When real estate professionals are busy trying to attract new tenants or retain current ones, critical tasks like property valuations and building maintenance and operations can get lost in the shuffle. Fortunately, property technology (proptech) has emerged to help pick up some of the slack, Jeffrey Steele recently wrote for Forbes.
“The advances in applying data science and machine learning to real estate in the past few years have been significant, and the benefits they offer the industry are amplified in an uncertain economy,” Christopher Yip, partner in real estate venture capital firm RET Ventures told Forbes. “As interest rates climb and the consumer economy weakens, the ability for acquisitions and development teams to evaluate potential investments carefully is critical.
“Today’s real estate tech stack enables them to get income, migration and other demographic information in nearly real time. In addition, leveraging data and automation to more efficiently manage and operate existing assets is increasingly critical. Firms looking to maintain their competitive advantage will utilize the most compelling technologies to do so. And the providers of these technologies are poised to thrive in the near future.”
Markerr provides insights about supply and demand catalysts in specific areas. People looking to acquire property can use this this solution to find current information regarding rents, residents’ salaries, population figures, crime and more to help them make a more informed decision.
Meanwhile, Engrain, an asset intelligence software solution, offers CRE professionals a critical view of their property on top of a map of the area, Forbes reports. The solution allows interested parties to better understand vacancy and rental rates, as well as other key information within a building’s physical layout. Having this information on hand allows CRE professionals to note any patterns that can help them adjust their pricing and leasing strategies.
“For asset management teams, the ability to analyze key property metrics in the context of a property floorplan or stacking plan has proven extremely valuable, and a growing number of our clients have been utilizing that functionality,” Engrain CEO Brent Steiner told Forbes. “Data is important for the successful operations of any business, but when the economy turns, maximizing the insight gleaned from the data you already have becomes a true imperative.”
PassiveLogic meanwhile offers a product that pulls all of a physical building’s sensors and equipment into a physics-based digital twin. The solution then shows simulations that lay out how a property’s various parts would interact with one another to help save energy.
“Buildings are the largest driver of climate change and represent roughly a quarter of global GDP activity,” PassiveLogic CEO Troy Harvey told Forbes. “PassiveLogic’s developments in generative AI and autonomous buildings technology are at the center point of how we address adaptive buildings, declining availability of trained labor, operational efficiency and growing climate requirements.”
