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March 29, 2023March 7, 2023 sundancecompany Uncategorized

Will ChatGPT Change Commercial Real Estate?

Filippo Incorvaia doesn’t know much about poultry. He’s a real estate broker, not a farmer.

To help a commercial client identify a possible warehouse distribution center, he would have to do hours of research on the poultry industry. But with the emergence of AI chatbot ChatGPT, the Miami-based Incorvaia says he can find what he needs to know within five minutes.

“That’s how I optimize my service and then take my expertise, take the knowledge that I have about this client or this customer, and provide the best result,” said Incorvaia, CEO of FI Real Estate Brokerage. “That’s what makes you a super broker, and with ChatGPT, ultimately everybody can be a super broker.”

Stories of such epiphanies are beginning to make the rounds in commercial real estate. Brokers are turning to the bot developed by artificial intelligence firm OpenAI to assist with everyday tasks. The free technology produces conversational answers to inquiries rather than responding to questions and scraping the internet for search results.

Gparency’s Ira Zlotowitz said that the bot will ultimately close the knowledge gap among brokers and further emphasize the importance of personal connections.

“ChatGPT is the brain in the room,” Zlotowitz said. “The only thing left is relationships. There’s no more knowledge needed because basically, you could feed it your business.”

Zlotowitz said that he is in the process of incorporating ChatGPT into Gparency. The goal is to provide customers with information such as property listings and bank lenders without having to call someone.

“Where I think it’s changing the business is there’s no such thing as an off-market deal that no one knew,” Zlotowitz said. “Everyone’s going to know everything.”

Olive Tree Ventures’ Jeremy Kaner said that he is seeing exciting technology in multifamily, a market that Olive Tree has invested in across the Midwest and Sun Belt.

“Everything from leasing chatbots to materials procurement, we’ve started to see this flow of technology, not to come in to fully replace employees, but just to make employees more efficient,” Kaner said. “We’re really on the precipice of seeing this revolutionizing real estate.”

However, ChatGPT is disconnected from the internet, which limits its knowledge of current events, and is frequently unavailable because too many people are on it. The bot reportedly had 1 million users in its first week. OpenAI has started piloting a paid version called ChatGPT Professional.

“When it gets plugged back in (to the internet) and gets all that data and all that knowledge that it learned from humankind, it will be really interesting to see how it evolves,” Incorvaia said. “It’s really remarkable.”

It’s unclear how widely the technology has permeated commercial real estate. Some firms, such as Savills and Marcus & Millichap, told The Real Deal they aren’t using it yet. CBRE declined to say whether it was using the chatbot for services. Other brokerages did not comment.

Current Real Estate Advisors’ Adam Henick said that neither his firm nor his clients have regularly employed ChatGPT, but he acknowledged that it is likely going to play a role in the future.

“I like to think that there are enough intricacies and unique things on everything that we deal with on a day-to-day basis that we’re not being replaced by robots just yet,” Henick said. “But there’s certainly a world for us to coexist at some point, so I am looking forward to understanding the technology more and seeing what it’s capable of and how it could benefit our business.”

Whether or not ChatGPT will lead to job cuts is the elephant in the room, but a common sentiment is that it will assist rather than replace real estate professionals. However, as attrition occurs, some tasks will be automated, said Olive Tree’s Ian Bel.

“Certainly, over time … there will be job elimination, but I don’t think it’s as horrible as a lot of people fear,” said Bel, whose firm is experimenting with ChatGPT. “It’s more about helping to make people really good at what they do and really focusing on the most impactful human judgment they can bring.”

Most observers agree that ChatGPT’s proliferation in commercial real estate is inevitable.

“The thing we can’t stop is technology,” Incorvaia said. “The genie is out of the bottle.”

Portions of this article originally appeared on The Real Deal website.

The Sundance Company
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.6 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

March 22, 2023March 7, 2023 sundancecompany Uncategorized

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March 15, 2023March 7, 2023 sundancecompany Uncategorized

Recruiting A New Generation of Talent to Commercial Real Estate

Some of the largest commercial real estate brokerage firms in the industry are expanding their recruiting efforts and trying new approaches and programs that cast a wide net to lure those from the soon-to-be largest generation ever, Generation Z.

The younger generations are a hugely important part of the country’s workforce. Gen Z and Millennials make up close to half of the full-time workforce in the US, at 46 percent, according to the latest Gallup polls. Members of these generations expect certain things from their workplace, the most important being an employer that cares about their wellbeing. Next to that, a company’s ethics, transparency, and commitment to a diverse and inclusive workplace.

