Technology represents the greatest opportunity for growth in the multifamily sector, according to PeerStreet Underwriting Manager Nia Patel, a 2018 HousingWire Rising Star.
The Rising Stars represent the best young leaders in the mortgage industry – in lending, servicing, investing and real estate. Know someone who would qualify for this? Nominate them here! Nominations for 2019 are open now and will close on February 22, 2019.
HousingWire’s Rising Stars program recognizes industry professionals under 40 who have become leaders in their respective fields. Those who are helping move the market forward, and making a strong impact on the housing economy.
The winners will be announced in HW Magazine’s June issue.
“Get as much exposure to as many different markets and transactions as possible,” Patel said to those just beginning their career. “On a more general note, taking pride in your work and having an ‘ownership mentality’ will take your career to the next level. Hard work and discipline will always pay off.”
HousingWire sat down with our previous Rising Star winner to get some insight on the housing industry today.
HousingWire: How important is the use of technology in the multifamily market?
Patel: Extremely important! Technology could have a profound impact on the multifamily market and represents one of the largest opportunities for growth in this sector going forward. The multifamily market has seen significant tech integration.
HW: Would you say the market generally uses the appropriate amount of technology?
We are democratizing real estate debt, including the multifamily sector. Previously, lenders didn’t have a secondary market and were capital constrained. Also, investors did not have access to these assets. This was a space that really needed technology in a marketplace to bridge the gap.
PeerStreet is using technology to bring new efficiencies and transparencies to a largely opaque market. By doing so, it allows lenders to have access to liquidity, recycle capital and grow their businesses in a way they have not been able to do before. In the meantime, investors have access to an asset class they didn’t have before, and allows them to diversify their portfolio.