Real Estate Technology
Article | July 18, 2022
Learning the latest trends and strategies in digital real estate asset management will help enhance business. Leveraging digital tools, benefits, and techniques transforms asset management approach.
Contents
1. Introduction
2. Five Latest Trends in Digital Real Estate Asset Management
2.1. Cloud-based Real Estate Asset Management
2.2. Blockchain Integration
2.3. Growth of Smart Buildings
2.4. Adoption of Virtual and Augmented Reality
2.5. Expansion of Proptech Ecosystem
3. Why should Businesses Implement Digital Asset Management Trends?
3.1. Improved Customer Experience
3.2. Future-Proofing
3.3. Better Brand Management
3.4. Improved Collaboration
3.5. Cost Savings
4. Conclusion
1. Introduction
Keeping abreast with emerging trends and technologies is crucial for success in the ever-changing and dynamic real estate industry. With the proliferation of real estate assets, there is a growing demand for improved organization, storage, and management of digital assets. Digital asset management assists real estate professionals in optimizing workflow, collaboration and improving decision-making abilities while reducing costs and ensuring asset security. Additionally, organizations adopting digital asset management can future-proof their strategies and gain market advantage. The article highlights the significance of digital asset management in real estate and the most recent developments in this field.
2. Five Latest Trends in Digital Real Estate Asset Management
Digital Real Estate Asset Management has emerged as a critical component in the management of real estate portfolios. As a result of technological advancements, businesses have access to new tools, platforms, and applications that facilitate automation and streamline asset management activities. With the increasing demand for transparency and efficiency, adopting digital technologies in asset management has become necessary.
2.1. Cloud-based Real Estate Asset Management
The real estate industry is undergoing a significant transformation, with more and more businesses moving towards cloud-based platforms for asset management. This shift is driven by the need for increased scalability, flexibility, and accessibility in managing real estate assets. With cloud-based platforms, real estate asset management professionals can now work on properties from anywhere and anytime without being confined to their offices. Cloud-based platforms have simplified asset management by leveraging cloud computing technology to streamline processes and enhance productivity. In addition, leveraging the technology businesses can also provide their clients with better digital asset management solution and faster services, which can help increase customer satisfaction and retention rates.
2.2. Blockchain Integration
Blockchain is a secure, decentralized, and transparent ledger system that enables the transfer of assets and data without intermediaries. Integrating blockchain technology into real estate asset management is a trend businesses must follow for digital asset management. However, the siloed nature of digital real estate business networks causes friction and opacity. With blockchain integration, real estate businesses get solutions to tokenize assets, increase process efficiency, reduce costs, and offer global asset distribution, ownership fractionalization, secondary market opportunities, and data accessibility. The integration further benefits in making better investment decisions, portfolio management and improve business position to compete in a rapidly changing digital landscape.
2.3. Growth of Smart Buildings
The growth of smart buildings is a prominent trend in digital real estate asset management. Smart buildings utilize IoT devices and sensors to collect data and automate tasks, resulting in improved energy efficiency, cost savings, and enhanced tenant experiences. In addition, it leads to improved occupancy rates and brings in ROI for real estate asset managers. With the potential for greater sustainability and improved tenant satisfaction, implementing smart building technology is rapidly gaining traction among real estate professionals. Furthermore, smart buildings provide real estate asset managers with valuable insights into building performance and tenant needs, enabling them to make data-driven decisions and improve operational efficiency. As a result, the trend toward smart buildings is expected to continue, with real estate asset managers increasingly adopting technologies to stay competitive and maximize overall returns.
