Breaking Property News – 31/08/2023
Daily bite-sized proptech and property news in partnership with Proptech-X.
Property Inspect explains the importance of going from paper to data
Full disclosure, as well as being the Editor & owner of Proptech-X, I do in my other position a CEO of Proptech-PR ‘A consultancy for Proptech Founders’ have an association with Property Inspect, similarly though I have no commercial ties, and I often have the delight of meeting Andrew Knight from RICS, when we are on seminars or I am hosting events and he is a key speaker, this man is an polymath and I would warmly suggest that anyone in need of enlightenment reaches out to Andrew. The following piece was first published, in a slightly different format earlier this month.
Thought Leadership by Property Inspect.
‘There’s no denying the value of data to power the operations of forward thinking businesses. A Harvard Business review study recently revealed that companies making data-driven decisions are more profitable than their competitors. This realisation has caused the rethinking of models across the banking and insurance sectors, but commercial property companies on the whole have been slow to catch on. Speaking to Forbes, technology investor Louisa Xu picked up on this, saying that although real estate is the largest asset class in the world, “it is one of the last to adopt technology.”
However, there has been a gradual switch from using pen, paper and spreadsheets to adopting integrated property management technologies – going from documents to data. This enables the collection and analysis of commercial property data at a much more impactful scale, and, as such, data-driven technologies are being leveraged for an overall competitive advantage.
The digitalisation trend has accelerated following the pandemic, with the wider adoption of data-driven real estate technologies to address issues such as environmental, social and governance (ESG), within which sits an emphasis on sustainability and the eventual achievement of net zero. However, there are still challenges to overcome in terms of managing the change and ensuring that property professionals have the skills required to get the most out of data-enabling technologies.
In a recent RICS Tech Partner Programme Survey, it was revealed that the need to increase efficiencies across the sector, which still lags behind all other sectors, is driving the adoption of data and technology. One survey participant said that since 2020, there have effectively been two main drivers of technology and data adoption in the sector. The first is an increased level of attention on sustainability, and the second, unsurprisingly, was the impact of the COVID-19 pandemic.
In terms of digitalisation, following the pandemic, there has been widespread adoption in users preferring automated solutions. This is particularly true in commercial real estate. This increased technological adoption has occurred as a result of changes in the use of commercial spaces and the need for carrying out remote property surveys. It has meant the wider use of paperless and virtual solutions for tasks that were previously carried out in person, with a pen and a clipboard.
Addressing the opportunities and challenges of real estate digitalisation, Andrew Knight said: “The sector is in some respects, still very archaic and poor in terms of the quality of data that’s out there….data is often siloed, not particularly well structured, and not even available digitally.” This presents somewhat of a challenge, as the insights are only as good as the data. So where do we go from here?
Driving the shift towards data-driven decision making
The pace of adoption is beginning to pick up, with increased flexibility and ease of use cited among the top reasons to shift towards data-driven decision-making, with the demonstrable ROI of commercial property technologies being realised. Using Property Inspect, for example, gives property professionals access to a single source of truth, with key data being shared through the live dashboard or through our partner integrations.
As we mentioned in our company website, the role of commercial property management technology, these tools and solutions make property professionals’ work easier, safer and more transparent, leading to numerous efficiencies.
Andrew Knight has lent his voice to the topic, saying that it’s not just tech for tech’s sake, it’s because tech delivers real benefits and can be cost-effective. He said: “You can actually demonstrate that it does have a return on investment, that it saves time, and that it increases profitability. It increases your ability to win business by increasing the quality of service you can provide.” The RICS global data and tech lead also pointed out that property software integrations are vital, given that there’s no single piece of technology which allows for streamlined end-to-end commercial property management.
“There’s this requirement that these systems work together. And it’s particularly around data that can flow from one system to the next. They need to be able to pull datasets together and give that sort of single pane of glass view, depending on the context and pull [of] data from multiple systems.”
Five benefits of data-driven technology adoption
Informed decision making With access to increasingly advanced technologies, property professionals are able to make better-informed decisions. Such tools allow for the real-time monitoring of property performance, making it easier to identify necessary changes for reduced expense and improved income. The automated collection and presentation of data also affords considerable time savings, which can be put to use in the better management of commercial property assets.
