The term ‘platform’ is an overused buzzword in today’s tech economy. For HqO however, it’s more than a catch-all phrase for use in pitch decks – it’s our core strategy for growth and value creation across the commercial real estate industry.
As a company building the tenant experience (TeX) platform for CRE, how does HqO define the term and its overall platform approach? To us, a platform business is one that’s infrastructure a.) can be built upon b.) efficiently connects producers (landlords, services firms) and users (tenants) and c.) unlocks the exchange of value between those producers and users.
Commercial real estate portfolios are already powerful platforms, albeit physical and largely static in nature. HqO is building the complementary software layer to these portfolios, aligning with landlords to provide tenant-facing TeX software that facilitates frictionless engagement between the owners and the users of their properties. By combining these physical and digital advantages, today’s landlords can shape a more complete and customer-centric ecosystem.
With the rapid influx of new technologies in the proptech space, there is a need for a single platform that can integrate with the solutions and services that create utility for tenants. These technologies – what we call the ‘4 C’s' – cover the spectrum of TeX functionality, from:
- Control (interaction with physical property),
- Commerce (transactions at and around properties),
- Community (connections at properties), and
- Content (information consumers want/need at properties).
HqO has built and continues to iterate on an infrastructure that allows for 3rd party providers across these segments to integrate so that landlords can deliver a unified tenant UX and standardized source for property and portfolio insights. Beyond these technical frameworks, we’ve developed operational functions through our success and product teams to manage, measure, and evolve platform strategy with clients.
Traditionally, as a physical portfolio scales, so do the challenges of adopting technology and managing the fragmented toolkit available to property teams. In contrast, forward-looking landlords understand that a platform approach captures their full value proposition, establishes competitive advantages, and efficiently scales across their assets. A single platform is key to delivering utility and experience to tenants while reducing costs and inefficiencies. The strategy creates a virtuous product cycle for the industry. More tenants on the platform leads to actionable insights, product innovation, and superior UX:
Embracing the platform model empowers landlords to employ BOTH a buy and build strategy – perhaps the most notable opportunity for paradigm shift in the market. Buy into the platform; build value and experience standards across a portfolio.
We are in the early innings but platform strategy is driving change and creating new opportunities for the primary CRE stakeholders – the landlords, services firms, and tenants. The positive shifts away from the status quo and the evolving impact of platform innovation on the CRE landscape are outlined below:
Our team is excited by the opportunity at hand and the progress in the CRE marketplace towards this platform model. We have a number of new announcements coming soon and we’re looking forward to sharing more on our partners and platform approach.
Want to get involved? Reach out to us at partners(at)hqo. co today!