Anna Maria Kowalik: uh, what butter off guard coin or cryptocurrencies? I don't know. Uh, you know, I'm not the one purchasing them and, uh, and, and vendors are still having, uh, somewhat of a time in, uh, getting those. Uh, in fact, uh, we don't have our usual buddy here tonight talking about contractors side of things.

But, um, the fact is that, um, There is, uh, still some supply and demand issue, uh, with some of the renewables and, uh, you know, and, and, and there are more and more companies. So I'm reading every day that, uh, there's another, uh, manufacturing facility being built, uh, you know, to manufacture panels or to, uh, um, work on energy or battery storage and, um, you know, so we'll see how, how things play out and, and again, by the next generation.

Last all said, you know, it's, it's just all gonna come together. Um, it, it, it's a time consuming process. 

[00:31:28] Saul Klein: Wasn't there some controversy around the panels made in China versus the panels made here and working? Can you buy 'em or can you not buy 'em? I saw something recently on that. Yeah. 

[00:31:42] Anna Maria Kowalik: It, you know, it, it, that's part of the whole thing.

Mendon then do they have the component? So it's not so much even the panels themselves, because those can be created here, but it's some of the other, you know, components, uh, with the precious metals that, um, you know, hold up the process. So, uh, yeah, so it, it, it's a, an ongoing, uh, uh, battle to try to, you know, uh, it's six of one and half dozen of another.

All the, the various problems and situations that can occur because, uh, you know, nothing's a hundred percent, uh, uh, 

[00:32:22] Saul Klein: Certain 

[00:32:24] Andreas Senie: anymore. That sounds like you gotta keep the people involved to manage all these. Yes you do. Yeah, I just won't do it the timing. I will, I will give a, a slight, uh, plug here cuz we talked about it on the show over a year ago and you brought up supply chain shortages.

Materials exchange is a platform, a marketplace for lumber for larger contractors to actually get truckloads of lumber if they can't get it from their local mills. Uh, Becca actually, speaking of network is net worth. Becca ran into them at an event they got introduced to me and here they are being promoted on the show.

Let's count the years till AI can do that one. What just happened? That all being said, um, there it is a, a technology that's rising up to service the industry, uh, providing the, that, that shortage, that's shortfall as far as solar panels. That's, that's your world entirely. I can't, uh, can't speak there. Um, but Darren, I, on the tech side, solar panels, fake panels.

I remember that was a big concern. Fake chips. Mm-hmm. Let me ask, I I did wanna ask, are we out of the woods for, in that, in that area? Is that something you can speak on fake chips coming through? 

[00:33:38] Darren Hayes: Yeah, I, I, I haven't actually read much about that. Um, but, but in terms of, you know, just going back to the AI piece, I think, um, there's one tool out there.

All you need is, is eight seconds of somebody's voice. And you can have them say, say anything that you want. Um, and I, I think I may have mentioned this before about the finance executive video was created of him. It was very lifelike and uh, was used to set up meetings with, uh, I think potential investors.

So, uh, AI can do a lot of things in terms of scams for you as well as as help your business. 

[00:34:22] Saul Klein: You know what, I read something the other day that when people talk about ai, there's really two different types of ai, right? There's applied AI in general ai, and everybody has applied ai. That's not the big deal.

What we're really talking about is this general ai, and that's where the controversy is. Yeah. 

[00:34:38] Darren Hayes: Yeah, absolutely. 

[00:34:40] Andreas Senie: And for those listening who don't know the difference, what's the difference between applied AI response? 

[00:34:46] Saul Klein: Well, applied AI really is a specific need and a specific 

[00:34:50] Andreas Senie: built solution for purpose. As opposed to general, general language models where people are just throwing stuff at it, or as 

[00:34:57] Saul Klein: opposed to the human brain.

Right. And being able to reason and in intuit things and 

[00:35:03] Andreas Senie: you know, well, that sort of thing. Being able to, reason A, we don't have AI that's can reason can, there is no common sense ai. Yes. Yeah. And, and that's 

[00:35:14] Saul Klein: what, that's what people are worried about, right? They're worried about this general ai, which is more like the human side of things as opposed to something built for a purpose.

Right. Something very specific. Yeah, I know. Yes. 

