Digital services become more common in real estate management – deriving the right measures from data is key
Digitalisation is already an integral part of real estate management processes but remains underused, according to Jukka Koskela, director of Retta Management’s real estate management services. Digital services provide the basis for more efficient operations to benefit all parties.
Imagine that a tenant responds to an annual survey, and expresses their satisfaction or dissatisfaction with the premises where they work every day. The owner and operator of the property will receive a summary of the survey results and a comparison table.
“This provides high-quality data, and the great thing is that the owner of the property can compare their ratings with those of other owners. However, the results come in late, as the opportunities for making changes have already passed”, Koskela explains.
Fortunately, digitalisation offers many options for the timely collection of data, as information is an important tool for decision making. A sufficient amount of high-quality data is needed for making the right decisions. Koskela points out that an even more important question concerns how existing data leads to the right optimisation measures.
Using data to benefit customers
For customers, reporting is often a way to make real estate management more concrete. The task of reporting is to create the best possible framework for the customer to understand the situation and draw their own conclusions.
“There is endless room for improvement in how to find the best ways to highlight precisely the things the customer wants to follow and understand. This is where all the data collected should eventually converge. Whatever the customer’s strategy for their property, visualising and understanding the situation will also help them in making decisions”, Koskela says.
Conventionally, property owners are provided with reports on matters such as the direction the property is taking from the point of view of returns. Data enables a deeper analysis of issues related to the property and makes it possible to examine matters on both large and very small scales, for example, in terms of net yield and conditions.
“We can already monitor the conditions at the level of each premises and room. Combining this level of analysis with reporting goes a very long way to providing a clear view of the overall situation. We are taking a big step in the direction of real-time reporting that is available everywhere, and that is also easily customisable depending on what metrics are important to monitor in any given location”, explains Koskela.
Ensuring satisfied tenants and a reduced footprint with digital services
Tenant satisfaction is the outcome of optimal conditions in the property. The conditions in each premises must support work there, but without adequate data, it can be difficult to react to problems afterwards.
“Properties already have a lot of building technology for measurement that produces data on factors such as temperature or energy and water use. When it is possible to see how the temperature changes during the day, it is easier to pinpoint more quickly what needs to be corrected. More and better-quality data makes maintenance operations more efficient.
Responsible property maintenance is also a matter of real-time management of energy use and responses to changes. Taking environmental and energy efficiency concerns into account also reduces the burden on nature, as well as reducing the costs for all parties. As Koskela sees it, remote energy management offers excellent opportunities for making properties more energy efficient.
Retta Management’s “Olosuhteet näkyviksi” monitoring service allows analysis of the conditions of a property one room at a time and sets parameters to stay within. If a figure changes in one direction or the other, corrective action can be taken immediately.
“Condition monitoring and management benefit everyone. Customer satisfaction increases when working areas are neither too hot nor too cold, and when there is the right level of ventilation. Satisfaction is also strongly correlated with owner returns, as well-served tenants want to stay where they are”, Koskela says.
Smarter work frees resources for the essentials
In addition to benefiting the owner and tenant of the property, digitalisation also benefits real estate management service providers by providing them with greater control of their everyday operations. And it is obvious that clear processes and up-to-date information are also reflected in the quality of service for customers and tenants.
“Efficiency means doing things smarter, not whipping employees to run faster and faster. The modelling of work and processes in a system that provides reminders of tasks, as well as guidance and monitoring, allows more systematic and better-planned work”, says Koskela.
Koskela also points out that more efficient and user-friendly data usage promotes better and more convenient decision making, which is a major competitive advantage. Furthermore, automation of the processing of information that is important to property owners frees up resources for working more sensibly where people are needed.
“You can prepare countless tables based on data, make a long slide presentation and then write up a huge report at the end, but all this wastes valuable time. When data is automatically processed into an accessible format, it is possible to do more work that provides value for the customer”, Koskela adds. “An example of this is more accurate analysis and understanding of the data generated and management of the measures to be taken”.