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# Customer Interview Transcript: Jessica Adams, VP Sales at PropTech Market Intelligence **Date:** January 2, 2026 **Duration:** 32 minutes **Participants:** - Sarah Chen (Enterprise Sales Director, Salesloft + Clari) - Jessica Adams (VP Sales, PropTech Market Intelligence - $55M ARR) **Location:** Virtual (Zoom) **Recording:** Yes **Attendees:** Sarah Chen (sales), Jessica Adams (prospect), Internal Note-taker --- ## Opening & Context Setting (0:00-2:30) **Sarah:** Hey Jessica, thanks so much for jumping on this call. I know January is always hectic with planning cycles, so I really appreciate the time. Before we dive in, I'm curious—how's the start of your year looking for PMI? I know the last 18 months have been... interesting for the broader real estate tech space. **Jessica:** Ha, yeah, "interesting" is one way to put it. Look, I'm not going to sugarcoat it—2024 and early 2025 were brutal for the portfolio. We're in PropTech, but more specifically, we focus on commercial real estate intelligence and market analysis. When the CRE market seized up, everything downstream felt it. But we've actually emerged in a pretty good position for 2026. We've tightened operations, our retention is solid, and we're seeing some green shoots in the market. **Sarah:** That's encouraging. And I think that's exactly why I wanted to connect now. Salesloft and Clari have partnered on something that's pretty specific to companies in your position—revenue teams that need to navigate uncertainty, prioritize high-signal opportunities, and maintain consistent relationship momentum even when market conditions are choppy. But before I pitch anything, I'd love to understand your world better. Can you walk me through what the CRE downturn actually meant for PMI's business? Was it uniform across your customer base? **Jessica:** Not at all. That's actually one of the more interesting lessons we learned. We segment our customer base into three primary buckets: landlords and asset managers, tenant representation and occupancy services, and commercial brokers. Each one experienced the downturn very differently, and the recovery timeline is completely mismatched. --- ## Deep Dive: Market Segments & Buyer Dynamics (2:30-10:00) **Sarah:** Okay, that's super helpful context. Let's break that down. So landlords and asset managers—I'd imagine they were the hardest hit. Cap rates compressed, acquisition velocity slowed, development pipelines stalled. Is that accurate? **Jessica:** Exactly. Large institutional asset managers—Blackstone, KKR, those guys—they paused pretty much all new acquisitions for a solid eight months. And our product is really valuable for them during growth phases. You're running models, you're analyzing markets, you need our intelligence to inform your strategy. When they put the brakes on, they literally have no use for incremental data insights. They're just managing what they own. So we saw customers go from paying us $50K a month for advanced analytics to "we're on pause for now" in a matter of weeks. That hit hard. **Sarah:** And that's on the institutional side. What about smaller asset managers or local landlords? Were they more resilient? **Jessica:** Much more resilient, actually. Here's what's fascinating: mid-market operators—companies managing $1-5B in real estate assets—they actually increased their subscription spend with us. Why? Because they had to get leaner and smarter. They couldn't throw capital at problems anymore. They needed better visibility into market conditions, tenant credit quality, local supply dynamics. So while our enterprise segment contracted, our mid-market cohort actually grew 12% year-over-year in 2024. That's been a big part of our narrative in 2026 planning. **Sarah:** So the primary buyer there is actually the asset manager or the VP of acquisitions, not the CFO? **Jessica:** VP of Acquisitions, Head of Analytics, sometimes the COO of the real estate division. For smaller asset managers without dedicated analytics teams, it's often the VP leading the P&L on a particular geography or property type. The CFO cares about the ROI, but they're not the champion. **Sarah:** Got it. And then tenant representation—I imagine that's a completely different story. **Jessica:** Opposite direction. Tenant rep brokers actually thrived in the downturn. When money gets tight, companies consolidate real estate. They're renegotiating leases, exiting space, consolidating offices. Tenant reps are in the middle of all of that. They need to understand what the market will bear, what comparable rents are in different submarkets, what landlord concessions are actually available. So tenant rep firms—especially mid-size and regional ones—actually increased their budget with us during the downturn. **Sarah:** So you saw a reallocation from landlord-side to tenant-side demand. That's a major shift. **Jessica:** Exactly. And it means we had to completely rethink our go-to-market motion. Our historical strength was with institutional landlords. We built relationships with their analytics teams, we had case studies around acquisition