[00:35:26] Dan Wagner: I was wondering if I could ask Becca, Becca jump into a different thing. Wait, the interest rates going up recently. What? Uh, what's happening with your deals? 

[00:35:36] Bekah Carlson: It's actually what's interesting, I had breakfast with an investor this morning who's closing on a property and will sell another one this year.

As long as there's. As long as you have dry powder and or can pay cash, you can still transact kind of as business as normal. Which is crazy to say because I know the lending environment is really, really, uh, challenging right now. It is a hard environment for most people for transactions. 

[00:36:05] Andreas Senie: And Dan, that's actually a great segue.

We got carried off on AI in a big tangent here on a real estate show. Well, no, no, no. It all comes 

[00:36:11] Bekah Carlson: together, right? It's about making markets. 

[00:36:14] Andreas Senie: It all comes together. It all it, I was just down with a, with an investor and we were talking about this show and I said, how often do you get this many sectors all at the same table talking about everything that could affect your business and does affect your business?

Cause never, it's great. And then big shout out to everyone on the show for that. He loves it. He tunes in all the time. Matter of fact, he might not even be a client if it weren't for this show, but he is, uh, focused on medical and research labs. Well, you're an amazing host, Andre. I, I, I do my best to host and when I can talk, it's much better.

But thank you for that. I am amazing host because I've got great guests. So speaking, 

[00:36:49] Anna Maria Kowalik: I have to give a, a, a shout out to the medical and lab, uh, industries, all the health sciences because, uh, c PACE financing is a great way for them to, uh, make energy saving improvements and, uh, even bottom line equipment.

Uh, you know, it, it so very much so, uh, we can connect him to, uh, this conversation 

[00:37:17] Andreas Senie: so well. So from my side of the fence, as, as we come into the 20 minutes to the hour, the, the focus on medical is, uh, medicals, research, labs, medical office. I mean, those are resilient. Um, manufacturing, public storage. I know Inland loves public storage.

I'm gonna shout that out right now. Those, those are all areas where dry powders being spent. On Becca's point, uh, there are a lot of investors actively out there looking for deals. Candidly, the last four weeks deal flow hasn't been the most attractive, but it's really starting to pick it up. So the valves are opening here in the northeast, where, where owners, developers, people who for a myriad of reasons and c pace can't save them, they now have to sell.

So we're getting to a point, uh, where I'm gonna, I think there's gonna be a lot more activity, even though the, as you've mentioned, the lending environment is harder. Uh, at the end of the day, banks do have to lend, it's required, right? So it's just gotta be quality deals, uh, to get 'em there. Becca, are you seeing the same asset classes in your area, or where, where are your investors actually investing in?

[00:38:25] Bekah Carlson: So, retail, office, industrial, all product, kinda all. Well, yeah, there's, although the lending environment makes it is the most challenging thing for office. Is because banks have said, oh, we won't lend on office unilaterally, which is really hard when you've got an fully occupied suburban office building, single story, really strong tenant rent roll and tenant roster and it's still challenging to find a lender.

So nationally, if there were some really great lenders that wanted to come forward and talk to, talk through how they can make lending on, you know, really solid office assets work, that would be very cool. Because I've seen many calls go out like on LinkedIn from clients and colleagues who specialize in that specific you, that specific 

[00:39:17] Saul Klein: niche.

[00:39:20] Andreas Senie: There are a few. I can give you one and I'll chat it to you post the call. It's um, funny. One of the national brands that I spoke with, they don't want to get involved in affordable housing. They, they want nothing with senior living and housing and that just threw me, but office, they're all about, um, so I will, I will connect you post the call.

[00:39:39] Saul Klein: Yeah. I be so office, I'm so skeptical of office for a number of things, right? That terms of tenancy, leases coming due, uh, work from home, there's all kinds of things that can affect the future of office 

[00:39:52] Andreas Senie: space utilization as opposed to actual occupancy. I mean, yes, your, your lease says you're there and that building's 80% occupied, but in actuality, there's only 30% of people in there.

I mean, yeah. 

[00:40:04] Saul Klein: And then, and the leases won't renew because Right. And then all the business around that. Right. That are supported by the fact that people are in those office buildings. So I don't think we're out of the woods on the office side yet. So not You seem to hear that people are willing to buy 'em.

