When Patrick Carroll makes a move in real estate, the most elite industry insiders and onlookers alike take notice. The self-made millionaire has earned inspirational acclaim in the realm of high-end property management and real estate investment. Driven by values of focus, integrity, ambition, and excellence, he is best known for his keen understanding of market trends, which has made him a power player in the field. Relying on razor-sharp instincts, he deftly avoided the financial fallout of the 2008 economic downturn. Instead, he leveraged falling prices to establish his own venture, CARROLL, which recently sold for a cool $80 million.
Now, as a new wave of technology sweeps across every industry, Carroll looks at what's next in the arena of real estate. Sitting pretty atop a diversified asset portfolio worth over $125 million, with interests in real estate, the stock market, fine art, and private equity, his interests lie more in the realm of mentorship and guidance of the next generation. How will dramatic advancements in tech influence and redirect the real estate business, and how can potential changemakers leverage it to build legacy wealth?
First, he says, the biggest changes will come from artificial intelligence. This powerhouse technology offers incredibly valuable tools for managing business and strategizing on new ventures. As AI grows reliable enough to take on everyday tasks, such as preparing contracts and leases or reviewing legal agreements, pros can dedicate more of their time to planning and acquisition. Even here, AI can help to analyze deals and ensure mutually beneficial outcomes, leaving more energy available for relationship and network building.
"The numerous ways that real estate companies could use this new tech to run their business is truly remarkable. Moving forward, think 'less is more.' Business operations can become leaner and more efficient as we leverage AI to better navigate the landscape."
Technological innovations, Carroll insists, carry the potential to affect far more than our methods for doing business. Improvements in the field of robotics speak to possible upgrades in the way developers conduct on-the-ground construction, in addition to property management approaches. Carroll believes these benefits will support faster, more effective scaling to the same tune as Tesla and SpaceX. "The scale at which Elon operates these ventures is a small taste of what we can expect to see in real estate." Does that mean the end of human labor? Carrol says no. "As we begin to see the unfolding realities of new tech, we can focus human intellect away from menial or administrative tasks toward operations-building and ideation."
Property managers and real estate investors are already seeing similar changes resulting from the implementation of virtual and augmented reality-based solutions. Many high-end condominium developers offer remote tours and meetings, bringing the entire lease or purchase process online. "These options, which emerged more rapidly in the wake of COVID's contactless safeguards, now offer a convenient alternative to a formerly time-consuming logistical headache." Modern market leaders also use VR to design three-dimensional floor plans, provide onsite previews of properties in development, and create immersive, customized advertising experiences.
While AI will almost certainly shift the framework of nearly every industry, Carroll assures us that the fundamentals of sealing the deal remain the same—even in the face of our current volatile market. Ultimately, investment decisions are data-driven, and the best performers resist the urge to let emotion cloud their thinking. "I don't let the numbers lie. If a deal doesn't make sense, I don't force it." For those peering into their crystal balls in search of when to make their next move, Carroll offers this advice:
"Real Estate is a cyclical business with peaks and valleys. Sometimes, it makes sense to preserve capital and wait for better buying opportunities, and it feels like we're in one of those times. That said, a deal is a deal, and when the right opportunity pops up, you should take it."
