You’ve read the headlines about the transformational power of data and its future-proofing potential. However, the majority of conversations around data are about its impact on the future of real estate — not the present. Discover how you can use your data to make impactful leasing and asset management decisions today, not in five years time.
Author: Ryan Masiello, Co-founder & Chief Strategy Officer, VTS
You’ve heard the phrase “data is the new oil” and read the headlines about its transformational power and future-proofing potential. However, the industry’s focus on the future is impacting its ability to act today. The majority of conversations around data are discussed in terms of the potential benefits impacting the future of real estate — not the present.
Once captured, organised, and standardised by commercial real estate technologies, data is a powerful business asset that provides actionable insights to drive strategic decisions. And the best part? This data can be deployed now with immediate effect. To demonstrate, let’s walk through two interesting applications: hitting revenue targets and expanding tenant relationships.
How to use data to hit your revenue targets
For landlords to hit their revenue targets, achieve their portfolio objectives, and deliver the returns investors expect, they need to manage their inventory and leasing pipelines strategically and predictably. Yet, until now, it’s been impossible to monitor the portfolio-wide KPIs and other efficiency metrics required to do this in real-time.
Why? Historically, inventory and deal information have been spread across numerous spreadsheets and disconnected systems in an unstandardised way. This makes it impossible to analyse in real-time and limits landlords’ visibility into performance.
By using the right technology, for example a leasing and asset management platform, this process is greatly simplified. With data tracked centrally and alerts set up to inform you when a critical metric goes off-track (for example, your expiring revenues), you can ensure you meet your revenue targets, predictably and successfully. There’s no longer a three day wait for months-old data — and certainly no need for A3 spreadsheet print outs.
How to use data to grow the right tenant relationships
Your data directly impacts tenant relationships — one of the most important factors underpinning commercial real estate businesses. Maintaining a positive relationship influences tenants’ decision to renew, eliminating costly downtime and the additional expenses of attracting a new occupier.
At present, tenants share their updates, comments, and feedback directly with property managers and much of the valuable context of the relationship is stored in the minds of tenured team members. This critical information isn’t passed along or acted on, and businesses risk losing high-value tenants or missing opportunities to optimise the tenant experience.
By effectively managing data points such as tenant sentiment and one-off interactions, landlords can act on real-time insights to renew the right tenants more proactively, and even identify opportunities to accelerate new deals.
The time to tap into your data is now
It’s crucial to understand how to put your data to use today. With software you can transform how you create new strategies for assets, accelerate leasing cycles, and engage with tenants throughout the entire value chain and full lifecycle of a building, positively impacting your bottom line.
Want to see a real-life example? Discover how the team at the UK’s largest listed development and investment company Landsec, put its data to work to transform their leasing and asset management processes.
Ryan Masiello is the co-founder and Chief Strategy Officer of VTS, commercial real estate’s leading leasing and asset management platform, and is charged with leading VTS’ international expansion. Since being founded in 2012, VTS has grown to manage more than 10 billion square feet of office, retail, and industrial assets across 35 countries by 700+ landlords and brokerage firms, including The Crown Estate, British Land, Landsec, JLL, CBRE, and Knight Frank.
Ryan brings more than 12 years of experience in Midtown Manhattan commercial real estate – the world’s most competitive office market – to the table, having previously served in senior roles at global brokerage firms JLL and Cushman and Wakefield. Ryan has been featured in The Wall Street Journal, The New York Times, Property Week, and Estates Gazette. When he’s not in the office, he can be found surfing, skateboarding, snowboarding and exploring the world.