Yeah. 

[00:40:18] Anna Maria Kowalik: I think, look, 

[00:40:19] Bekah Carlson: city core and kinda office parks are different than, you know, your random kind of neighborhood office building. So there's, 

[00:40:29] Saul Klein: yeah, they're adjacent types of neighborhoods, 

[00:40:31] Bekah Carlson: right? Right. Neighborhood adjacent or adjacent, right. Yeah. So those, there's a little bit of a different play depending on what the deal is, but I am also seeing leases are going really well in retail.

I actually, if, if I had my bet for the next, you know, jewel in the crown of, of commercial real estate product type, it'd be retail because it's all secret, it's time, it's its turn, quite frankly. And, and they're experiencing fantastic occupancy rates. 

[00:41:04] Andreas Senie: I'm happy to hear that. Uh, look, retail, at least here in, in the northeast, uh, peaked year over year retail rent increases, peaked third quarter last year.

Office peaked last quarter. Um, but I think you're correct. Retail is commercial. Real estate is consistent businesses, newer businesses are gonna come into retail all the time. People wanna start things and do things regardless. Um, I, I'm all for, um, mixed use at the end of the day. Let's combine the best of both.

Darren, was that you? Well, 

[00:41:36] Darren Hayes: yeah, I was just gonna say, or there's the, the risk of building collapse. So I dunno whether you saw, uh, the building beside Pace University collapse, the, the parking lot, 

[00:41:45] Andreas Senie: your 

[00:41:45] Darren Hayes: university. Yeah, so we have been able to get in for, you know, the last, uh, nearly four weeks I guess, and probably not for another couple.

Has anybody hurt? Yeah, there was one person who was killed and a couple of people who were, were injured. Um, but luckily some new technology came to the rescue. They were able to send in these. This robotic dog, um, that I think is, is built by Boston Scientific and a drone to kind of see where the damage was and that kind of thing.

But I was speaking to, um, a colleague the day before yesterday, and her car is in there somewhere. They, you know, probably lost forever. So, yeah, who knows what's gonna happen. That's what kind of building 

[00:42:31] Saul Klein: was it and what created the collapse? 

[00:42:33] Darren Hayes: It was a parking lot and just the, the roof collapsed, uh, from above and all these cars fell in.

[00:42:41] Andreas Senie: Wow. That has a sobering effect. I mean, bridges have collapsed and otherwise, but your student, your kids at school in, in their parking garage next to the school is, is a scary thing. Oh, terrifying. Oh. Uh, Dan, you were, you were about to say something, but it cha it may have been chased outta your head as well.

[00:43:01] Dan Wagner: Well, I was gonna say that in regards to, uh, the Chicagoland area, I've had some suburban mayors tell me that they're very happy that, uh, Brandon Johnson won the, the mayoral race and not Paul Valis because now, um, a lot of corporations are gonna come out to the office in the suburbs. So that was an interesting one to, to hear from.

We, 

[00:43:24] Andreas Senie: we've debated, uh, you know, are we going to se downtown Manhattan or Chicago? Like where, where do you invest? Where's that big opportunity? And I've said suburbia. Yeah, over and over. And, and then I think, well look at what happened in 

[00:43:37] Dan Wagner: San Francisco. San Francisco today. They highlighted that, um, Nordstroms is leaving downtown San Francisco because it's just unsafe and they, and a whole bunch of folks are, are saying that too.

So, um, the suburbs I think are, are a good bet. 

[00:43:54] Saul Klein: You know, another phrase, and Andres maybe we talked about this, this phrase downtown adjacent. Yeah. That the downtown adjacent properties actually are renting and selling for premiums. Yes. Yeah. 

[00:44:07] Andreas Senie: Yeah. Ha halfway there. Hy Hybrid. You know, tiny cities, so to speak, get getting a bit of city life, although 

[00:44:15] Darren Hayes: it's, um, do you, do you, uh, so, so Becca, I guess this a request for you or, or address, um, like Bath and Body Works, or sorry, not Bath, bed, bath and Beyond, and, and imposing the stores that, that hasn't kind of caused some of these concern about risks with 

[00:44:32] Andreas Senie: retail or.

