Commercial real estate consultancy Newmark Group Inc.
Sridhar Potineni, a technology industry veteran, has been named Chief Information Officer with a mandate to streamline systems and develop new products and services.
Mr. Potineni joined the company from commercial real estate giant Jones Lang LaSalle‘s
Capital Markets Group, where he was Global Chief Technology Officer. Mr. Potineni started in Newmark in April, but the company announced it on May 19.
In his new role, Potineni said he is responsible for setting the company’s information technology strategy and developing digital products and services to help the company grow. He leads a team of more than 100 dedicated IT professionals and oversees the company’s IT operations, which are hosted in Microsoft corps
Azure cloud offering.
Mr Potineni said one of his first initiatives will be to improve the company’s deal execution platform, which connects Newmark clients looking to buy, sell, lease, or invest in commercial real estate. Currently, the real estate marketing and investment functions are performed on secondary systems that are tied to the execution platform. Mr Potineni said he wanted to embed these functions in the core system.
“We want to digitize the process more. We want to make it end-to-end, including marketing, and also connect investors … with that, investors in terms of due diligence, bidding processes and [other] Activities, ”he said.
Tight integration of systems is key to any business, especially in today’s fast-paced real estate market, said Tim Crawford, CIO strategy advisor at Los Angeles-based consulting firm AVOA. “Whether they are agents, whether they are people looking to buy real estate – they need short-term access to this information,” he said.
“Today we need to focus on more integrated systems and a more integrated experience for our customers,” said Crawford. “So we can’t get through anymore [a] Siled approach. It just doesn’t work that way anymore. “
Mr Potineni also said his team will try to build more analytics into the platform, such as tracking sales and searches, so clients can have better visibility into commercial property inventory. “To basically get them the deal that meets the need,” he said.
Mr. Potineni reports to Jeff Day, Newmarks Chief Strategy Officer and Head of Multi-Family Capital Markets.
“The most inventive solutions in the industry are increasingly being driven by technology, data and analytics,” Day said in a statement. “The addition of Sridhar underscores Newmark’s commitment to equipping our professionals and clients with strategies and tools that create differentiation and unique value in real estate services.”
Ray Wang, founder of Silicon Valley-based technology research and consulting firm Constellation Research Inc., said Potineni’s move showed that Newmark was looking for a “change agent” with a proven track record of leading technology initiatives.
“Real estate is about competing for analytics, automation and AI. Whoever gets there first and builds marketplaces there will win,” said Wang.
– Sara Castellanos contributed to this article.
Write to John McCormick at [email protected]
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