2.4. Adoption of Virtual and Augmented Reality
The growing demand for augmented and virtual reality in the real estate industry can be attributed to the rapid adoption of advanced technology that has significantly enhanced user experiences, thereby streamlined the buying and selling process. These technologies have created a new reality for architects, builders, sellers, and buyers, ensuring cost-effectiveness, global reach, mobility, visualization of changes, construction management, and profits. Additionally, VR and AR technology facilitate remote property inspections and maintenance, thus reducing costs and saving time. However, implementing VR and AR technology comes with many challenges, including the need for specialized hardware and software and the cost of development and maintenance. Nevertheless, their potential benefits in real estate asset management make it a trend that businesses should consider implementing to remain competitive.
2.5. Expansion of Proptech Ecosystem
The rapid advancements and widespread adoption of technology have fundamentally changed people's lives and work habits, influencing their expectations for living and workspaces. As a sector that touches every aspect of daily life, the real estate industry is well-positioned to engage in cross-industry integration with sectors such as finance, medicine, education, and healthcare. The concept of prop-tech explored in this report encompasses two dimensions. The first dimension is digitalizing the real estate ecosystem, which includes digitizing business activities from land acquisition and development to real estate transactions and property asset management services. The trends in user space requirements need flexible space selection, user-experience-tailored space, cutting-edge information practices, innovative exposure, and customized solutions that are closely connected to people.
3.Why should Businesses Implement Digital Asset Management Trends?
As technology revolutionizes every industry, staying up-to-date with the latest trends is crucial to achieve success. Similarly, implementing digital asset management trends is about staying relevant, competitive, innovative and meeting the demands of a modern and tech-savvy customer segment.
3.1. Improved Customer Experience
Adopting digital asset management trends in real estate can significantly improve customer experience. Businesses must offer fast and easy access to their assets, resulting in faster decision-making and increased satisfaction. Enhanced search capabilities make it easier for customers to find what they need, while personalized content based on their preferences and past interactions leads to better engagement and satisfaction. A user-centric approach helps businesses tailor their digital assets to meet customers' unique needs and expectations, improving customer loyalty and increasing revenue.
3.2. Future-Proofing
In today's rapidly evolving business landscape, it is critical for companies in the real estate industry to remain agile and adaptable to stay relevant and competitive. By implementing digital asset management trends, businesses can future-proof their operations and ensure their longevity in the market. It means staying up-to-date with the latest technological advancements and continuously adapting to meet changing consumer demands. In addition, digital asset management allows for greater flexibility and scalability in business operations, providing a strong foundation for growth and expansion.
3.3. Better Brand Management
Digital asset management can considerably improve brand management in the real estate industry. By providing a central repository of brand assets such as logos, images, and marketing materials, businesses can maintain consistency across different platforms and avoid inconsistencies in branding. In addition, with easy access to the latest version of assets, all organization members can ensure that the correct branding materials are being used. It further helps businesses maintain a strong brand identity and avoid confusion or misrepresentation of their brand.
3.4. Improved Collaboration
With a central location for teams to access and share files, digital asset management trends help streamline the process, workflows and facilitate collaboration within teams. In addition, collaborative tools like version control and commenting features allow team members to work together more efficiently and effectively while ensuring accessibility to real-time information. With digital asset management, businesses can enhance team collaboration, improve project outcomes, increase innovation, and better business results.
3.5. Cost Savings
Businesses in a highly competitive market continually look for ways to improve efficiency and cost cutting. Therefore, adopting digital asset management trends can be highly beneficial, as it provides a more effective and economical means of managing and disseminating digital assets. In addition, business processes can be streamlined, identical tasks are eliminated, and unnecessary third-party solutions can be avoided with the help of a centralized digital asset management system. Moreover, digital asset management can improve security by providing controlled access to assets and reducing the risk of unauthorized use or distribution.
4. Conclusion
Digital real estate asset management trends help occupy better physical asset value through digital transformations, data analytics, and operational efficiencies. Traditional real estate companies are challenged to think like digital or technology-based asset management companies that help link service delivery and value to revenue. With the potential growth of digital asset management for real estate businesses, it is time for companies to shift from just space providers to service partners and tenant providers.