underwriting, market entry analysis—all landlord-focused use cases. When that market dried up, we had to activate a totally different part of the organization. Tenant rep is a fragmented market. You've got thousands of boutique firms, regional players, and a few national franchises. Our sales team wasn't built for that motion. We had five enterprise AEs focused on landlords and literally one person covering tenant rep. It's been a journey to restructure. **Sarah:** And the third segment—brokers. Commercial brokers. Where did they land? **Jessica:** Brokers are interesting because they're fundamentally different. They represent either landlords or tenants depending on the deal, but their business model is transaction-based. No transactions, no revenue. So brokers got decimated. The downturn meant maybe 30-40% fewer lease signings, fewer acquisitions—their volume just collapsed. A lot of boutique brokerage firms actually didn't survive 2024. For those that did, they're focused on survival, not new tools. We actually pulled our broker-focused product offering for now. We'll probably rebuild it when transaction velocity picks back up. **Sarah:** So when you think about 2026, you're really doubling down on asset managers and tenant reps. **Jessica:** We're tripling down on asset managers, and then we're aggressively building in tenant rep. The narrative is: "Help us sell more by understanding what's actually happening in the market." For asset managers, it's "Help us deploy capital smarter in a capital-constrained environment." Two very different value props, two different personas, two different buying processes. --- ## Challenge Spotlight: Data Fragmentation & Integration (10:00-16:15) **Sarah:** This is actually a perfect segue because I think your data challenge is really tied to this shift. From what I understand, PMI aggregates data from multiple sources—CoStar, LoopNet, local records, maybe some proprietary broker networks. But the landscape is fragmented, and that's only gotten more complex. How is that playing out? **Jessica:** Man, you nailed it. This is actually our biggest product and go-to-market challenge right now. When we talk to prospects—especially mid-market asset managers and tenant rep firms—they're already drowning in data. They have CoStar, they have LoopNet, they're pulling transactional data from third-party providers, they're aggregating local permit data, some firms are doing manual market research. The fragmentation is killing them. They're paying for overlapping data, they're getting inconsistent results, and they're spending cycles reconciling differences. **Sarah:** And that's where PMI comes in—you're the integration layer. **Jessica:** Right, but here's where it gets tricky. Let me give you a concrete example. We signed a tenant rep firm in Miami last year—great firm, high-quality team, strong market position. They have transactions across South Florida, but especially in the Miami submarket. When we pitched them, we said, "We'll give you comprehensive supply data, comprehensive demand indicators, and we'll help you understand market conditions." They bought in. Implementation started in September. It's now January, and we're only halfway through. Why? Because their data environment is a complete mess. They don't have centralized CRM data. Transactions are tracked in different systems. They have custom tools built by a data analyst who isn't even with the firm anymore. Getting clean, normalized data flowing into our platform is a nightmare. **Sarah:** So the implementation challenge isn't just "connect the API and start surfacing insights"—it's actually "let's untangle this firm's entire data environment first." **Jessica:** Exactly. And that's a lesson we learned the hard way. When we first started targeting tenant rep, we were selling a very straightforward pitch: "Buy PMI, plug in your data, get better insights." Closing timeline was maybe 90 days. Implementation was 30 days. Clean and simple. Reality is 180-day closing cycles because the first 20 conversations are just discovery of their existing data stack. Implementation is 60-90 days because we have to help them clean and structure data we're not even providing. **Sarah:** And that's eating into your margin structure and your sales capacity. You're spending way more implementation resources than you forecasted. **Jessica:** Absolutely. Our Services team went from basically zero headcount in 2024 to six people now, and we're still understaffed. We're charging implementation fees, which helps, but it's adding complexity to every deal. Some prospects look at the full picture—licensing cost plus implementation effort—and they ghost us. Or they try to do it internally, they hit a wall, and they either bail or it takes two years. **Sarah:** How are you talking to prospects about this? I imagine you can't just say, "Yeah, expect a six-month implementation." **Jessica:** We've gotten much better at being upfront about the data integration reality. Our pitch now is: "We'll run a data health assessment. We'll tell you explicitly how much work it is. Here's what's included in our Services, here's what you