David Perlmutter of Perlmutter Properties is the next broker to be featured in our Quantum Lister series, in which we're taking a look at some of QuantumLister's users.
David Perlmutter of Perlmutter Properties is the next real estate entrepreneur we’re featuring in the Quantum Lister series. You may recognize his name, as he is also the founder and CEO of QuantumListing. In addition to his work for QuantumListing, he has over three decades of CRE experience.
It’s this deep experience with CRE that motivated him to create a listing platform that he would actually want to use. David’s perspective as an active broker continues to inform the direction of QuantumListing, keeping with the original vision of a listing platform that’s easy to use, so brokers like him can spend their time doing what they want to be doing—making deals.
In his work at Perlmutter Properties, David specializes in retail shopping leasing and consulting in the tri-state area. He has also participated in the development of over 1.2 million square feet of shopping centers.
Below you may find a lightly edited version of his interview.
How long have you been in Commercial Real Estate?
I started in CRE 32 years ago and started Perlmutter Properties in September 1989.
What are some of the biggest changes you’ve seen in the industry during that time?
In retail, during the last 32 years, we saw supermarkets get larger, so big box stores backfilled the old smaller supermarkets. Then, as big box stores gained traction, power centers were born, comprised mostly, if not entirely of big box stores. Now, many of the big box stores are closing because of online retail, so we're seeing more mixed-use retail centers, lifestyle centers, and experiential retail. In office, the advent of co-working space has had a big impact, mostly in the urban centers. However, the trend toward shorter lease commitments seems to be spreading to the suburbs, too.
How many listings do you have?
How do you get new business?
Mostly through word of mouth and relationships. Occasionally, we get new listings because we've done a deal with a landlord when we represented the tenant and they like working with us. There are times we’ve represented a tenant, and in the course of doing so, have established a relationship with the landlord, who subsequently hired Perlmutter Properties as their exclusive agent.
We also have great long-term relationships working as sub-agents for a couple of the major brokerage firms, on both the tenant rep side and sub-lease/sales side.
What tech tools do you use to manage all the listings?
We use QuantumListing and The Broker List. We submit our listings to CoStar and LoopNet, but no longer have subscriptions to them.
What other technology do you use to manage your business?
We use Digsy AI as our CRM, QuickBooks for accounting, Canva for creating our flyers, and Robly to send our email blasts. Google is indispensable for research. We have an HP Laser multifunction printer/copier/fax/scanner. Over time, the fax function has gotten less use and the scanner’s gotten more. You also can't overlook the importance of telephones, both landlines and mobile. We also use LinkedIn, Facebook and Twitter to help spread the word about our listings, and we use Buffer to help manage the scheduling of these social media posts.
How does QuantumListing fit into your technological toolkit?
It is essential at this point! QuantumListing not only is a way for brokers, owners, and tenants to find our listings, but it also serves our listings to perlmutterproperties.com. As the listings are updated on QuantumListing, they get updated in real time on the company’s website. I used to have to submit new listings to my web designer. She would design them, send them to me for approval, and then send them to the coder to be added to the website. That process could take a couple of weeks. Now, it all happens very quickly. And if I have not had time to make a new flyer on Canva, then QuantumListing will generate one with the information and images I have submitted.
What are your favorite QuantumListing features?
This is like asking me to choose a favorite among my kids. In no particular order, the iFrames to serve my listings to the perlmutterproperties.com website, the Archive to have a visual record of past exclusive listings, and the Networks and Groups to see the most relevant listings. Of course, the blog is awesome as well!
How do you see technology changing CRE?
It will continue to make the exchange of information more efficient—although I don't think that CRE will ever be as efficient with perfect information like the financial markets because there are not federally mandated information and accounting standards. However, it will be interesting to see if blockchain ends up having that kind of impact. Blockchain has the potential to standardize a lot of real estate information and streamline the processing and sharing of that information. Property title information is the low hanging fruit, but blockchain can also impact everything from leasing to maintenance and contracts. Old timers like me are a little skeptical that it is unhackable, but the next 10 years could see a blockchain-backed revolution in how we do business.
What other emerging trends do you see in CRE? In your market? In your region? Nationally? As millennials grow to become an even more important segment of the CRE workforce, new technology will be more readily adopted. Millennials were practically born with a mouse in their hands, and are comfortable with new and changing technology on an intuitive level, while us baby boomers and Gen-Xers have a slightly harder time with picking up new tech.
Other trends to watch: Experiential retail, mixed-use residential/retail/office, co-working, co-living, transit-oriented development, redevelopment of older small cities into welcoming and fun places for younger members of the workforce, high cube warehouse, repurposing of office buildings, housing solutions for an active and healthy aging population, urban farming, and learning to deal with bigger weather events and rising sea levels.
Is there anything else you’d like our readers to know?
The only constant in commercial real estate is change. There are a lot of creative people in the industry, and a lot of money that wants to be invested in the asset class. It is an exciting time to be in the commercial real estate industry.
Did you like David’s interview and do you want to see his listings? You can check out his profile below. If you want to contact him, you can shoot him an email at [email protected].