Adopting software solutions and new trends in real estate asset management offers many benefits, including improved customer experience, future-proofing, digital transformation, better brand management, collaboration, and cost savings. In addition, integrating technologies like artificial intelligence, machine learning, and blockchain can further enhance the efficiency and effectiveness of digital asset management.
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Real Estate Technology, Asset Management
Article | May 10, 2023
Explore the potential of data-driven real estate in optimizing asset management and revolutionizing strategies. Learn how advanced technology is changing the future of real estate asset management.
Contents
1. Importance of Data-driven Decision Making in Asset Management
2. Overcoming Difficulties to become Data-driven Real Estate Business
2.1 Availability of Data and Connectivity
2.2 Implementation of a Structured and Agile Development Process
2.3 Accelerating Speed and Reducing Costs
3. Benefits of Data-driven Real Estate Asset Management
3.1 Increased Efficiency and Cost Savings
3.2 Improved Tenant Satisfaction and Retention
3.3 Better Risk Management and Decision-making
3.4 Increased asset value and profitability
4. Data-driven Asset Management Solutions
4.1 Property Management Solutions Providers
4.2 Digital Asset Management Solutions Providers
4.3 Project Portfolio Management Solutions Providers
5. Emerging Data-driven Asset Management Patterns
1. Importance of Data-driven Decision Making in Asset Management
Real estate asset management is a complex and competitive industry, presenting challenges for asset managers and portfolio managers. Gathering and analyzing information provides valuable insights for data-driven decision making, impacting the success of real estate investments.
Decision-making through insights allows real estate asset managers, as well as portfolio managers, to identify trends for the future of digital real estate asset management, make accurate predictions, and forecast future outcomes. For example, data analytics can provide insights related to occupancy rates, rent growth, and lease renewals, which further helps in strategic decision-making for the future.
2. Overcoming Difficulties to Become Data-driven Real Estate Business
Corporate real estate asset management requires strategic planning and informed decision-making. Utilizing data-driven approaches, valuable insights into commercial property performance can be gained, leading to optimized operations, reduced costs, and increased profits. However, implementing a data-driven approach comes with its own set of challenges. Therefore, executives and managers in the real estate industry need to understand how to overcome these difficulties and successfully transform their businesses through data-driven operations. Key challenges the businesses must address include data availability, structured processes, and cost efficiency, all of which are essential for improving the effectiveness of asset management in the long run.
2.1 Availability of Data and Connectivity
Reliable data availability is a significant challenge in data-driven decision-making for real estate businesses, as the data generated is often fragmented and siloed across different departments. To overcome this challenge, businesses must invest in technology cloud-based platforms, APIs, and data warehouses to enable seamless data integration and connectivity across the organization. In addition, organizations must consider implementing an integrated data management system to analyze data from multiple sources, providing the decision-makers with a comprehensive view of the organization's performance.
2.2 Implementation of a Structured and Agile Development Process
For businesses adopting a data-driven methodology, implementing a structured and agile development process is a major challenge. A data-driven approach requires a planned data collection, analysis, and decision-making process. At the same time, the process needs to be adaptable to the changing market conditions and business requirements. To overcome this challenge, businesses must establish a formal process for data-driven decision-making, including clear roles and responsibilities, data governance policies, regular reporting and analysis. This can be achieved by leveraging agile methodologies, DevOps practices, and automation tools.
2.3 Accelerating Speed and Reducing Costs
Speed and cost reduction are critical challenges for real estate businesses that operate in a highly-competitive market Data-driven decision-making is time-consuming and expensive, demanding executives and managers to invest in tools that can automate the data analysis and decision-making process. It includes implementing artificial intelligence and machine learning algorithms to rapidly process large amounts of data and provide real-time insights to facilitate informed decision-making.
3. Benefits of Data-driven Real Estate Asset Management
Data-driven real estate asset management has the potential to revolutionize the way real estate businesses operate. Businesses will be able to unlock valuable insights to enhance overall operations and drive innovation by leveraging asset management tools and techniques.
