CURE NO 1: DATA AGGREGATION
Some years ago, when I was partner in one of the biggest Nordic property asset management companies in the Nordics, I stumbled upon one of our property managers. After exchanging quick hellos, and general ”how are you doing” he replied to me: ”I am collecting information”. Being curious to know more, I opened up the conversation a bit, and he started to explain how he is literally searching for different files, records, paper copies, e-mails etc. since one of the customers had put one property up for sale.
Why are we so poor in collecting, storing and maintaining data up-to-date?
While wondering why can’t he retrieve the much needed information of all the systems we were using, the answer was, ”Yes, you nailed it, so many systems, that I can’t even comprehend where to look for and when I look, information is either outdated, lacking or residing somewhere else.”
This was really an eye opener.
Property business is about decisions – either small or big
One needs to have up-to-date picture of the property holdings and their environment in order to make informed decisions – whether that be of service acquisition, leasing negotiation or planning a capex project to upgrade the property – if not even disposing the object entirely and making all relevant information accessible for a potential buyer. However, it is rather difficult to grasp the big picture if the data is dispersed into various spreadsheets in different places.
CURE NO 2: DATA VISUALIZATION
This is where data aggregation and visualisation comes to a great help. To see the actual Rent roll and to see where my vacant units are and to analyse the potential reasons and plan for corrective actions is quite something different than to interpret a big spreadsheet filled with inconsistent data. So, solution lies in visualisation to create the overall situational view of your property investments.
Power of the teamwork
When I say teamwork and collaboration, people refer to e-mails with enclosed spreadsheets – ”snapshot collections of information”. However, what this tradition totally misses is the accessibility to situation As-Is.
CURE NO 3: DIGITAL TEAMWORK
Why does your communication need to be discrete and based on informational snapshots? A lot new web apps are trying to crush the perilous e-mail, Slack being the most successful so far, but how to enable the collaboration in an industry which is so document driven?
I firmly believe the change resides in the new generation of web apps, which offer both the data and the messaging.
If you are interested to know how to improve your business through data aggregation, visualisation and digital enabled teamwork, contact us.