There's a replacement right over the horizon. I mean, it's one big box. Re and Becca, you're jumping any time. The, the, at the end of the day, yes, there's a concern because that might be the driving anchor tenant that's filling a center. So when you have a retail center, you have, uh, food, fashion, fun, furnishing and function plus whatever the anchor is, like a supermarket.

So whenever the large tenant that brings the traffic in leaves, and it might be Bed, bath and Beyond, in this case, will those other smaller businesses continue to thrive? Will there be enough traffic? Um, it's a concern, absolutely. But it's, there's many other businesses looking to grow, especially here. I mean, a tenant rep work on our side is busy.

Everyone is busy, everyone is moving. Um, but it is a shame. And who knows, maybe we repurpose that, the storage. There's ways to, to solve that. I don't, I don't know how they're handling it over in Illinois, but that's how we're doing it in New England. 

[00:45:33] Bekah Carlson: There. Look, there's a lack of development in retail for like mm-hmm.

15 years. Nobody's building retail. So we are thankfully supply constrained and so we can handle some of those backfilling, backfilling, those spaces. And also, I don't think the Bed Bath and Beyond, uh, 

[00:45:51] Anna Maria Kowalik: demise example was a surprise. 

[00:45:55] Bekah Carlson: Yeah. Right. So, so that one, honestly, they didn't adapt to online shopping.

They didn't adapt through the pandemic. And so businesses that didn't adapt but also didn't differentiate. So versus like a Home Goods and TJ Max that are about the hunt and the Find Bed Bath and beyond really sells more commodities. So it's, there's not a finding piece to it. There's not a proprietary product line that's strong enough to carry the entire existence.

[00:46:28] Andreas Senie: Yeah. So those are all, those are all great points. What did Radio Shack sell again? What were they known for? If we're gonna give another example of a, of a retailer, um, it, but it is a major tenant in a lot of places. It's a concern. We lost one in Stanford. Um, I, not Stanford one town over, but it, it was a small blip for us here.

Um, who knows. 

[00:46:52] Saul Klein: Yeah. Andreas, we saw, we were talking about, uh, retail outside of the US and that we're actually working with a company that's building a new type of platform for retailers, uh, around the world. 

[00:47:06] Andreas Senie: That's right. Interest. Well, and, and there's another good point. And that that entire business model is predicated on the fact that there's businesses that want to go into vacant spaces.

They want to get in front of people. There's no better way to sell your product than in front of people. No offense to marketing. You gotta get in front of people and sell it at the end of the day. Um, you, uh, you want, can we plug that one now or can we not plug that one now? No, 

[00:47:33] Saul Klein: you can. The name of the company's Occupy, but it's brand new.

It's a startup. But the concept is le is retail. It's 

[00:47:39] Andreas Senie: all retail, yeah. Businesses that need to open up a new markets anywhere around the world. Yeah. Uh, that, that are not a Costco size brand. Uh, that need to find new locations, need to understand how to operate in a new market. Which, you know, I went to India for six months.

I didn't understand that. A, I didn't know a sand mob, sand mafia was a thing. It is a thing. Right. So now imagine being a retailer going into a new market. You just don't know what you don't know, uh, with or without ai. And that's what Occupy does. It gets you the right locations in the right place, and it's super exciting tech.

So excited to see more on that, uh, in the coming days. Absolutely. Speaking of tech, so um, what was the other big one? Places was another one. Yeah. How was it Doing Places 

[00:48:24] Saul Klein: is doing great. So this is about taking, uh, data a nu from a number of different sources and being able to look at real estate, not from the census blocker, from the zip code level, but from the natural market level.

Something that realtors inherently know, buy here, don't buy across the street for whatever the reason might be. But can we actually look at that? Can we actually use that data, mash it up so that we can make more informed decisions? And the people that are really interested in this are the capital markets.

And the secondary money mark that when they go in and buy a multi-billion dollar portfolio of loans, where should they invest their money? In what area should they invest their money when they buy that? Or the actual creation of potentially a, a spot market. So you can create a futures market in real estate, which just reminded me.

So there's a big potential deal closing and we should keep our eyes open for it. And that is the, the ice, the Intercontinental Exchange, uh, projected purchase of Black Knight. Because if that happens, what I'm told, it will change the mortgage industry completely taking thousands of dollars out of the mortgage process and it will bleed over into the real estate space.