3.1 Increased Efficiency and Cost Savings
Data-driven commercial real estate asset management services offer businesses a powerful tool for increasing efficiency. Businesses must automate their manual processes and optimize workflows to increase productivity by leveraging real estate automation tools. It will save time, money and improve the overall quality of service provided to tenants, leading to higher tenant satisfaction rates. Additionally, data-driven decision-making help businesses identify areas to reduce unnecessary expenses, like energy consumption or maintenance costs.
3.2 Improved Tenant Satisfaction and Retention
Real estate businesses understand tenants better and improve satisfaction as well as retention rates by managing assets using data-driven methods. By analyzing demographics, behavior, and preferences data, businesses can determine tenants' needs regarding property and make informed decisions to improve services and tailor offerings accordingly. In addition, it leads to higher satisfaction rates and helps companies to retain tenants, which is crucial for long-term success in the real estate industry.
3.3 Better Risk Management and Decision-making
Real estate enterprises can make more informed decisions and better manage risks with data-driven asset management. Businesses must use real estate data analytics tools to examine property performance, identify potential opportunities and risks. It improves the accuracy and reliability of their decision-making process and helps mitigate risks more effectively. Furthermore, by incorporating predictive analytics in the real estate decision-making process, businesses can anticipate future trends and proactively take measures to address potential issues before they occur.
3.4 Increased Asset Value and Profitability
Data-driven real estate asset management help businesses improve the value and profitability of assets. Business intelligence in real estate helps interpret property management data. In addition, businesses can identify areas for improvement, like cost savings or increasing rental rates. It can result in improved asset value, leading to higher profitability. Furthermore, by analyzing data on market trends of real estate asset management and tenant behavior, businesses can also identify potential areas for investment, leading to increased profitability in the long run.
4. Data-driven Asset Management Solutions
Data-driven asset management solutions help real estate businesses manage assets more efficiently and effectively. With data analytics, businesses will be able to streamline their operations, make better-informed decisions, and increase asset value. Ultimately, it will result in overcoming the difficulties in managing the assets and improving the portfolio performance. With the help of advanced technology and automation tools, one can stay ahead of the curve in the highly competitive market and achieve business objectives effectively.
4.1 Property Management Solutions Providers
TenantCloud
TenantCloud is a cloud-based property management solution provider that offers comprehensive tools and features for real estate businesses to manage their assets efficiently. Its property management software enables real estate executives and asset managers to automate their workflow, increase efficiency, and reduce costs by centralizing and streamlining their property management processes. Its platform provides real-time visibility into property performance, tenant behavior, and rental income, allowing businesses to make data-driven decisions and identify opportunities for growth. Its online portal also allows tenants to submit maintenance requests, pay rent online, and communicate with property managers seamlessly.
London Computer Systems
London Computer Systems (LCS) is a leading real estate asset management service provider established in 1987. Its flagship product, Rent Manager, is a Property Management Software that offers a comprehensive solution for property management, including integrated accounting, contact management, work orders, and marketing solutions. LCS offers Net Dial Tone VoIP telephone systems, enterprise-level hosting solutions, network design and support services, and custom website development. With its customer-focused approach and advanced technology, The company streamlines operations by eliminating the need for multiple programs and driving innovation in the real estate industry.
DoorLoop
DoorLoop is a cloud-based property management software that specializes in real estate software, commercial real estate PMS, and residential property management software. Its solutions offer a range of features, including lease management, rent collection, maintenance requests, accounting, and reporting. With DoorLoop, managers and executives in real estate businesses can easily manage their properties and tenants from a single platform, improving efficiency and streamlining processes.