“The thing about Gen Z’ers is they check their receipts, and they’re asking what type of resources they have in their office space,” said John H. Jones, a longtime real estate veteran and PropTech thought leader. He ticked off important aspects of an office environment like air filtration systems, energy efficiency, and recycling as common questions from younger job candidates about their potential workspace.

At CBRE, the world’s largest commercial real estate brokerage firm, recruiters are looking at candidates outside the usual places. Chelsea Cutler, a Senior Managing Director in recruiting, onboarding, and training/development in the firm’s Capital Markets division, connected with one of the largest school districts in Colorado to teach high schoolers about commercial real estate.

Another effort by the brokerage firm involved something of a second act. Recruiters asked a dozen professional soccer players to participate in a 5-day, 40-hour workshop to learn the ins and outs of commercial real estate.

“They’re still active in their careers, but know their careers are ending sooner or later and wanted to learn more about commercial real estate,” said Cutler, who described the athletes as “wonderful recruits” who are methodical, hardworking, and great at collaboration.

“If you find people with the right drive for CRE, they are perfect candidates,” she said. A soccer union where the players are members looked at the partnership as an externship to help players explore post-career paths. Afterward, many of the players wrote emails to Cutler thanking the firm for the opportunity and respecting that they had more to offer than physical ability.

Not only is Gen Z expected to be the most populous generation in history, but they are also the most diverse. Pew Research has found that 48 percent of the generation identifies as non-white, and that’s something commercial real estate firms are taking to heart.

Giselle Battley is the D&I Director in Strategic Partnerships with JLL. One of the things her firm has homed in on while researching younger generations is how big of a role tech plays in their daily lives. Now, the firm is using tech to help speed up its recruiting and hiring process. Candidates are sent a link to a video-on-demand interview, recruiters then watch and rate the potential candidates, and those who are a good match are then put in front of managers quickly. Notably, the company removed assessments that were traditionally part of the application process.

“Gen Z isn’t big on standardized testing,” Battley said. “Even Harvard has removed things like standardized testing.” She added that data has shown that they have first movers’ advantage by keeping the process shorter, simpler, and capped at no more than three interviews.

The efforts that have been made to understand Gen Z, whether through surveys, research, or otherwise, will certainly come in handy for recruiters and companies looking at candidates. But the bigger question is, especially when it comes to an industry that needs to be faster to adapt to new technology and diversify, does Gen Z want to work in commercial real estate?

Jones says yes. “Commercial real estate is an exciting industry. It’s reflective of the American Dream,” he said. “You start with one investment, and that grows.” Jones admitted there are also mainstream perspectives of the real estate industry via splashy reality shows like Selling Sunset and Million Dollar Listing that give the impression that the real estate industry is only about the buying and selling of multi-million-dollar residential properties.

But while social media can give skewed views of real estate, it can also help educate millions of young people about the realities of the industry and the jobs within it. Some of the largest commercial real estate firms are using social media for research, and there are a growing number of commercial real estate influencers on Instagram and TikTok educating their audiences on industry concepts and giving a peek at what their job is like daily.

Today’s job market numbers are up, but an imbalance between openings and the number of workers available to fill them persists in many industries, including commercial real estate. As the competition heats up for talent among commercial real estate brokerages, recruiters and development executives are coming up with new ways to find talent. Sometimes that means looking outside the industry altogether or even recruiting at a high school level. While it may still be a while until the job market begins to stabilize, the new avenues that have opened and new efforts made for recruiting due to the labor market turmoil may become new standards for how firms find talent. And with diversity and inclusion at the heart of a lot of these efforts, it could be just what commercial real estate needs.

Portions of this article originally appeared on the PropModo website.

March 8, 2023March 7, 2023 sundancecompany Uncategorized

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March 1, 2023February 5, 2023 sundancecompany Uncategorized

Getting Grounded: 3 Ways to Improve Your Well-Being

Photo by Chevanon Photography on Pexels.com

Remember how fun it was to spend an entire day outside when you were younger? Grounding is a way to get that feeling of joy, relaxation, and energy back in today’s fast-paced world. Connecting to the natural energy of the Earth boosts energy and helps individuals stay present instead of worrying about tomorrow or next week. Grounding methods are best practiced outdoors for maximum effect.