So the FTC is trying to hold this up right now, um, but the company, ice Intercontinental Exchange, that's the company that owns the New York Stock Exchange and another, uh, many other exchanges and their whole concept is creative futures. Uh, spot market so you can create a futures market. And of course, of course there is no spot market in real estate unless somehow you could aggregate multiple listing service data and you could get transactional data.

And so there's lots of things going on in that area 

[00:50:09] Andreas Senie: and there's a long way to go technology wise, but it, but strides are being made. Yeah, absolutely. Um, and it sounds like the ice acquisition that you're talking about, should investors, should brokers, is it going to improve the lending environment or is it going to make lending?

[00:50:25] Saul Klein: Well, the proposal is supposed to take, now it depends who you talk to. If you talk to Fannie and Freddy, they're against it, but it's direct competition because what they're really talking about is bringing more private capital into the mortgage marketplace. And you can bring more private capital in, if you can create more transparency so you can better.

Rate risk, and there's this, which you can't grade. And so if there's a better way to grade and figure out what the risk is, then private capital will come in. Of course, that would supplant some of the gse, some of the Fannie and Freddy's stuff. So there's a lot of controversy here, but, um, ICE has put up 13.8 billion of about 50 billion over the last 10 years to revolutionize the mortgage marketplace.

And this, this acquisition of Black Knight is a key piece. And right now they're, they're, they're looking at a, a July, uh, hearing and ICE wants to close yesterday, right? So we're kind of waiting to see what happens here in the next week. Will it go out? Will we have to wait till July to see a decision on the acquisition of Black Knight or, or are we gonna hear sooner than that?

And that'll be a big deal to, to all of us. 

[00:51:39] Andreas Senie: Well, so the, so, and we're 10 minutes to the hour. So it sounds like the number one thing from your side of the fence for people to pay attention to is, is this acquisitions? I mean, is that where you're telling practitioners to go, this is, this will be the biggest thing to change your business?

Dare I say, a paradigm shift. You heard it first with Saul. Yeah. 

[00:51:57] Saul Klein: Most, most people wouldn't understand it. I think those people that, that kind of understand the way markets and capital markets and the stock exchanges work, I think this is a, something to keep your eye on. 

[00:52:08] Andreas Senie: Absolutely. And as I said, 10 of the hour, Anna Maria, what's, you know, we've jumped at around a bit today.

What is the one big thing. You know, sounds like, uh, uh, go ahead. 

[00:52:21] Anna Maria Kowalik: Well, to Saul's point, I was just gonna say, um, uh, you know, that's what CPAC funding is too. It's, it's that private capital. And so, um, that is, uh, Fannie and Freddie are the only holdouts nationwide, uh, in, in giving the, uh, greatest, you know, consent to using, uh, C pace, uh, in, you know, in mortgages that are held by them.

Um, uh, you know, even HUD has given consent to work alongside pace, and, uh, they did this in 2017 with a, um, a guidance, um, uh, Document, and uh, you know, and then state by state it has to be approved by Attorney General, et cetera, et cetera. But, but there is a process in place. And so I think, um, uh, to Saul's point, again, the private capital, that that is a, uh, a huge thing.

And that's what all CPAC is based on. 

[00:53:26] Andreas Senie: So relationship, uh, drives rate is a, is a favorite statement a bank said to me the other day, right? It's private capital, whether it's bank, public, private, it doesn't matter, but you have a capital stack and, and now more than evers finding the right rate through the right relationships for your capital stack.

And so it's, from what I'm hearing, it sounds like if this goes through for ix, it's gonna make more capital available, which in my mind is always a good thing. Um, More, more availability means more flexibility on pricing, which means you can go out further and wider and do more in the industry, assuming the government doesn't over-regulate it, which would be Dan's less risk for, for taxpayer, less risk, 

[00:54:07] Saul Klein: less risk for taxpayers because we have to back up and Freddy and everything that Fannie and Freddy does, right?

Treasury. And so if you can bring more private capital and how do you do that? You gotta reduce the risk. You gotta make, make, make it more transparent. So that's what some of these technologies are trying to do today, and it's just fascinating 

[00:54:23] Andreas Senie: to watch. Yeah. Be and, and be a part of. I mean, they're, most of these technologies you can come in and, and take part in.

