The Right Way to Implement PropTech with David Blumenfeld, Ep. 708

David Blumenfeld is the co-founder of Next Rivet, a proptech advisory firm that helps real estate businesses leverage digital technology to solve real business challenges. With experience leading business development at Westfield Labs—the innovation arm of Westfield Shopping Centers—David has a deep understanding of how to bridge the gap between traditional real estate operations and emerging technologies. At Next Rivet, he focuses on building tailored technology roadmaps and overseeing successful implementation, ensuring that technology delivers measurable impact, not just flashy concepts.

Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.

Key Takeaways

• Proptech is not about chasing buzzwords—it’s about identifying business problems first and applying the right tools to solve them.

• The biggest failure in tech implementation comes from unclear business requirements, not from the technology itself.

• AI is not a stand-alone solution but an ingredient that enhances existing tools and processes.

• Operational efficiencies, lease management, and tenant experience are key focus areas where technology can provide immediate ROI. Success comes from doing the upfront work: define your goals clearly, then explore solutions.

Topics

What Is Proptech and Why It Matters

• Proptech (property technology) spans digital leasing tools, building management systems, smart locks, energy efficiency tech, tenant experience platforms, and more.

• The slow adoption rate in real estate offers an opportunity for forward-thinking operators to gain an edge.

• Focus should always be on solving operational challenges—not on adopting tech for tech’s sake.

Avoiding the “Deck on the Desk” Problem

• Many consulting firms hand over a giant report without real action steps.

• Next Rivet helps clients move from strategy to implementation, working directly with vendors and ensuring real results.

• Their approach is tech-agnostic—choosing the right tools for the job, not locking clients into a specific vendor.

Where Most Owners Should Start with Tech

• Focus on basic operational systems: lease digitization, renewal tracking, building management systems.

• Use AI as a layer within these systems to streamline lease abstraction, document review, and operations.

• Prioritize energy efficiency tools that can produce real cost savings (e.g., HVAC optimization, smart metering).

Technology Across Asset Classes

• Retail: Enhance shopper experience through frictionless parking, special tenant offers, and real-time inventory insights.

• Office: Provide infrastructure that allows tenants to customize their tech stack while the building remains future-proof.

• Multifamily: Combine leasing, operations, and tenant engagement into seamless digital experiences.

How to Vet and Choose Tech Solutions Wisely

• Clearly define business needs before engaging vendors.

• Develop tight business and technical requirements—just like architectural plans for a building.

• Avoid jumping into tools just because they’re AI-powered or new; focus on real benefits and usability.

📢 Announcement: Learn about our Apartment Investing Mastermind here.

Round of Insights

Failure that set you up for success:

Missed a job opportunity at Excite during the dot-com boom—but it led to a career-shaping role at CNET, launching him into the tech space where he’s stayed ever since.

Digital or mobile resource:

• Coresight Research for retail-focused insights

• Commercial Observer for CRE news

• Propmodo, Crytek, and Blueprint events and publications for proptech trends

• Google Alerts for staying up-to-date on key topics like AI, proptech, or property management tools

Book recommendation: Girt – a humorous yet factual history of Australia. Highly entertaining and unexpectedly educational.

Daily habit: Exercise—an essential routine for mental clarity and balance, especially when spending long hours in front of a screen.

#1 insight for leveraging technology: Don’t start with the shiny tech. Start with clear business needs and strong requirements—then find the right solution to fit.

Favorite restaurant in Bay Area, CA: One of the many taquerias in San Francisco’s Mission District—hard to go wrong with any of them.

Next Steps

• Learn more about David and his team at NextRivet.com

• Reach out directly to David at David@NextRivet.com for help assessing your technology roadmap

• Audit your current processes and identify key areas where tech could streamline operations or enhance tenant experience

Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you do not miss an episode.