1. Spend leisure time in nature

One of the most vital parts of grounding is reconnecting with nature on a personal level. This can be as simple as walking barefoot in the grass, taking a swim in the ocean or a lake, or grabbing camping gear and escaping for a weekend. During bonding time with the outdoors, the physical body can relax and decrease stress on a mental and spiritual level. Listening to the naturally occurring sounds of water, animals, or simply the wind in the trees can help reduce tension. Touch trees and rocks or feel the water running through your fingers. In one study researchers worked hard to break participant concentration over a designated period. After this, each study group took part in a separate activity to gauge the most effective way to regain focus. Subjects that took a walk-in nature could perform proofreading tasks better than those who took a walk in the city or simply relaxed. For the best possible results turn off all mobile devices or silence them and don’t use them for anything other than an emergency.

2. Exercise in the fresh air

Exercise routines used as grounding techniques can include hiking, running, or walking on forest or park paths. Studies show that spending time outdoors increases energy in most people. Pumping fresh air into your lungs cleans them and helps prevent respiratory issues by releasing toxins. Exercising may also have the following positive effects on physical and mental health:

Increases circulation
Stabilizes mood
Decreases blood pressure
Improves heart rate
Boosts immune system defenses

Another beneficial outdoor exercise is yoga since the positions require constant contact with the ground. When the body and mind are healthy and working as one-unit, everyday stress has less of an impact on overall energy levels. Several types of yoga aides are available for use both indoors and outdoors to create a comfortable, relaxing environment that helps dispel negative energy. Combine yoga with meditation for further spiritual and physical benefits.

3. Meditate to restore balance

The goal of meditation is to clear the mind, but it takes an immense amount of practice to reach that level of clarity. Most beginners use meditative tools like meditation fountains, step-by-step DVDs, guided CDs, and aromatherapy for focus. Aromatherapy is a holistic treatment that uses essential oils to improve emotional and physical health through scent. Forms of aromatherapy have existed for hundreds of years and have gained credibility in medical science as a valid treatment for stress and other maladies. Water is another natural healer for busy minds; it contains a large amount of pure energy that can recharge depleted emotional and mental energy. Spots next to lakes, oceans, ponds, and other natural water sources provide excellent places for quiet reflection and grounding through meditation. Being able to refocus mental and physical energy assists in decreasing the impact of everyday stresses of personal or work commitments and responsibilities.

When facing hectic workloads and schedules, it’s important to fit in daily personal time to recenter and regain perspective. Taking time out in nature using the grounding techniques above can aid to improve mood, increase energy, and decrease stress.

Portions of this article originally appeared on the Quill website.

February 22, 2023February 5, 2023 sundancecompany Uncategorized

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February 15, 2023February 5, 2023 sundancecompany Uncategorized

What Causes Good Workers to Quit? Here Are 7 Reasons

The decision to leave an organization doesn’t just happen overnight. Usually, the conditions have been around for a long time, slowly draining the employee’s enthusiasm and desire to bring their best selves to work every day. As Phil Johnson, founder, and CEO of The Master of Business Leadership, says, “The drama, chaos, and conflict experienced in these toxic work environments leads to low levels of employee engagement.” Here are issues that slowly drain a person’s desire to work for an organization:

Lack of appreciation

People spend a great deal of time at work, and if they get the feeling that they’re not being appreciated, it will slowly drain their energy and desire to give their best. The lack of appreciation can show up in various forms. Lack of recognition for their accomplishments is a key example. When we are working hard, and doing good work, and nobody seems to notice, it kills our desire to continue to do more. Another area is a lack of caring or taking an interest in our special interests, talents, and life outside of work. When we spend so much time at work, we expect others to take an interest in us as unique individuals, with special talents, needs, struggles, and home situations. And we want the people we report to support us when we are going through difficult times.

“When employees feel a genuine connection with their leader, their role, and the organization, they are stronger collaborators and communicators, and are more engaged,” explains Debbie Muno, managing director of Genos North America.

Unfairness and criticism

While there are different levels of talent and responsibilities within organizations, we expect the standards for promotions and rules of conduct to be applied equally to employees in the organization. Few things are as upsetting as when organizational rules they’re expected to follow are not adhered to by the higher-ups.

Another sore point that really drains performance is when people perceive that promotions are given based on favoritism rather than meritocracy. The resentment and anger resulting from these actions, or just the perception of them, create a toxic culture that causes good people to leave.

