In this episode, Bo Barron, CCIM and Timmy Barron, ADHD interview the man the New York Times called the “The Real Estate Kingpin”, Bob Knakal, a prominent figure in the commercial real estate industry. They discuss the current state of the market in New York City and the impact of AI on the industry. Bob shares his origin story and explains why he started his new firm, BKREA. He also highlights the three main ways they are utilizing AI: prospecting, deal execution, and data interpretation.

In this conversation, Bob Knakal discusses the importance of accurate calculations in real estate, the creation of the map room, the impact of interest rates on the market, and advice for college students entering the industry. He emphasizes the value of data, information, and relationships in commercial real estate brokerage. The conversation also touches on the concept of loss factor and the difference between office and residential buildings. Bob Knakal shares his insights and experiences, providing valuable lessons for aspiring professionals in the field.

Takeaways

• The New York City market is heading for the largest sell-off in history, with different property types performing differently.
• BKREA is utilizing AI in prospecting, deal execution, and data interpretation to improve efficiency and effectiveness.
• Consistency in data collection and interpretation is crucial for meaningful analysis in the real estate industry. Accurate calculations are crucial in real estate, and factors such as land size, usable space, and loss factor can significantly impact property value.
• The creation of the map room allowed Bob Knakal to gather data on the development pipeline in Manhattan, providing valuable insights for his brokerage practice.
• Interest rates play a key role in the real estate market, and understanding their impact is essential for success.
• Commercial real estate brokerage is an information and relationship business, with the real estate itself being the subject of the information.
• For college students entering the industry, it is important to explore different aspects of the business and find one’s passion, while also leveraging the expertise of others through the ‘who, not how’ approach.

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Connect with Bob Knakal:

YT, IG, TT: @bobknakalnyc

X: @bobknakal

Email: BK@bkrea.com

www.bkrea.com

www.bobknakal.com

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⏰ Time Code ⏰

00:00 – Start
04:05 – How’s The Market In NYC?
08:46 – Accidentally Falling Into CRE
11:38 – My Job Is My Hobby
13:48 – Mixing Old School & AI
15:37 – Adapting AI in 3 Main Ways
21:58 – Consistency is King!
23:36 – The Origin’s of The Map Room
27:47 – 26% to 100% Win Rate
29:06 – Listener Questions
42:47 – Takeaways from Bo

📒Show Notes📒

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Bo is the owner and operator of Barron Commercial Group in Owensboro, KY servicing the Western KY and surrounding markets.

For all CRE inquiries, visit https://www.barroncommercial.com

Timmy is an actor, comedian, writer and host. You can follow him pretty much everywhere @timmyhartbarron