2018 in PropTech: Insightful Stats
Actionable information you must know to drive operational excellence in 2019
2018 has been a big year for PropTech. As the year comes to a close, we’re taking a look back at some of the year’s more powerful – and insightful statistics, in order to help you inform future operational decisions and enter the world of innovative real estate tech and AI in 2019.
Namely, what you need to know to more efficiently manage your facilities, improve the tenant experience, retain more tenants and boost your revenues – in a nutshell.
2018 in PropTech, here we go.
1. Maintaining high tenant satisfaction is top priority for 97% of facility and real estate managers.
The modern tenant desires more than a space to call home (or work) from any real estate facility. They seek a full-service property, one capable of anticipating and meeting their every structural, aesthetic, maintenance and digital need. For landlords, that means investing in PropTech to obtain actionable data on their facilities, and acting on analyzed data to improve the end-user experience through the implementation of competitive differentiators, such as rent tracking, maintenance processes optimization, collaborative consumption optimization and more.
2. 61% of property companies believe a tech investment today will positively impact their revenues for years to come
While 68% of property companies are willing to try new and innovative tech products to help manage their facilities, 30% remain on the fence, preferring to wait until the tech is market proven. That being said, over 57% believe that adopting tech will provide their facilities with added value. In a nutshell, PropTech is viewed as instrumental to facilities’ success, though its implementation is still in its infancy. To get ahead of the competition and provide a superior tenant experience in the here-and-now, the need to invest in PropTech far outweighs concerns over new technology’s proven success and should be acted upon as soon as possible.
3. Most real estate facilities still manage nearly $24 trillion in assets using disconnected systems and printed spreadsheets.
Despite significant innovations in the fields of machine learning, artificial intelligence and data analysis, CRE industry players are only beginning to understand the need for the wealth of available data to be seamlessly and continuously translated into smarter decision making using the latest technological advances.The aggregation of existing data from multiple disconnected systems and organization is possible today thanks to machine learning algorithms and should be harnessed to prevent issues, predict future trends and understand previously hidden facility pitfalls. Doing so will boost operational efficiency and increase returns across the entire CRE ecosystem.
4 Real-time analysis & notifications are needed to prevent a 25% failure to deploy PropTech applications
The real estate industry has learned that PropTech, including AI and IoT, is needed to drive operational success. This year, the industry further learned that for IoT to realize its full potential, all that data from smart sensors and devices needs to be analyzed and communicated with relevant personnel, in real-time, to prevent and correct errors, maintain buildings and keep operations running smoothly. Advanced, intelligent and real-time information processing, analytics and notification must be adopted as core competencies in the digital era – without it, facility maintenance applications will fail.
5. Implementing PropTech in CRE facilities has been found to correlate with and 81% improvement in retention through enhanced facility performance.
AI-based PropTech seamlessly and intuitively connects various facility personnel with the data they need to effectively communicate and deliver superior management results, while reducing the stress of daily operations; measurable internal benefits that together contribute to a more productive work environment and provide added value to all those who come into contact with the facility. This added value encourages tenant retention, as they have no need to search for other places of business to rent.
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