You're changing history, which is always exciting. The, um, over to you, Dan and, and Maria. Thank you cp. That was a nice tie into private capital, by the way, for those that. 

[00:54:42] Dan Wagner: So the, the big, uh, the big takeaway for, for everybody from my standpoint, um, in Washington, all of the, uh, different, uh, lobbyists that I talked to, the, the big issues, all of the, the tax reform is gonna, uh, happen in 2025.

So all of the, the tax, uh, issues that were hap that were taking place under, uh, president Trump, all those things are sunset and we have to have tax reform, um, is happening in 2025. So, um, people are looking at who's gonna run for president at this moment, uh, in DC they believe it's gonna be President Biden and then, uh, former President Trump as the, uh, two people.

Um, if the election, if things were happening today, and then people believe that President Biden will win and then they believe that the, um, house and Senate will be Democrats. So they believe it'll be. The, in, in DC in the Beltway, people are thinking it's gonna be a, a, a all Democrat election in 2024. And so, uh, be prepared for a major education of members of Congress about, uh, You 

[00:55:51] Andreas Senie: how to protect the 10 31 1 401k of real estate.

Right? 

[00:55:55] Dan Wagner: Right. But remember, one of the things that the President Biden wanna get rid of the, of the, um, of SEPTA basis, he wanted double capital gains rates. He wanted to basically get rid of the 10 31, um, or, or capita 500,000. And then, um, the senate de uh, Democrats also were talking about wanting to mark to market your securities and you pay, um, tax on phantom income.

And so there's a lot of, you know, lot of reasons why everybody listening to this, uh, need to, need to understand who their members of Congress are and to get a relationship with them so that they can talk to them about what impacts their industry because it, a lot of stuff is hanging in the balance for 2020 fours election.

[00:56:39] Saul Klein: I can't even imagine that cuz I can, if you're talking to people in DC where people actually believe that we're gonna be looking at a, the legislature's completely Democrat, that just blows me away, at least based on the people that I talk to and see. But they're not in DC So if you're inside the beltway, it's a different reality.

[00:56:57] Dan Wagner: The, the, the abortion issue is what they think that, uh, is gonna raise its head again, and that's gonna be the thing that's gonna drive people back over to the Democrat side. But all that can change, all that, all that stuff can change. And I know Ron DeSantis is, uh, is trying to, um, really up his game to be, uh, to challenge former President Trump.

So everything could change. But right now, this little snapshot, that's what Washington insiders believe. 

[00:57:27] Andreas Senie: Well, and, and, and keep talking to your congressman and, and everyone and go, go down to Capitol Hill. For those of you that are, are, uh, na r members. Go down on the bus that takes you, I think it's May, it's this weekend actually, uh, at least outta 

[00:57:41] Dan Wagner: Connecticut.

This, this here shows that rpac, uh, realtors political action committee. I'm a proud, uh, president Circle, uh, golden r Hall of Fame, member of rpac. So that's, uh, the best investment in the whole world. 

[00:57:54] Andreas Senie: Absolutely. All right. Um, back on the marketing side, brokerage side, the investment side, it seems like you're doing a lot more with the, these investors, um, specifically, but it's real estate.

[00:58:06] Bekah Carlson: We have a lot of clients that are in the commercial real estate investment space, and it's really a very neat way to keep a pulse on what's going on. And that's what I would encourage our watchers or listeners to do, is keep a pulse on what's going on, uh, within the real estate cycles and continue to elevate.

The, uh, innovation that makes markets. We talked about ma market making today, and I think that that's a critical piece. I'm seeing it in, in Anna Maria's business, seeing it in Bitcoin, seeing it in cybersecurity, certainly seeing it in marketing and in ai is that a lot of innovation is creating whole new marketplaces.

So it's important to keep an eye on what's going on. 

[00:58:49] Andreas Senie: Absolutely. Speaking of AI cybersecurity, Darren, you know, I'm headed your way. Um, and I bought Faraday bags to put all my devices in. So I really am upset about this warrant thing because I bought all this stuff to block the government, but I guess I don't need it all.

