RETDIC's Mission

 

Paul Profeta Real Estate Technology, Design and Innovation Center (RETDIC)

RETDIC’s Mission

The mission of RETDIC is to develop interdisciplinary research clusters, educational and training programs for real estate technology development, and innovative design with collaborative synergy involving internal and external stakeholders and partners. Disruptive technologies and innovations and new ways of design are changing the way real estate is built, traded, used, and managed. By leveraging existing research centers and programs at NJIT and engaging all stakeholders, the RETDIC can become a magnet to people who aspire to take advantage of a number of opportunities in real estate in a post-pandemic world.

The Primary Goals of the RETDIC

Goal 1: Conduct and facilitate cutting-edge research in real estate technology, design, and innovation by building upon the existing foundation of knowledge and experience of the faculty and staff in the following focus areas: financial technology, entrepreneurship, big data, valuation and analytics, smart buildings/IoT (internet of things), design, prefabrication/robotics smart city/community sustainability, crowdfunding, ConTech (construction technology), VR and AR (virtual and augmented reality), and innovative business models, while branching out into other focus areas generated through collaborative efforts with the Centers and other NJIT faculty and staff.
Goal 2: Offer innovative degree and certificate programs to attract and educate current practitioners and future leaders in real estate technology, design, and innovation.
Goal 3: Engage students, faculty, startups, industry leaders, and policymakers in sharing ideas and perspectives.
Goal 4: Help design, create and foster healthy communities.

Defining Characteristics of the Mission

  • Technology focused. As part of a recognized polytechnic university, the RETDIC will benefit from shared resources and lab spaces to advance real estate technology in service delivery, energy-efficient design, and sustainability. Faculty with a deep understanding of these areas, together with strong Ph.D. programs in STEM fields at NJIT, will support the center and its mission. 
  • Collaboration. The Center will develop partnerships with internal and external stakeholders, including members of the board of trustees, members of advisory boards, regulators, real estate professionals, startups in property technology and FinTech, corporations, and real estate investors.
  • Participation in the development of future smart communities. Smarter and more connected communities are on everyone’s radar including policymakers, local governments, as well as innovative businesses. NJIT has a leg up in the creation of smart communities with its existing centers, and RETDIC will close the loop by introducing more efficient use of digital tools in financial systems and funding in real estate infrastructure.