might need to do, here's the timeline." And we're actually being more selective. We're preferring customers with relatively clean data environments, customers who have a dedicated analytics person, customers who are motivated to solve this problem. **Sarah:** That makes sense. But that might be narrowing your TAM, right? Like, if you only target firms with existing data infrastructure, you're leaving deals on the table. **Jessica:** True, but we've learned the hard way that bad implementations destroy land expansion and referenceability. We'd rather do fewer deals really well than a bunch of deals that turn into nightmares. Plus, we're actually building a data integration layer. We're getting better at native connectors to common CRE data sources, and we're building a cleaner data ingestion model. By mid-2026, this should get a lot easier. --- ## The Relationship & Nurturing Challenge (16:15-24:00) **Sarah:** Okay, so implementation complexity is one piece. But I think there's another layer here that's really specific to commercial real estate. Asset management cycles are incredibly long. We're talking about a VP of Acquisitions at an asset manager who might look at 200 deals a year but only close 5-10. That's a long, complex sales cycle within a customer relationship. How does that shape your thinking about customer success and retention? **Jessica:** Oh man, you just described our entire business model challenge. So here's the dynamic. An asset manager is evaluating a market, maybe looking to acquire in Phoenix, but their board hasn't approved the capital deployment yet. So they're in a "nurturing" phase. They might use PMI to understand Phoenix's market dynamics, they're paying us, but they're not actively doing transactions. Then, let's say, six months later, they get the green light. Now they're hot—they're looking at deal flow, they're negotiating multiple properties, they need updated market intelligence constantly. That's where they're getting maximum value from us. But then the deal closes. The acquisition team moves on to the next market or the next deal. If there's a 12-month gap before the next big acquisition, what happens to PMI? They haven't cancelled, but they're not using it actively. They're thinking, "Do we really need this?" And if our renewal conversation is just "pay us the same amount," we're vulnerable. **Sarah:** And your renewal conversations are getting tougher because the value realization wasn't continuous. It was episodic, tied to specific deals. **Jessica:** Right. And it's not just renewals—it's land expansion too. We might have a relationship with the Acquisitions team, but when market conditions are uncertain, CFOs are saying, "Consolidate your tools. Why are we paying for multiple data services?" We lose the renewal, or we lose upsell opportunities because the whole organization is in cost-cutting mode. **Sarah:** So you need a go-to-market and customer success motion that's centered around the idea that PMI is continuously valuable, not just when deals are hot. **Jessica:** Exactly. And I'll be honest, this is where we've struggled. Our sales team is very transaction-oriented. We get excited about closing new logos. Our success team is managing health, but they're not equipped to navigate the "nurturing between deals" phase. There's a big gap. And then there's the relationship management piece. An acquisition decision at a large asset manager involves multiple stakeholders—the COO, the CFO, the analytics team, the CRE division head. We build relationships with one or two people, and if those people leave or move roles, we're vulnerable. We don't have a systematic way of maintaining relationships across the buying committee. **Sarah:** That's actually where I think Salesloft and Clari together create a really specific opportunity for you. Clari is fundamentally designed to help you see the full deal picture—all the stakeholders, where you are in the deal, how long it's been in nurturing. And Salesloft is designed to help you maintain consistent, systematic relationships with all those stakeholders, especially in long cycles. **Jessica:** I'm listening. **Sarah:** So let's say you're working a large institutional asset manager deal. There's the CRE division head, the acquisitions VP, the CFO, the COO, the analytics team—five or six stakeholders. In Clari, you map all of them, you can see sentiment, you can see which relationships are healthy and which are getting cold. In Salesloft, you have a system that ensures every stakeholder is getting the right touch at the right time. You're not relying on your AE to remember, "Oh, I should check in with the analytics team about that new market report." It's automated, it's systematic, it's consistent. And that keeps deals warm during the long nurturing periods. **Jessica:** So it's not about forcing a sale. It's about maintaining presence and relevance so that when the deal activates, we're the trusted partner. **Sarah:** Exactly. And then when a deal closes and there's a gap, you maintain that relationship so that when the next deal or market analysis comes up, they think of you. **Jessica:** Okay, I