The Pioneers Behind PropTech: In Conversation With Robert Entin

This article is part of an ongoing interview series titled "The Pioneers Behind PropTech: Meet the Top Innovators Shaping the Future of Real Estate". In this series, we deep dive into where key industry thought leaders see PropTech heading.

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Our Co-Founder and CEO Emiel Bril spoke with Robert Entin, Executive Vice President and Chief Information Officer at Vornado Realty Trust, for an insightful conversation on the future of PropTech and its transformative impact on the real estate industry.

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Robert is a frequent speaker and thought leader on real estate technology, with a unique perspective as both a designer and user of technology. He serves as an expert source on emerging CRE trends and was named one of Commercial Observer’s PropTech Power 30 in both 2022 and 2023.

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Keep reading below for the full interview.

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Tell us about yourself and your career journey to date.

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My educational background is as a Computer Science Engineer, so I’m really a software guy at heart. My senior design project was the feasibility of microprocessors becoming suitable for in-house accounting systems. Ultimately, IBS became the embodiment of that project having chosen the Real Estate industry for a number of reasons.

I've been involved in PropTech for many years. I founded IBS, which is now 40 years old and was a dominant system in the New York market. About 18 years ago a portion of the IBS organization joined Vornado, and thus began my journey as a CIO.

One of the interesting aspects of my career is that I spent a large part of it writing software for customers and not actually using the software myself. Transitioning from a software developer and vendor to also becoming the user was interesting. Some of our designs that we thought worked very well, in practice did not when in production environments. 

In addition to solving problems and being involved in software development, I also get to oversee large networks, manage cybersecurity protections, and participate in building operational technology.

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What advice would you share with those who are up-and-coming in the industry and hope to one day be in a position such as yours?

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It is crucial to thoroughly understand the business at a granular level. CIOs need to spend time with the various business units across their company to fully understand each part of the business. There is no substitute.

One must also have a firm grasp of accounting. While operations and PropTech related to the built environment are important, the business has many complications which translates into a complex set of books and records. Understanding the principles of accounting is extremely important in understanding how generally businesses work. While every industry has nuanced accounting requirements, the fundamentals are similar.

Some CIOs or CTOs began their careers in accounting having developed a passion for technology. Their challenge is often grasping some of the deeper technological issues. Conversely, those who began their career on the technology side often are challenged to understand the business complexity and accounting issues. I am fortunate to have a love for both.

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With your unique perspective and extensive experience, what excites you most about PropTech right now? And what do you think will be the biggest disruptors in the industry in the coming years?

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Over the past 10-15 years or so, with the rise of smartphones, the Internet, and especially the growth in cloud services, creating targeted web-first point solutions has become much more agile. The onslaught of cloud-first applications that are mobile-friendly has been exciting to watch. 

Of course, the big topic now is AI.  When AI matures, it will certainly cause another large technological shift. My view is that AI hasn’t yet fully matured and had that effect. We’ve experimented with some basic AI projects that have worked, but have frankly been disappointed with the progress on complex tasks.

The next 5 years will be interesting. When ChatGPT splashed onto the scene in November 2023, everyone expected immediate transformation, frankly like during the dot-com boom. People thought the entire world would be online within a year. That shift took about 15 years.  I believe AI's adoption will be much faster because the tools are already advanced and getting better at an exponential rate. In the next 3 to 5 years, we should see some truly groundbreaking applications.

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What do you think technology vendors need to do to help CIOs and CTOs navigate the balance between maintaining existing legacy systems and adopting some of the more modern solutions that are emerging today?

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It’s a significant challenge, and the reality is that there’s no perfect solution—it's always a combination of both respecting legacy systems and seeking modern solutions.

Every company has its own specific tech stack centered around its ERP system and various point solutions. So, vendors need to consider how they fit into each client's tech ecosystem.

The key question for vendors is: How do I approach each client by understanding their tech stack and how much friction there might be in integrating with their ecosystem? Without understanding or defining a real value proposition for a potential client, gaining adoption is extraordinarily difficult.  Obviously, you can't simply present a software solution and expect it to be adopted; you need to understand what the client is currently using—not just their ERP, but all the components surrounding it—and figure out how you can integrate effectively. 

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In your opinion, what are some of the blind spots that PropTech companies, founders, and leaders have?

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One common blind spot I notice is the importance of cybersecurity. Early-stage startups often don’t pay enough attention to it, yet it’s a crucial aspect of any product.

Another area of concern is whether founders truly understand their customers' businesses. 

Third, it’s essential to ask if your solution is genuinely addressing a real-world problem. If you have a solution that tackles a real problem with viable economics, and you thoroughly understand your customer’s business and can effectively communicate that, you’ll be in a strong position for success.

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What specific projects or initiatives will you be working on over the next few years? 

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On the building operations side, we’re constantly exploring new technology, especially with the push to bring people back to the office. As a premier office owner, we’ve been innovative in the amenities and features we offer in our buildings. To maintain our leadership, we recognize the importance of staying ahead of the curve, and our New York operations group has its own tech team that collaborates with us to evaluate various solutions.

On the corporate side, management is seeking greater agility in our financial modeling and greater and easier access to data for user created analytics. Given the current challenges with capital, return-to-work efforts, and the commercial market, the ability to make informed decisions requires faster "what-if" analyses. Deciding on financial strategy is more complicated and requires more comprehensive scenario planning which can be complex. And when you’re dealing with market uncertainty, one needs to be much better prepared.