Marcus & Millichap Inc.
07/17/2024 | Press release | Distributed by Public on 07/17/2024 16:07
Marcus & Millichap On the Science and Art of Tech and AI in Commercial Real Estate
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Marcus & Millichap On the Science and Art of Tech and AI in Commercial Real Estate
July 17, 2024
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The commercial real estate industry has been notoriously slow in adapting to new technologies. Not so for Marcus & Millichap (MMI).
The brokerage services firm had an electronic inventory system dating back to the 1970s, which evolved and went live online in the 1990s as one of the first internet-based commercial real estate inventory outlets. Marcus & Millichap was also an early investor in major proptech advancements, particularly with its M&M Venture Partners, which launched over 20 years ago to tap into new startups. It backed firms like Spring Street, which later became Apartments.com, and was an initial investor in commercial real estate listings site LoopNet too.
However, two words put those efforts into the deep recesses of the rearview mirror today: artificial intelligence. And Marcus & Millichap is again trying to be a pioneer by embracing and utilizing AI every day.
Last year, Marcus & Millichap announced a new partnership with Archer, an artificial intelligence-propelled tool that quickly aggregates property financials and other data to make deal sourcing and underwriting more efficient. A few weeks later, the Calabasas, Calif.-based brokerage announced plans to partner with EquityMultiple, a crowdfunding platform.
Commercial Observer sat down last week with Hessam Nadji, president and CEO of Marcus & Millichap, and Richard Matricaria, chief operating officer of the firm's Western Division, to discuss the ways the firm continues to lead the industry into a new era by utilizing advanced technologies, all while maintaining the same goals and policies that the brokerage was founded on more than 50 years ago.
Read the Full ArticleThe brokerage services firm had an electronic inventory system dating back to the 1970s, which evolved and went live online in the 1990s as one of the first internet-based commercial real estate inventory outlets. Marcus & Millichap was also an early investor in major proptech advancements, particularly with its M&M Venture Partners, which launched over 20 years ago to tap into new startups. It backed firms like Spring Street, which later became Apartments.com, and was an initial investor in commercial real estate listings site LoopNet too.
However, two words put those efforts into the deep recesses of the rearview mirror today: artificial intelligence. And Marcus & Millichap is again trying to be a pioneer by embracing and utilizing AI every day.
Last year, Marcus & Millichap announced a new partnership with Archer, an artificial intelligence-propelled tool that quickly aggregates property financials and other data to make deal sourcing and underwriting more efficient. A few weeks later, the Calabasas, Calif.-based brokerage announced plans to partner with EquityMultiple, a crowdfunding platform.
Commercial Observer sat down last week with Hessam Nadji, president and CEO of Marcus & Millichap, and Richard Matricaria, chief operating officer of the firm's Western Division, to discuss the ways the firm continues to lead the industry into a new era by utilizing advanced technologies, all while maintaining the same goals and policies that the brokerage was founded on more than 50 years ago.