Allowing no autonomy

To feel fulfilled in our work, we need to have some say in what our work looks like. Whether we have a choice on what we work on, have a say in company goals, or have a say in work-related decisions, we need to have choices to feel fulfilled in our careers.

The best work happens when leaders trust us to know what to do and can count on us to do it well. Managers who act as guides and coaches—and are approachable when employees have problems—will see their staff perform much better than those who micromanage and allow their people little discretion over how their work is done.

Showing no interest in employees’ passions

Organizations that expect employees to do their jobs without considering what they are passionate about not only miss out on harnessing those passions, but also alienate their people. It takes work, effort, and getting to know people to find out what their passions are. Unfortunately, many workplaces don’t have the desire to find out. As a result, those who believe employees are hired simply to fill a position and should leave their passions at home will find significant turnover among their teams. After some time, these team members will be looking at other companies known for an employee-first culture.

On the other hand, those organizations that do make the effort to find the connections between their people’s work and their passions will see an increase in productivity, higher rates of job satisfaction, and a happier workplace overall. To that end, author Debbie Peterson recommends utilizing psychometric questionnaires. “[These] can ensure employees are in roles where their skills and personalities can shine and ensure the longevity of the employee and their employment as well as the performance of the organization,” explains Peterson.

One size fits all approach

Many organizations have an Employee Appreciation Day once a year when everyone is acknowledged and treated the same. The problem is that not everyone has the same skills, contributes equally, or regularly brings the same effort. Receiving the same recognition as someone who does the least work possible upsets those who go above and beyond, bring extra enthusiasm to their work, and give their best every day.

Not only should people be recognized for their achievements, but they also should be able to communicate how they wish to be recognized. In my book, The Other Kind of Smart, I talk about how important it is to get to know people to appreciate them in a way that powerfully connects with them.

Lack of meaning

One thing millennials have become known for is wanting their work to have meaning and to feel that they are making a difference. Previous generations have wanted this as well but settled for less as they believed the workplace was not the place where this was possible. Now, millennials are a major part of our workplace and are rising to leadership positions. Finally, organizations have started to pay attention.

Organizations must create a vision and share it with their people in a way that ensures everyone understands how their contribution makes a difference. Everyone wants to feel pride in their work and in the organization, they work for. This will become increasingly important as younger generations, crucial to an organization’s success, demand this.

Lack of fun and play

In previous decades, the idea that we should have fun at work would have left leaders aghast. Work was work, and people were expected to have fun outside of the workplace. We have since come to understand that having fun at work is a great way to invigorate people, and give them something to look forward to even alleviate stress and boredom. “For instance, [some] high-tech firms now encourage employees to take table tennis breaks,” says Peterson, “with the added benefit that it promotes physical and neurological fitness.”

When people are not only allowed, but encouraged, to have fun in their workplace, they are more relaxed, are able to build camaraderie with their colleagues, and are motivated to perform better.

Portions of this article originally appeared on the Cresa website.

February 8, 2023February 5, 2023 sundancecompany Uncategorized

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Five Scheduling Techniques to Eliminate Mental Clutter

We live in a chaotic world. Between work, family obligations, personal life, volunteering, and the dozens of other responsibilities you may shoulder, there’s a lot to juggle!

In this article, we will offer five techniques to help you reorganize and reprioritize your personal or work schedule. In doing so, you may also reduce feelings of disorder and mental clutter.

What leads to scheduling issues?

Lack of boundaries – It is so tempting to say “yes” to every opportunity that comes your way. Coffee with a client? Yes! Meeting with colleagues? Yes! Drinks with old friends? Yes! Helping at the kids’ school? Yes! And since virtual work has blurred boundaries between home and work life, these struggles have become increasingly common. You may find yourself over-committing more than ever. (“Well, it’s just a virtual meeting. I can make that work!”) But “yes” after “yes” will start to add up, leading to a calendar with no time to recharge and inevitable scheduling conflicts.
Lack of attention to detail – Failure to properly fill out your calendar with the full details of an obligation—such as the time of the meeting, the frequency, or what exactly the meeting is—can also lead to scheduling issues. Even more dramatically, failure to write down the meeting at all can lead to forgotten responsibilities altogether.
Digital overload – Feel like you are on screen all the time? You are not alone. That feeling of needing to be always connected to your phone or computer, even as your mental health suffers, is digital overload. Taking your scheduling offline, such as through a desk calendar or planner, offers plenty of advantages and also reduces the risk of digital overload. For instance, physically writing down a task requires you to pay more attention, which may help you remember your appointments better.

