As real estate owners and operators seek to navigate the choppy waters of the post-pandemic market, many are turning to technology. In particular, data and analytics technologies are seeing increased demand from companies looking for fast access to insights and intelligence that can help inform decision making.
Peter Bredthauer of PRODA, Ikenna Nweke of Office App, and Richard Henshall of Recognyte, set out the case for embracing data technology in real estate.
Richard Henshall, CEO of Recognyte
“All too often, you see bankers, investors and owners in the real estate community making decisions using inefficient and bad data. In most cases, maximising intelligence entails sifting through a wealth of PDF documents, spreadsheets and websites. Even then, the process is prone to human error.
This is something we experienced first-hand at Resolute Assets Management (RAM). It was a complex endeavour to execute mandates that involved extremely large numbers of granular assets where data was incomplete and inaccurate. Borne out of this issue came our tech solution: Recognyte.
Recognyte helped us to maximise visibility, value and efficiency across the real estate lifecycle, using AI technology. At first, we used Recognyte purely for RAM clients before realising it was bigger than just us and that our technology could transform how data is used to make investment decisions. When clients started asking to license the software, we knew we were on to something.”
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Ikenna Nweke, Head of Sales, UK & Ireland, at Office App
“For us, it’s about the importance of data to help landlords and operators of buildings effectively understand tenant behaviours, wants and needs. Through our platform, operators and landlords can see how individual users are interacting with their building, meaning that they can make better, more informed asset management decisions that really cater to tenants’ needs.
Whether it’s how densely populated the building is, usage of parking facilities, or the performance of onsite retail, or numerous other touch points, our platform allows customers to gather detailed and timely intelligence. With tenants now demanding a new kind of flexibility that caters to hybrid working, this data is invaluable in helping landlords navigate evolving tenant requirements.”
Peter Bredthauer, CEO of PRODA
“Across institutional real estate, companies rely on fast access to accurate and trackable rent roll data. However, the manual process most firms use to handle rent roll data means these goals simply aren’t achievable. Instead, processing is highly inefficient and time-consuming, error prone and inaccurate, and incredibly difficult to collaborate on with other partners and stakeholders.
Technology makes rent roll data processing automation possible, enabling huge gains in efficiency and accuracy, as well as streamlining multi-partner collaboration. Our own solution reduces data processing time by 90%, for fast and efficient rent roll data handling, without the stress.
By automating capture, it’s also possible to eradicate errors that often result from processing rent roll data manually, equipping decision makers with accurate, enriched intelligence. By providing segregated access privileges to standardised rent roll data, we can also create a consistent, trackable format, to streamline collaboration between departments and companies.
Essentially, without automation, it’s impossible to power smart, collaborative, data-led decision making across real estate.”