Guesty
Guesty is an end-to-end property management solution provider that offers a comprehensive platform for managing short-term rental properties. Its features include multi-calendar management, automated messaging, dynamic pricing, guest communication, and channel management. With Guesty's intuitive and user-friendly dashboard, real estate businesses can easily manage their properties anywhere. Its innovative solutions help businesses stay ahead of the competition, enhance their efficiency, and drive growth in the real estate industry.
4.2 Digital Asset Management Solutions Providers
Canto
Canto is one of the leading digital asset management solution providers for visual communications to help real estate companies of all sizes. Established in 1990, Canto is one of the digital asset management industry pioneers. 2,500+ customers leverage Canto’s software to organize, find and share videos and images that helps to work faster and build a brand in this evolving digital ecosystem of real estate businesses.
Bynder
Bynder is a digital asset management solution provider that is a centralized platform for managing all marketing and creative assets. Its features include asset organization and categorization, asset distribution and sharing, digital rights management, and analytics. Its solution enables real estate businesses to streamline their asset management workflows, collaborate more efficiently, as well as reduce the time and resources required to manage their digital assets. Bynder also integrates with other software tools, such as Adobe Creative Cloud, WordPress, and Salesforce, allowing seamless workflow integration.
Aprimo
Aprimo is a marketing operations platform provider that offers digital asset management, marketing resource management, and campaign management solutions. Businesses will be able to streamline marketing process workflows using the centralized platform. Aprimo's features include digital asset management, workflow automation, project management, budget tracking, and marketing performance analytics. With the company’s centralized platform, real estate businesses can optimize their marketing operations and drive innovation. The platform also enables businesses to collaborate on projects and measure the impact of marketing campaigns, leading to increased efficiency.
4.3 Project Portfolio Management Solutions Providers
ClickUp
ClickUp is an all-in-one productivity platform that offers a wide range of features, including task management, time tracking, calendars, and project reporting. Enterprises utilize the platform for creating Gantt charts, and tasks, tracking time, and reporting to stay on top of their projects and meet deadlines. The company enables effective project portfolio management, playing a crucial role in real estate asset management by helping businesses streamline their operations, optimize resources, reduce costs, mitigate risks, and drive innovation. Organizations can leverage this solution to ensure the effective delivery of projects, maintain alignment with strategic objectives, and ultimately achieve better outcomes for their real estate assets.
Saviom Software
Saviom Software provides futuristic resource management and workforce planning solutions that help real estate businesses optimize project portfolio resources, schedules, and budgets. Its solution offers features such as capacity planning, project scheduling, forecasting, and resource allocation, which are crucial for effective real estate asset and project portfolio management. It benefits real estate industry professionals by providing extensive features to improve project delivery times, resource utilization, and cost management. In addition, it enables real estate organizations to enhance team collaboration, automate manual processes, and reduce administrative burdens, leading to greater efficiency and profitability.
Octalsoft
Octalsoft is a project portfolio management solution provider that offers a comprehensive suite of tools to manage real estate assets efficiently. Its features include project planning, resource management, budgeting, and risk analysis. In addition, its project and portfolio management solution offers robust reporting and analytics capabilities, providing insights into project performance and identifying areas for improvement. By streamlining project management processes, Octalsoft's project and portfolio management solution drives innovation by allowing real estate asset management companies to focus on high-value activities and drive better outcomes.
5. Emerging Data-driven Asset Management Patterns
Data-driven asset management is essential in the real estate industry, allowing businesses to optimize efficiency, improve tenant satisfaction, manage risks, and increase asset value and profitability. The emerging data-driven asset management patterns discussed showcase how businesses can leverage technology and data analytics to drive innovation. The variety of solutions offered by project portfolio management, property management, and digital asset management solution providers enable real estate businesses to streamline processes, increase collaboration, and make data-driven decisions. Investing in these solutions will help real estate businesses to remain competitive and achieve long-term success.
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Real Estate Technology
Article | July 25, 2022
Spring is here, and with it comes home buying season. If you’re in real estate, it’s about to get really interesting. There are also some unique challenges you and your buyers might be confronting in the market now. Let’s get to what you need to know.
