Data is the New Oil for Commercial Real Estate Professionals

Data is the new oil for commercial real estate professionals, changing how we purchase, sell, lease, and manage property. But is your company set up to make the most of its reserves? Modern landlords are adopting technology such as real estate Business Intelligence (BI) to harness the value of their data, quickly display portfolio data, and drive a range of business choices.

Without a BI platform, you may struggle to make sense of your unlimited portfolio data to make these important choices, and your valuable resource may be squandered.

So, what exactly is business intelligence in real estate?

Real estate business intelligence tools enable you to use your data better and operate more deliberately – and intelligently. BI solutions analyze your data and then graphically show it to you in the form of charts, graphs, and reports, allowing you to spot patterns throughout your portfolio readily – leasing spread, industry exposure, effective net rents, future lease roll, and so on — and where you need to act.

This kind of technology is not new. For years, other sectors, such as banking, have had access to business intelligence – and the vital insights it provides. Unfortunately, solutions tailored to the commercial real estate market have always trailed behind.

Why is business intelligence required in commercial real estate?

Fortunately, property technology, or PropTech, has progressed rapidly during the last decade. As part of this trend, new BI services for leasing and asset management professionals that cater to their specific business requirements have arisen. Because of these advancements, you may now join the ranks of experts who are currently delving into their data to:

•     Proactively identify and reduce hazards
•     Develop actionable tactics
•     Understand how to promote the most lucrative items.

Despite this, you've developed a profitable commercial real estate business without using technology like this. So why do you need it now?

Imagine viewing a single dashboard (or having alerts forwarded to your mailbox!) each morning that provided a complete picture of your whole portfolio. You can accomplish precisely that with a commercial real estate BI platform and quickly monitor your vacancy rates, transaction updates, leasing spread, industry exposure, effective net rents, future lease roll, and more.

Even better, you can access this data from your mailbox on your smartphone and share it with members of your team, investors, or other stakeholders with the touch of a button.

And, since all of your portfolio data is input in real-time, monitoring how changes to your strategy affect performance is simple. Doesn't it sound lovely? Modern leasing and asset managers, on the other hand, are already leveraging business intelligence to visualize and answer the following critical business questions:

•     How is my team doing in terms of completing business throughout the portfolio?
•     How effective is our leasing procedure? Where are the bottlenecks located?
•     Why are we losing business?
•     Are the places we're promoting in line with market demand?
•     Are we in danger of falling short of our revenue expectations due to lease rollover?

You've got your company to where it is now, but BI solutions have given you a whole new set of tools to help you comprehend what your data means — and make smarter business choices that have a genuine bottom-line effect.

What to look for in a business intelligence platform for real estate.

Now that we've convinced you of the need for business intelligence, you should establish a list of the characteristics you want before looking at prospective platforms. This allows you and your team to assess choices objectively and get up and running on the best platform as soon as feasible. Here are some characteristics to look for in your new business intelligence technology:

•     The KPIs are relevant to your business: Not all business intelligence tools are made equal — or with commercial real estate in mind. The best solution will be developed around the metrics you're currently monitoring rather than generic data that must be customized.
•     You may set up automatic notifications for the most important things: The right platform will notify you of vital information and company indicators in real-time, allowing you to adjust your plan or examine for opportunities and risk concerns.
•     You may get frequent reports sent directly to your inbox: With the right technology, you can set a regular cycle of reports to be sent straight to your email in seconds.
•     It interacts easily with your existing solutions: Otherwise, the data you may include in your business intelligence visualizations would be constrained, reducing the veracity of your insights and your capacity to have significant business effects.

Business intelligence is the key to superior portfolio insights.

You can take action on your portfolio data and uplevel your company with simple insights. And now, a solution is designed by and for the most prominent business landlords. VTS puts business information at your fingertips, wherever you are.