Real estate is the greatest asset in the world when compared to other asset classes. It's worth was $217 trillion as of 2016. (paywall). But the entire sector has lagged when it comes to using technology and innovation to manage commercial real estate. As per "joe" Ricotta, over their entire lives, all buildings, regardless of nature (commercial, retail, industrial, condo), ownership, or location, require some form of property or facility management.
Property management in commercial real estate is a straightforward industry that entails collecting rent or other payments, doing basic accounting tasks, and managing the assets to maintain and increase long-term value for the owners.
Due to a lack of innovation, most real estate organizations use a mix of real estate management software that was developed 10 to 20 years ago, several apps for various functions or lines of business, and APIs to connect these outdated systems to manage their asset portfolios. Joe Ricotta explains that an API is a method for two or more computer applications to exchange data and communicate with one another.
During the past ten years, software companies have generally developed real estate apps based on an accounting platform or a building operations platform. Most of these businesses that offer software for commercial real estate have established several business modules for real estate using accounting platforms.
With the rise of Proptech over the past several years, a lot of new technology businesses and startups have launched specialized products that target certain areas of the market. Due to this, a typical real estate company may use 10 to 20 applications to manage its operations, including, but not limited to, those for property management, project management, operations, property inspections, CRM, lease administration, vendor management, compliance management, communication, accounting, and analytics. These programs are frequently "good enough" since there aren't many alternatives.
Yet, "good enough" doesn't exist when it comes to the real estate industry's clients (workers, landlords, renters, and vendors) assertsJoe Ricotta.
Very few real estate firms have created their own internal solutions. With a thorough grasp of how the real estate industry functions, they began from scratch and developed vertically integrated apps for all facets of the industry, including leasing, property management, project management, etc. Some businesses benefit significantly from interdependent architecture since they designed their internal applications around it.
As a real estate executive, you have a variety of strategies at your disposal, some of which are more successful than others, for giving your company a competitive advantage. It all boils down to what will serve your individual requirements the best says "Joe Ricotta".
Run your company using an outdated accounting or operations platform with APIs that provide fundamental business analytics.
For numerous areas of your organization that often don't communicate with one another, use specialized Proptech solutions.
Create an internal solution or collaborate with a Proptech company to develop a product that is appropriate for your organization.
Use an existing real estate ERP to upend the status quo and maybe provide your company with a significant edge.
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