What, what should businesses be doing, uh, for the next 30 days, in your humble opinion? 

[00:59:14] Darren Hayes: Yeah. Well, uh, I ju I just think that continued investment in cybersecurity is important. I mean, the, the losses associated with ransomware attacks are, are just unbelievable. And can put your business out of business. Um, like for example, I believe it was, uh, maybe Merck or one of the big pharmaceutical companies was hit by ransomware and a Bloomberg article showed that it cost them 1.3 billion, ultimately in loss of reputation problems to the research interruption with, uh, distribution of medication.

So the costs are immense. Companies really need to invest in technology, but most importantly, people, people are what are gonna help us get through this and have better cybersecurity, uh, protocols. 

[01:00:05] Andreas Senie: So, uh, and people, not ai, we're not, there gotta be people, people 

[01:00:10] Darren Hayes: you can't replace good people in terms of, of having good 

[01:00:13] Andreas Senie: security.

The, um, so, so Becca, you said market makers and we've got policy changes and, and c pace and, and the like from my side of the fence, it's. Market by market. Uh, if you're not, just because the national headlines say we're in a free fall, or don't say we're in a free fall, or abortions or what have you. Yes. Uh, the national headlines are very important and macro trends are very important.

But, you know, throughout Connecticut, depending on which market we're in, there are different hotspots for innovation, for investment companies and municipalities are already shifting gears to make them better for the next five years, 10 years. So finding a way to Sal's point early on in one, he said for years to be involved, to be in front of your local politicians, to make sure that you know where money's going and where initiatives are going.

Because in certain markets that's gonna make the difference. You're gonna be the next biggest, uh, main street. Guy, the the top tier go-to because you can't teach what happens. Network to network, person to person. Speaking of person to person, I'd be remiss if I didn't mention London, May 11th, May 10th and 11th.

Siri Tech, uh, one of our, we are proud to sponsor, be a marketing partner with them. It is a great collection of some of the smartest minds, smartest tech, and smartest money in the real estate space. Go to Siri Tech, use this code. Enjoy your time in London. More importantly, come back, watch the show, and then come back for C r e Tech New York, uh, in the fall.

Unless you're too busy at I C S C, Vegas at. The luncheon, which is, sorry, Becca, you're, I'll give you that final plug. What happens in I C S C Vegas outside of seeing Inland for yet another event who's also there? So Monday 

[01:01:59] Bekah Carlson: is our luncheon in the, at the Renaissance Las Vegas hotel, adjacent to South Hall, 11 to two.

And everyone is welcome. Seriously. Like people can just show up and have lunch and talk to other people. It's amazing. 

[01:02:11] Andreas Senie: Real people talking to people, building relationships to drive better rates, say no to the machines. Say yes to C Pace and write your congressman. God bless you. Um, for those tuning in, don't forget you can rate review us.

It really does help. And tune in on the 18th with c t O from Intel, Intel C T O, Steve Oren, as we, and hopefully Darren, you join us as we talk more about AI specifically during our sector interview. It's gonna be a great one-on-one where we dive deep into some of the real issues affecting Intel goals, Intel's and shifts Intel's making, and the industry overall.

Lastly, don't forget to describe to our YouTube channel where there's a host, great content, including sector interviews, past shows, and you can learn more on our website, C R E C o.ai. I want to thank my co-hosts here, this collective of incredibly intelligent people. I want to take thank our listeners for showing up every month and continuing to help us grow.

And I wanna thank our show producer in the background and his all, he does, I've actually seen his back end today and it's been scary just looking at all the, the dodos and whistles on my screen. So I'm gonna come back to my brokerage and the rest of the tech world. Guys. Thank you. It's been an incredible month.

Can't wait to see you next month. I'm so sorry. That Inland's, uh, Dan and Annamaria can't make it because they were, their company is being awarded the Time Award. Award. Here we go. Lifetime Achievement Award for 

[01:03:50] Anna Maria Kowalik: our four founding fathers. Yes, absolutely. 

[01:03:54] Andreas Senie: Um, and that is huge. Right. So it's, um, you'll be missed and then we'll talk, we can talk all about it once you come back the following one.

Thank you guys. Have a great bye, 

[01:04:08] Dan Wagner: everyone. Bye everybody. Take care. Bye.