Earlier this year, Next Realty expanded its technological capabilities and added another element to its “toolkit” for analyzing the performance of its existing portfolio and the potential of future acquisitions. Using the relatively new Placer.ai system in conjunction with established industry technologies has provided an added dimension to property analysis, especially related to retail assets.
The technology expansion at Next is also expanding the skillsets and real estate knowledge of Emma Tanenbaum, Administrative Assistant. Since joining the company in 2022, Tanenbaum has played a key role in various projects, including regularly scheduled acquisition and property management meetings.
Reflecting on her role in harnessing available technology, Tanenbaum noted, “I get satisfaction ‘owning’ the tool, becoming more knowledgeable and proficient with it, and leveraging the platform to capture information that may lead to better outcomes. It’s rewarding to assist our internal teams with analyses that contribute to more informed decisions and potential solutions, to aid in adding value to our properties and investors.”
As part of her work on the platform, Tanenbaum entered Next’s portfolio of retail properties, including all existing tenants. With the location of the properties and specific positions for each tenant in place, Placer.ai calculates the number of visitors to each individual tenant as well as the duration of those visits. It provides the same information for retail properties across the country. Using multiple technologies allows Tanenbaum to run reports that compare traffic and visitor metrics with other center and tenant locations in the market.
“My work on the platform is driving home the point that businesses are truly data-driven,” Tanenbaum said. “Data is used to support or disprove a belief when we are operating a property. The same type of analysis is critical when we are evaluating potential acquisitions.”
The use of the various technology platforms is collaborative, with Next’s brokerage partners using the information from Placer.ai along with data that comes from other resources. This compounding of data creates a more thorough report so Next can identify opportunities and create an informed action plan.
While Placer.ai data can provide information on the number and duration of store visits, resources like CoStar and Crexi are better equipped to provide lease comparison, traffic counts and other demographic information.
Through her exploration of the Placer.ai platform, Tanenbaum is identifying additional, supportive categories that could enhance how Next Realty utilizes technology. For example, one feature allows users to identify when certain tenants are more likely to lease space where other specific retailers are located. Equipped with that data, the Next team may be able to further target their marketing efforts for existing or anticipated vacancies.
In collaborating with members of the leasing, acquisitions, and management teams at Next, Tanenbaum has learned that the data gathered from Placer.ai can inform and validate decisions. However, she cautions it should not be the sole factor in determining a course of action. Rather, decisions are best made when the data is combined with the team’s insights, perspectives, and instincts.
For Next, the use of technology platforms is a key differentiator – and it’s the same for Tanenbaum. These tools provide her with an opportunity to gain experience, grow and establish her own place within the company.
“This adds to my sense of purpose,” Tanenbaum said. “I can explore the platform, especially areas that others don’t know well and contribute valuable insights at our team meetings.”