actually think that's really thoughtful. Because right now, our renewal conversations are reactive. Customer's renewal date comes up, we reach out. If they've been quiet for a while, we sometimes don't even know if they're still actively using us. Having visibility into their entire journey—what they're using, what problems they've solved, what opportunities exist—that changes the conversation. --- ## Strategic Pivot: Budget, Value Messaging, and Market Recovery (24:00-32:00) **Sarah:** Great. So let's zoom out for a second. I want to talk about budgets and value messaging, because I think there's a real strategic opportunity for you here. When we talk to CRE companies, there's often this assumption that the downturn is over and things are going back to normal. But you and I both know the recovery is going to be uneven. Some segments recover faster, some operators are cash-constrained, some are still consolidating. How are you thinking about value messaging in this environment? **Jessica:** It's really challenging because our historical value prop was mostly about "Deploy capital better, get higher returns." That resonates when you have capital to deploy. But in this environment, a lot of our prospects and customers are asking a different question: "How do we do more with less? How do we stay competitive with less data spend?" **Sarah:** So your value messaging can't assume capital abundance anymore. **Jessica:** Right. We've pivoted to: "You don't have to choose between intelligence and efficiency. Our platform actually helps you be more efficient—you're not paying for overlapping data sources, you're not having a team manually reconcile market data. We're a consolidation play." That's resonating better, especially in this phase of the market. **Sarah:** And that ties back to the segmentation conversation we had earlier. Your messaging has to be completely different depending on whether you're talking to an asset manager or a tenant rep firm. **Jessica:** Absolutely. For asset managers, the message is, "You have constrained capital and you need to deploy it smarter. We give you the intelligence to do that." For tenant rep firms, the message is, "Your customers are more price-sensitive, they're making faster decisions, they need better market intelligence to negotiate. Help them win." Two completely different framings. **Sarah:** And that's where I'm curious about your sales team structure. I imagine you have different personas managing each segment now, right? **Jessica:** We're building toward that, but we're not there yet. We have five enterprise AEs. Three are focused on large asset managers, one is on tenant rep, and one is on other segments. It's not enough coverage, especially for tenant rep, which is fragmented and needs a different sales motion. A tenant rep broker might be a $10K MRR customer, whereas an asset manager might be $50K. Your sales motion has to be totally different. You can't have a $500K quota AE spending two months on a $10K deal. **Sarah:** So you need a different go-to-market architecture. Probably a combination of enterprise AEs for large asset managers, maybe a mid-market team for regional tenant rep firms, and possibly an inside sales motion for smaller prospects. **Jessica:** Yes. That's the plan. But building that takes investment, it takes hiring, it takes training. We've been conservative with headcount because the market is uncertain. We're probably going to make those moves in Q2 or Q3, once we see more clarity on the recovery. **Sarah:** And that's actually where I think the point about "scenario planning and strategic flexibility" comes in. You don't need to bet the farm on one recovery scenario. What if recovery is faster than you expect? What if it's slower? How do you structure your organization and your systems so you can adapt? **Jessica:** That's keeping me up at night, honestly. If the market recovers fast—like if we see a bunch of acquisition activity hit the market in the next 6-12 months—we need to be able to scale the sales organization quickly. We'd need to have systems and processes in place so we can hire AEs and get them productive fast. But we also can't over-invest in headcount if the recovery is another 18 months out. **Sarah:** And that's where Salesloft comes in. With Salesloft, you're not reliant on individual AEs being great relationship managers. You have systems and automation that mean a new AE can come in and immediately be effective because the relationships and workflows are systematized. So whether you're growing headcount 20% or 50%, the new people can get productive faster. **Jessica:** And the same thing applies if we need to enter new markets or double down on new segments. If we're building a tenant rep motion, we need repeatable processes and messaging. We can't just hire brokers and hope they figure it out. **Sarah:** Exactly. And then the Clari piece helps you manage the uncertainty on the forecasting side. In a market where demand is unpredictable, where deals have long cycles and variable timelines, you need visibility into when deals are actually going to close. You can't be surprised six weeks before