Real Estate Technology, Asset Management
Article | May 30, 2023
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 Investment, Asset Management
Article | May 5, 2023
Search online for real estate investment strategies, and you’ll be overwhelmed with the information overload that hits you. Self-proclaimed experts, gurus, and never before heard of writers (because everyone has a book these days) keep posting hordes of stuff regarding where you should focus your efforts and what you should put your money into. Read a few of these sources, and you’ll see that most of the stuff is the same. It’s very unusual to find ideas that are starkly different online. Head to the store and buy books on investment strategies. Though definitely not to-the-point and instead highly detailed, once you finish reading, you will find yourself at the same spot you were before. Countless case studies, multiple options, a lot of theory, and no practical application! Don’t fret. My article today isn’t going to give you 10 more real estate investment strategies.
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Real Estate Technology
Article | July 25, 2022
More than just reducing carbon emissions from building operations will be required to decarbonize cities.
As communities commit to ambitious net zero objectives, the most forward-thinking are increasingly thinking about how to better plan building lifecycles, from construction through maintenance and, eventually, destruction.
The real estate business generates the most garbage in the world. Construction and demolition trash accounts for around one-third of total garbage in the EU and nearly 40% of solid waste in the US.
If cities want to attain a net zero future, this must alter soon. This is why circular economy philosophy, which strives to minimize waste, is gaining traction. It has far-reaching implications for decarbonizing cities because it considers whole-life emissions - the carbon emitted from the production and transportation of goods all the way to their usage and disposal.
However, this is only a portion of the solution. For example, in North America and Europe, almost 80% of buildings that will be in use in 2050 already exist today and will fall significantly short of future carbon reduction objectives. However, demolishing an old structure in order to construct a new, greener structure is not a viable strategy.
Regulations On the Horizon
Incoming rules in large cities are increasingly on developers' minds. By 2030, Amsterdam will have cut its usage of new raw materials in half, on its way to being totally circular by 2050.
Los Angeles aims to be the largest city in the United States to reach zero waste by 2025, with a 90% garbage diversion rate, while Melbourne is likewise on a similar path.
With Design for Reuse Principles, Paris is paving the path for 50% of building projects to send no trash to landfill by 2030. These urge developers to focus on facilities that can support several purposes over time - residences, workplaces, hotels - without requiring large modifications or improvements. By 2030, 30% of its office stock will be required to be flexible.
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Home and Design
Article | August 26, 2021
Considering a remodeling project? Before getting started, establish a list of return on investment (ROI) goals, because not all home improvements are created equal. Some add value to the home that can be recouped when selling, while others may be nice to have but are unlikely to raise the home's asking price. Anyone who wants to focus on home improvements that will pay for themselves when selling the home should know which projects to avoid. Read on to learn about three home improvement projects with a strong return on investment.
Upgraded Landscaping
For homeowners looking for a better price when they sell, it's hard to go wrong with landscaping. This is one of the few home improvements that typically yields a positive return when selling the home. On average, homeowners can recoup 150% of what they spend updating a home's landscaping.
Since curb appeal is a huge factor in selling a home, choose improvements that can be seen from the road for the best return. Resodding or reseeding a lawn is a project that typically provides good returns. In an arid climate like Nevada, consider landscaping with native plants, xeriscaping, and other eco-friendly desert landscaping options to reduce water usage and maintenance requirements.
Adding new trees to the landscaping can pay off now and at the time of sale. Trees provide shade and natural cooling, which can take a chunk out of power bills. When selling, trees add between $1,000 and $10,000 to the selling price of a home.
Creating a Dazzling Entryway
Continue the strong first impression by creating a welcoming space in the entryway of the home. Upgrading to manufactured stone veneer has a return on investment of around 96%. The improvement is relatively simple but makes the front door and the surrounding area more dramatic.
Even small improvements can have a big impact. Upgrade to a metal door or one with small windows that let in additional light. Find upgraded house numbers that are visually appealing and easy to see. This often costs less than $100 but can improve the look and feel of the entry area and practically pay for itself when it's time to sell.
Minor Kitchen Remodeling
The kitchen is the heart of the home. This is the room that is one of the top choices for home improvement projects. However, contrary to what one might expect, huge kitchen overhauls don't always yield a high ROI. In fact, less costly improvements typically have a better payoff. Small projects that can dramatically improve a kitchen include:
Repainting
Refacing the cabinets and adding updated hardware
Replacing countertops
Upgrading to more energy-efficient appliances
Choosing more energy-efficient appliances is an upgrade that can start repaying itself right away. Other improvements are likely to increase the price of the home when it sells. However, on average, kitchen remodeling projects only bring in 77% of their cost when it's time to sell. Because of this, homeowners should focus on upgrades that improve their quality of life and what they are likely to get back for their investment.
Some common mistakes can reduce what a homeowner will get back from a kitchen remodeling project. Investing large amounts of money on items that will need to be replaced again in a few years is unlikely to provide a positive return. Choosing items that are too high-end can cause them to clash with the look and feel of the rest of the home, which could turn buyers off.
Improve Daily Life and ROI With These Home Improvement Projects
Most home improvement projects do not pay for themselves in full when selling the home. Rather, they are changes that make the home worth more to the owner now, that have the bonus of a price increase when you sell the home. The right home improvement project can make any house feel like a new construction home.
Homeowners should look to areas that will give them the most mileage when picking updates for their homes. For instance, old kitchen cabinets can make the room feel dull and uninviting. Refacing with a bright new finish can make the kitchen feel like a brand-new room. Adding low-maintenance shrubs to the front yard adds visual interest that can be enjoyed right away. Projects that require special permits could raise questions during a home inspection and potentially reduce the home's value—but properly permitted additions may let homeowners list a home with an extra bedroom or bathroom.
Choose the updates that will provide the most meaningful benefits, both now and at the time of sale. By making the home inviting and attractive, sellers are more likely to be able to name their dream price.
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