Predictive maintenance Using the latest data-driven real estate solutions, one can predict the need for potentially-cost saving maintenance of equipment, facilities and other physical assets. Property Inspect makes it possible to share real-time property reports and alert team members to the need for such work, effectively limiting the risk of downtime and saving any unforeseen expenses.
Efficient resource allocation Facilities management tools also allow for the more efficient allocation of physical and intangible assets. Vital property information can be shared with investors, tenants and other stakeholders for a collective understanding of optimising commercial asset value. Efficiency is bound to improve as a result of streamlined inventory management and handling of maintenance duties.
Compliance Compliance can be ensured with real-time notifications of any changes in property legislation. Such notifications may indicate the need for change in the management of commercial properties, with continuous improvements being made for the avoidance of any legal issues down the line. It is also possible to extend the lifespan and improve the eco-friendliness of commercial assets with enhanced maintenance tracking and reporting. With the emphasis placed firmly on net zero and sustainability, this may prove valuable as these regulations evolve in the coming years.
Improved tenant experience The multiple benefits of commercial property technology combine to result in a better tenant experience. With preventative maintenance tasks being carried out, tenants can rest assured that their health and safety is treated with absolute importance. Everything from energy efficiency to property security can be monitored, with changes being made for greater levels of tenant satisfaction. This will make for higher retention rates and improved ROI.
If any of the above chimes with you, or you want to be among the switched-on generation of commercial property managers looking to achieve a competitive edge with data-driven real estate? Start with a free trial of Property Inspect today.
Fine & Country launches marketing campaign due to high consumer recommendation ranking
Fine & Country, a prominent name in the estate agency sector, is excited to announce the launch of a dynamic marketing campaign centred around its remarkable achievement as the most recommended national estate agency brand amongst consumers. The brand’s outstanding customer satisfaction has been revealed in a comprehensive analysis of YouGov data conducted by boutique marketing consultancy, unchained.marketing.
The analysis involved over 21,000 respondents and provided invaluable insights into customer sentiment within the estate agency industry as of July 2023. The scale of the survey, boasting an impressive average of 700 respondents per brand, has resulted in a profound understanding of consumer preferences and perceptions.
The Net Recommendation Score (NRS), akin to the Net Promoter Score (NPS), was formulated by calculating the percentage of respondents who would recommend a specific brand, while taking out those who wouldn’t. Fine & Country emerged as the clear leader, achieving an exceptional net recommendation score of 76%. This score stands as a robust indicator of the brand’s commitment to customer satisfaction and unwavering loyalty.
What sets this analysis apart is its resistance to manipulation or bias. Unlike some feedback platforms that can be influenced by selectively directing positive reviews while discouraging negative feedback, the analysis by unchained.marketing offers an unbiased representation of genuine customer sentiment.
“We are immensely proud of the recognition Fine & Country has received through the YouGov data analysis,” said Nicky Stevenson, Managing Director of Fine & Country. “Our customers are at the heart of everything we do, and this outstanding Net Recommendation Score reflects the hard work and dedication of our network to consistently provide exceptional service and experiences. We are excited to leverage this achievement to further elevate our brand’s reputation and connect with even more potential clients.”
The launch of this marketing campaign coincides with a pivotal moment for Fine & Country, providing an opportunity to not only celebrate its well-deserved status but also to deepen its engagement with both existing and prospective clients. The campaign will encompass a variety of mediums, showcasing the brand’s dedication to customer satisfaction, professionalism, and expertise within the property industry.
Fine & Country specialises in the sale and rental of prime residential properties. The company has offices in 300 locations around the world including in the UK, Cyprus, Ireland, Germany, Mauritius, The Channel Islands, France, Namibia, Portugal, Spain, South Africa, West Africa, Hong Kong, Australia and Hungary. Fine & Country has won Best Estate Agency Marketing and Best International Estate Agency Marketing seven times in the past 10 years at the International Property Awards.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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