What happens when I overschedule?

Simply put, overscheduling negatively impacts your health—both emotionally and physically.

When you feel too busy, you may start feeling anxious or stressed. You may feel inadequate or overwhelmed. Especially as you start missing obligations or being unable to fully do what you’ve committed to do; you may feel incompetent or guilty. These symptoms may be particularly acute for those who derive a sense of self from managing a packed calendar.

You may also experience physical effects. This can come from a few sources. First, you may be so overscheduled that you simply don’t have time to take care of yourself. You may drop exercise to fit in your obligations. Or you may grab fast food on the way from one appointment to the next instead of sitting down for a home-cooked meal. Or you may skip meals altogether.

Second, your packed and overwhelming schedule may result in physical manifestations of stress. You may start feeling muscle tension and headaches from stress. You may have trouble sleeping, leading to fatigue and even more stress. You may start experiencing stomach issues. You may even be put at risk of cardiovascular disease.

Overscheduling also impacts your productivity. Multitasking, or trying to do two or more tasks simultaneously, takes a beating on the brain. Your brain really can’t do it. Instead, it must switch quickly from task to task, leading to inefficiency, lack of focus, and distraction.

Finally, overscheduling can take a toll on your personal relationships. When you leave little time for those you care about, they may feel left out, lonely, or angry. Eventually, your relationships can suffer.

Techniques to help declutter your schedule

Feeling ready to tackle that appointment book? Below, we offer five tips on how to declutter your schedule and get you back on track.

Start Fresh. If your old calendar system isn’t working for you, it may be time to start fresh. Consider pivoting back to paper. There are plenty of ways paper planners have advantages over digital, including reducing distraction, aiding memory, increasing motivation, and lowering stress. Having a clean page can also be just what you need to assess your commitments and feel good about the days ahead. You may also want to consider getting your physical desktop and your computer desktop organized, which helps to banish mental clutter as well. When your overall office is organized, you’re more organized. You just might find that with a fresh desk organization system and fresh planner, you’ll feel ready to conquer the world (and your schedule)!
Don’t forget to eat. Although there are 24 hours in a day, you don’t have 24 hours to devote to work and personal projects. There are some “fixed expenses,” as Elizabeth Grace Saunders writes for Harvard Business Review. These fixed expenses are the most basic of self-care. They are wellness activities that you do every day and include sleeping, eating, and personal grooming (like showering and brushing your teeth). Let’s say this is how much time you need for each of these:

Sleeping: Eight hours
Eating: One hour
Personal grooming: One hour

When you add these all up, you get 10 hours of fixed expenses that you need to factor into every day. Subtract 10 from 24 and you get 14 hours left to play with. If your work, hobbies, personal activities, commuting, volunteering, and other activities add up to more than 14 hours, you’re overscheduled. You can’t really get it all done. Being realistic about your time will help you learn when you need to say no.
Color-code or categorize your events. If you have commitments from many aspects of your life – such as work, social, and volunteering-it can be hard to keep track of what’s what. Whether you have a digital or a paper calendar, try color-coding your events to make it easy to read briefly and give you a sense of where your time is going. If you’re sticking with a digital calendar, you can either create different colors for events or add them to different calendars. If you’re on paper, a simple highlighter will do the trick.
Don’t forget the details. All the color coding in the world won’t be helpful if you don’t accurately write down your commitments. Add the commitment to your calendar as soon as you can. Be sure to include what the commitment is when it is and for how long, and where it is. If it’s an online commitment, add the online meeting info so you can easily get to the meeting when it’s time without sorting through your inbox. The key is to have all the information at your fingertips so you know exactly what it is you are committed to doing and can get there on time and be ready to participate.
Do a commitment audit. Take a hard look at your (newly color-coded!) calendar. To borrow a Marie Kondo phrase—do your commitments spark joy? Do they further your goals, whatever they may be? Personal success? Deepening relationships? Giving back to the community? If they don’t, maybe it’s time to trim down. Sometimes it’s hard to let something go. But when your overscheduling is affecting your physical and mental health, it needs to be a priority. Try going through your monthly calendar and taking out three commitments. You may find that the extra space brings you much more joy than the stress of over-commitment.