Real estate is an industry filled with spreadsheet reports, manual processes and disparate systems. The modern office may include more smart technology, but it still faces challenges with multiple systems, inaccurate data as well as outdated thinking about the “right” data.
Having technology in place that is designed for supporting your business decision-making and being in control of operations, rather than different software designed for administrative purposes and each operating in their own silo, can create more value for your investors and leads to increased investor confidence.
Over the years, companies have invested in solutions that don’t work together, which has led to multiple applications being used to perform tasks, gather information and exchange data.
So, how can we work better and more efficiently together? Here are Yardi’s tips for better collaboration in real estate.
Disparate systems bring a range of challenges, the biggest being a lack of communication across platforms. When you need to share information, you have to copy this in an Excel sheet and email it to someone. That person then will need to open the Excel sheet, interpret the data all under the assumption that the data is complete, up-to-date and correct, which isn’t practical in this modern age and is a potential risk.
Communication is vital within asset management – how do you communicate with your service suppliers, tenants or investors? We need to move away from emails as they aren’t the most secure communication tool and there are better ways of communicating out there. Tools such as Microsoft Teams are great to start with, but it doesn’t provide a holistic view of your service suppliers, buildings or finances.
Single connected systems, such as Yardi’s Elevate Suite, include communication threads to help move you away from emails and messaging apps, allowing you to communicate within the same platform you work from. This increases efficiency, productivity and provides one source of truth for your data.
Utilising better technology will provide you with centralised communications with existing and prospective investors. You’ll be able to manage capital call and distribution notices with investors, easily send out correspondence, track activities and follow up tasks quickly, as well as enable better collaboration with new investment opportunities.
Elevate your data
Your investment decisions need to be based on data. There are many ways property technology is used to evaluate or value a property, but in the past, this was mainly based on location. In 2022, we need more information than just the location to effectively evaluate a property.
Better data enhances operational performance, helps achieve ESG targets and streamlines business operations. You need to implement an achievable data strategy and utilise the right technology platform to gain actionable insights, achieve objectives and scale your business more effectively.
As an industry, we talk about data and how important it is, but we don’t discuss why data is important or what we can do with it to make better-informed decisions. Our flawed way of thinking is based on when data wasn’t generally available and easily accessible – we would choose what we believed was relevant and ignore the rest because we were forced to limit ourselves.
Technology has provided us the tools to use platforms, such as the Yardi Commercial Suite, to access a holistic overview of your assets in one location with real-time data. It provides an enhanced experience and removes the need for manual processes, provides easier reporting and delivers one source of truth so you won’t have inconclusive results.
Connected solutions provide better collaboration across teams as property managers, asset managers, investment managers, fund managers and service providers can access the information they need without having to email multiple people. You can also manage the entire business lifecycle including operational, financial, leasing and maintenance activities, all in a single database.
Have a strategy for your data
It can be daunting to adapt or overhaul your operating model to better harness data, but with the future of real estate being online, you need to have a flexible environment that is easily scalable. Platform solutions are continuously evolving to meet the demands of the market, which is essential for facilitating growth and communication between asset owners and investors.
The way we gather, view and use data needs to change as every piece of data can be effective and help improve business decisions – but you need to have a strategy in place that understands better management decisions can be made when the available data is complete, correct and in real-time.
Single connected solutions, such as Yardi Voyager, provide accurate and transparent information that is easily accessible, brings investing partners together, enhances communication and instils investor confidence. It helps improve productivity, collaboration and delivers precise data that you need for in-depth reporting and detailed documentation.
By investing in the right technology, you can benefit from enhanced decision making and improved business performance, no matter the size of your business or goals.