the end of quarter that a deal that looked solid is actually moving to next quarter. **Jessica:** We've had that pain. We had a customer renewal that was supposed to come through in Q4 that slipped to Q1, and it just happened we weren't tracking it carefully. It hit our forecast and it hurt. **Sarah:** So with Clari, you're running a probabilistic forecast based on actual deal velocity and stakeholder engagement, not just "this deal is supposed to close in Q4." You can see if deal momentum is slowing, if a key stakeholder is getting cold, if the probability is actually lower than your rep thinks it is. That's especially valuable in a market where there's a lot of optimism bias. **Jessica:** Okay, I'm starting to see how these things work together. Salesloft is about maintaining systematic relationships and making sure we stay in front of customers consistently. Clari is about actually understanding deal velocity and forecasting accurately. And together, they help us navigate this uncertain market by being more disciplined about what's real and what's hype. **Sarah:** Exactly. And there's one more thing. In a market recovery scenario where you're trying to communicate with your customer base, having a coordinated communication strategy is huge. You need to be proactive, not reactive. You need to signal to customers that you understand their market challenges and you have insights that help them. Salesloft allows you to coordinate that messaging across your sales organization, so it's not ad hoc. **Jessica:** Like if I send a memo to the sales team about, say, the Miami office market is oversupplied and we're seeing headwinds, that message gets incorporated into customer conversations naturally. Instead of me hearing from customers six months later that they're worried about Miami. **Sarah:** Yes. You're being a thought partner, not just a vendor. And that builds trust and deepens relationships in down markets. **Jessica:** That's actually really compelling. I think the thing I'm wrestling with is: we've been through a tough 18 months. We've cut costs, we've tightened operations. I'm now in a position where we're looking at new investments. And there are lots of options. Do we invest in product? Do we invest in hiring? Do we invest in tools and systems? How do you think about justifying a platform investment like Salesloft and Clari? **Sarah:** That's a great question. And I'll be honest, the ROI is clearest if you're planning to grow headcount or expand into new segments. If you're going to hire six more AEs, Salesloft pays for itself pretty quickly because new AEs are productive faster. If you're going to build a tenant rep sales motion with new messaging and processes, Salesloft is a multiplier. But there's also a defensive case. Even if you're not growing headcount, you're still vulnerable to rep turnover, you're still vulnerable to key customer relationships depending on individuals, you're still vulnerable to forecast surprises. Salesloft and Clari give you resilience. If someone leaves, their relationships and processes stay. If a deal moves, you see it in real time. **Jessica:** So it's not just "grow faster," it's also "don't break the relationships and forecasts we've built." **Sarah:** Right. In a market where you're uncertain about growth, resilience is actually super valuable. **Jessica:** I want to think about this. Honestly, this has been a really helpful conversation. I appreciate that you took the time to understand the segments we're in and the specific challenges we face. A lot of vendor conversations feel generic. This felt relevant. **Sarah:** That means a lot. And I think PMI is in a really interesting position. You've got resilient customer segments, you're starting to solve the data integration problem, and you have a clear path to growth in tenant rep. The thing that could unlock more value is getting disciplined about relationships and forecasting. Let's set up a time for me to show you specifically how Salesloft and Clari would work in a PMI context. I can put together some use cases around asset manager relationships and tenant rep segments. **Jessica:** Yeah, let's do that. I'll need to include my Head of Sales in the next conversation. She's the one who's thinking about the go-to-market architecture and hiring plans. And honestly, if we're investing in tools, she needs to buy in. **Sarah:** Perfect. That's exactly what I'd expect. Let me send you a calendar link for next week, and I'll prepare some specific scenarios around your business. Does Thursday work? **Jessica:** Thursday is good. Let's do 1 PM. **Sarah:** Great. I'll send that over. And Jessica, thanks again for really opening up about the business challenges. Conversations like this are how I actually understand how to help. **Jessica:** Absolutely. Talk soon. --- ## Call Wrap & Summary **Call Ended:** 32:17 --- ## Key Takeaways & Sales Notes ### Prospect Profile - **Company:** PropTech Market Intelligence - **Role:** VP Sales - **ARR:** $55M (stable to slightly growing post-downturn) - **Sales Org Size:** 5 Enterprise AEs - **Key Growth Markets:** Tenant Representation (new), Mid-market