Why PropTech Success Depends on Unification of All Your Property Data 

61% of real estate businesses use one or more technology tools to conduct operations. Additionally, 69% consider technology to be a high-priority, strategic plan. 

No wonder the real estate industry is adopting tech at a high rate. However, not all businesses are able to leverage technology to improve productivity or efficiency. 

The problem lies in the use of several fragmented tools to manage properties. You can have a CRM, property management software, and accounting tool that doesn’t talk to each other. As a result, you aren’t able to create a single source of truth. Let’s explore why you should bring all your property data under one roof to get the best returns from your proptech investments. 

Property managers have always been worried about high energy costs. The cause for concern is justified, as commercial buildings consume 35% of the USA’s total electricity. In addition, they produce 826 million metric tons of carbon dioxide emissions. 

Real estate agencies nowadays use sensors to monitor energy consumptions and the systems of a building. However, the data collected by sensors don’t always reach property managers. Instead, they sit with the vendors due to the fragmented nature of the industry. It is possible to reduce energy consumption and emissions by connecting your sensors to a WiFi-enabled smart thermostat. However, you will need to ensure the free flow of data between the systems to achieve your task. 

As a result, unifying data is the first step towards sustainability and cutting costs. 

The need for safe working or residential environment is a high priority today. People are now more cautious about their health, especially since the pandemic. 

Technology plays a big role in bringing about a safe environment for your occupants. However, you need to know which path to take to attain the best outcome. 

The way ahead is to integrate data from disparate sources. You will then be able to use a data analysis tool to spot patterns and trends. 

Additionally, it will allow you to leverage the power of analytics and form deep insights. As a result, you will make more informed decisions and gain a competitive edge in the market. Moreover, research shows 66% of people account for sustainability while buying something. Therefore, you can even experience an increase in leads and sales. 

Understanding the value of your property is a crucial part of a real estate business. However, you have to take into account several factors to predict any property’s value. The list includes a broad range of items, from your capital to buildings. 

The task can get pretty challenging and lead to inaccurate forecasts. Surely, that is something every realtor wants to avoid. Today, many real estate agencies use software to predict the value of a property. These tools analyze data and use machine learning algorithms to predict accurately. 

However, that is only possible when you supply your software with complete data. That includes existing data on your capital, revenues, buildings, expenses, and lease pipeline. You need to integrate all data and supply it to your software to make accurate predictions. 

As noted above, many real estate agencies use a range of disconnected tools. As a result, they have to deal with a huge volume of disparate data that have no use. 

Therefore, you have to involve manual labor to make use of the data. Let’s say you have expense management software for your buildings. In addition, you use another accounting tool to maintain your books. 

Now, you have to enter data manually from one tool to another one to achieve interoperability. That wastes several productive hours and keeps your employees busy.  However, it is possible to integrate all such tools to unify data. You can try several ways like APIs or an integration platform to bring all your apps together. 

The process will help you have a single source of truth and give access to real-time data. Additionally, 80% of companies agree data integration is essential for existing operations. So, you may even be able to improve operational efficiency. 

Maintenance often becomes a headache for property managers. You have to keep an eye on several building components like HVAC and plumbing. Thankfully, technology is here to ease a part of the process and monitor your systems automatically.  

You can now use sensors to monitor the health of your systems like HVAC. Likewise, you can use sensors for different building components and processes, like measuring indoor air quality. Now, the different sets of data are not very useful by themselves. However, you can combine them to form a single database and improve your maintenance. How is that possible? 

You will be able to monitor every aspect of your building from a single interface. Additionally, you can leverage real-time data from different sensors along with historic data. As a result, you can gain a deeper understanding of how your buildings perform and when they can break down. This will lead to proactive maintenance and reduction of costs in the long run. 

Real estate agencies can take different approaches to create a single source of truth. Assetsoft can be your guide and help you unify your data and technologies. We can assist you in choosing the right tools for your business and even implement everything. 

Additionally, we can help you make the most of proptech and take advantage of automation, IoT, and more. We can play a significant role in your digital transformation and take your business to a new level. Contact us today to know more about our services. You can also give us a call to discuss your requirements.