The housing market has been red-hot for quite a while now. Sales for both new and existing homes have been on an absolute tear. But last month, both of these metrics took a step back.
One likely reason for this is no doubt a moderate increase in mortgage rates. However, it seems to me we talk about that enough. Today, we would like to spotlight another factor causing issues in the housing market and possibly even delaying construction of homes in some areas.
There’s a real shortage of the necessary materials for constructing and renovating homes at this point. According to a December report from the U.S. Chamber of Commerce, 71% of builders were facing a shortage of at least one material.
That means the houses that were being built in December that may just be getting ready to come on the market now may either be delayed or come with higher prices. The material most in demand was lumber, with 31% of contractors experiencing a shortage.
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Real Estate Technology
Article | July 25, 2022
Real estate technology has revolutionized the real estate business. Most real estate developers today use technology to meet the needs of customers who are becoming more knowledgeable, give them the best service possible, and remain competitive.
Real estate agents are turning to Customer Relationship Management (CRM) software to manage all communication and interactions with customers and prospects and improve operational efficiencies.
What is a real estate CRM? A quick glance
A CRM system for real estate is a system that helps manage all communications with leads and clients. It functions as an online database, allowing you to manage your contacts while saving time and effort on manual data entry. Email and text messaging, lead tracking tools, and click-to-call capabilities are some of the key features you will find in the top real estate CRM.
A productive realtor must multitask, including keeping the database of clients, locating properties, communicating with clients, using websites and social media platforms to advertise and communicate with new clients, etc. This is where a CRM software plays a critical role because time is money and CRM software allows saving a considerable amount of time, minimizes effort and resources by sales automation, inventory management, automating contacts, managing customer interactions, and performing other data operations.
Before selecting a comprehensive CRM solution for your real estate business, you should consider a few key aspects and features
Sales process automation
Manage your sales pipeline with end-to-end sales automation features that let your sales team focus on tasks that bring in more money while routine tasks are automated.
Inventory Management Platform
A cloud-based dedicated digital inventory management can let you remotely manage vast quantities of inventory across various projects, buildings, floors, and units. You can use the automation feature to organize and sort a large amount of real estate inventory, as well as to ensure that inventory is selected based on the buyer persona and criteria.
List management
Your CRM should allow you to personalize your data in order to generate lists based on transactions, dates, offers, events, and incentives
Automate tasks and workflow
Realtors must be able to quickly respond to property queries without having to browse through their inboxes. Once a client interacts with an agent, the system initiates real-time push alerts, sends follow-up emails or texts, manages calendars, and enables the customer to select other preferred contact channels
Post sales automation
Using CRM, the sales team could maintain customized payment schedules based on projects, send automated payment reminders, handle inventory payments, create and share documents online relating to bookings.
Seamless cross-platform accessibility
The CRM software must provide cloud access in addition to phone, desktop, and any smart device. Compatibility with other platforms — compatibility with products like as Microsoft Office and Google Docs is of tremendous assistance, so include it to your list of must-haves. In addition, ensure that the system is user-friendly for individuals who may lack technological expertise.
Feedback and reporting
The core of your company's success is gathering client feedback. A software that provides insights into your data through centralized reporting and real-time client feedback is ideal for making quick decisions that help you improve sales and boost customer engagement and retention
Scalability
Scalability is another factor to consider; will you have the flexibility to simply add users as your business grows? You need a CRM platform that is versatile and reliable, able to handle ever-growing business operational efficiencies and not suffer from regular system downtimes, lags and data losses.
Conclusion
Whether you are a seasoned realtor or a newcomer, investing in CRM software that provides you with a variety of options for time-and cost-efficient customer data management has become critical. Despite the wide variety of CRM options available on the market, the most important thing is to find the one that is best suited to your specific real estate needs. Once you know what you want, you'll be able to make better decisions about your real estate business.
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