Asset Managers - **Pain Points:** Data fragmentation, long sales cycles, relationship management, unpredictable recovery timeline ### Segment Breakdown & Buying Dynamics | Segment | Status | Primary Buyer | Value Prop | Recovery Timeline | |---------|--------|---------------|-----------|-------------------| | **Large Asset Managers** | Paused | VP Acquisitions / Head of Analytics | Deploy capital smarter | Q3 2026+ (uncertain) | | **Mid-Market Asset Managers** | Growing | VP Acquisitions / COO / Analytics Lead | Do more with less capital | Q2-Q3 2026 | | **Tenant Rep Firms** | Emerging Opportunity | Principal / VP Operations | Help customers negotiate faster | Already recovering (2026 growth) | | **Brokers** | Dormant | Managing Director | Transaction intelligence | Q4 2026+ | ### Sales Motion Insights - Institutional segment had 8-month pause (Sept 2023 - April 2024), recovery uncertain but showing signs - Mid-market segment counter-cyclical—grew 12% YoY in 2024 due to capital constraints driving demand for intelligence - Tenant rep is fragmented (thousands of firms), requires different sales approach than enterprise, currently under-resourced (1 of 5 AEs) - Brokers are transaction-dependent; unlikely to invest in tools until transaction volume recovers ### Product & Implementation Challenges - **Data Integration Complexity:** Implementations taking 60-90 days vs. forecasted 30 days - **Root Cause:** Prospect data environments are fragmented; PMI positioning as integration layer is accurate but requires more Services resources than anticipated - **Customer Selection:** Company shifting to being selective, preferring customers with existing analytics infrastructure, strong data governance, and motivated stakeholders - **Services Team:** Expanded from 0 to 6 people; still understaffed relative to demand ### Customer Success & Retention Risks - **Episodic Value Realization:** Customers derive maximum value during active deal periods; usage drops 80% between deal phases - **Renewal Vulnerability:** Renewal conversations reactive, not proactive; company lacks visibility into actual product adoption during quiet phases - **Stakeholder Concentration:** Relationships concentrated with 1-2 people per customer; vulnerable if stakeholders leave or shift focus - **Upsell Headwinds:** Cost-cutting mentality across CRE sector reducing land expansion opportunities ### Strategic Opportunities (per Salesloft/Clari Value Prop) 1. **Systematic Relationship Management:** Large asset manager deals involve 5-6 stakeholders; Salesloft can maintain consistent engagement across all of them during long nurturing cycles 2. **Visibility During Deal Gaps:** Clari can track deal velocity and stakeholder sentiment, signaling when deals are actually moving vs. appearing stalled 3. **Forecast Accuracy:** Reduce surprises in pipeline; uneven recovery means deals may move unexpectedly; Clari enables probabilistic forecasting 4. **Sales Motion Scaling:** If company hires new AEs or builds tenant rep motion, Salesloft systems and automation allow new reps to be productive faster 5. **Strategic Flexibility:** Systems-based selling (vs. hero AE selling) allows company to adapt quickly if recovery accelerates or extends ### Concerns & Decision Factors - **Budget Constraints:** Company has been conservative with investment post-downturn; investment case needs to be clear - **Competitive Set:** Customer not mentioned other tools in consideration; likely also evaluating Hubspot, Pipedrive, or similar - **Selling Cycle:** Sales org is pragmatic, analytical; need concrete ROI metrics and use cases specific to PMI business model - **Buying Committee:** VP Sales will be primary champion, but Head of Sales needs to be involved and buy in for implementation to succeed ### Next Steps - [ ] Prepare detailed use cases: (1) Asset Manager buying committee engagement, (2) Tenant Rep sales motion setup, (3) Renewal/expansion workflow - [ ] Schedule follow-up with Jessica + Head of Sales for Jan 9 @ 1 PM - [ ] Request access to sales team feedback on current tools, pain points, and processes - [ ] Benchmark PMI's sales process complexity against Salesloft reference customers in real estate/software ### Competitive Advantages to Highlight 1. **Long-Cycle Expertise:** Salesloft + Clari specifically designed for multi-stakeholder, multi-month sales processes 2. **Market Intelligence Integration:** Positioning Salesloft as enabling PMI's own market intelligence to flow back into customer relationships (thought partnership model) 3. **Segmentation Flexibility:** System can support multiple go-to-market motions (enterprise vs. mid-market vs. tenant rep) with different playbooks and processes 4. **Forecast Resilience:** In uncertain market, accurate forecasting and visibility into deal velocity is competitive advantage ### Risk Flags - Long sales cycle to close (4-6 months given complexity and need to build business case around hiring/expansion) - Company may wait to see market recovery clarity before investing in sales tools - Current Services bandwidth bottleneck might not be solved by sales system; could be limiting factor on growth anyway