Leasing & Asset Management Software for increased revenues - exclusive interview | BWT Asia
Rapidly developing leasing and asset management software is changing the way landlords manage their properties. These technologies are allowing landlords to make more informed decisions as they are able to interpret data better resulting in higher revenues. I caught up with Tyler Staton, Chief Commercial Officer of Talox to find out why these technologies are making waves.
ND: In BWT tradition, please start by giving me the Talox elevator pitch...
TS: Talox is Asia's leading leasing and asset management platform. It helps owners and brokers of commercial real estate maximize revenues, execute deals faster, and gain real-time insights into their portfolios. Unlike legacy solutions and ad-hoc spreadsheets, Talox is cloud-native and purpose-built to optimize commercial real estate workflows and data analytics. This allows our clients to spend less time on menial tasks and analysis and focus more on what truly matters, their business and clients.
ND: How is technology changing the way landlords manage their properties?
TS: Recently, a client was in a lease negotiation and needed to calculate the average effective rent of a floor to use as a comparable (a task that used to take hours). With Talox, not only did it take just a few minutes, but he also noticed the rate was being skewed by a tenant with a non-standard lease agreement. After filtering that tenant out, he got a higher and more accurate rental rate to provide to his leasing team for their negotiation.
By getting their data organized in Talox, landlords are able to access new insights about their buildings and to ask questions that haven’t previously been practical to ask, because getting an answer was difficult or impossible. These new insights allow them to make better decisions, which translates into higher revenues.
ND: How was Talox founded?
TS: Two of Talox’s co-founders worked in commercial real estate in Asia for many years and had first-hand experience with the challenges caused by fragmented information and the widespread use of ad hoc spreadsheets. They knew there was a better way. At the same time, our 3rd co-founder was working in the software implementation business and experiencing the challenges of setting up expensive legacy enterprise software solutions. So the vision of creating a modern, user-friendly software that solved common and persisting problems in commercial real estate really brought us together.
ND: How does Talox differ from other commercial leasing and asset management software out there?
TS: Talox is built for Asia. It’s a region that’s made up of many different markets that all have their local nuances. We are already operating in four different Asian countries, and we have put a lot of upfront thought and effort into designing a platform that can work region-wide. It's very difficult to retrofit software platforms to be able to handle this kind of variation, which leaves many businesses unable to get the full value out of platforms designed for the US or European market. Talox is providing a more tailored solution for them.
ND: How can traditional brokers benefit from your business?
TS: Brokerage is going to undergo a rapid change over the coming years, and no one is more aware of that then the brokers themselves. Talox can help free them from monotonous tasks and allow them to refocus that time on developing soft skills that will make them better deal makers. Some brokers are already using Talox to get more organized, automate reporting requirements and uncover new insights to share with their clients. Talox is a tool that can really help brokers become more tech-enabled and develop a competitive advantage in a challenging and changing business environment.
ND: What's been your funding model so far, and are you currently raising capital?
TS: We bootstrapped for quite a while and also pulled in some angel investors, who are mostly people and companies from within the industry. We will be raising a larger round later this year.
ND: What's the next big step in terms of growth?
TS: We recently expanded our offering, which was previously just for landlords, to now also cater to brokerage firms that provide landlord representation services. In essence, they operate very similarly to a landlord, and we now have two well-known agencies using Talox to provide more proactive representation and enhanced reporting to their clients. This is opening up a new sales avenue to help us grow our client base even further.
Talox was a Featured Technology of BWT Asia 2019
Interview conducted by Neall de Beer, Director, Built World Technology Alliance.