{"id":24065,"date":"2020-05-14T01:43:55","date_gmt":"2020-05-14T08:43:55","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=24065"},"modified":"2020-12-25T02:36:22","modified_gmt":"2020-12-25T10:36:22","slug":"proptech-pivots","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/proptech-pivots\/","title":{"rendered":"Proptech Pivots"},"content":{"rendered":"

Editor\u2019s note: This post originally appeared in Property Australia<\/a> and is reprinted here with permission.<\/em><\/p>\n

How is real estate technology responding to the industry\u2019s needs during the COVID-19 lockdown? We check in with Yardi\u2019s Bernie Devine, regional director of sales for APAC, to find out.<\/em><\/p>\n

\"\"
Bernie Devine, regional director, Yardi<\/figcaption><\/figure>\n

\u201cReal estate technology companies have been doing extremely well over the last five years. Massive amounts of investment have flowed into the sector as investors seek high returns, demand access to new technology and, for some for some, react to a fear of missing out,\u201d Devine says.<\/p>\n

\u201cCOVID-19 has caused investors to refocus and technology companies to pivot to take advantage of adjacent or complementary market opportunities. Proptech companies not in a position to do so are facing a quick death.\u201d<\/p>\n

Devine says Yardi has mobilised to respond to clients\u2019 needs quickly, prioritising health, continuity, analytics and communication.<\/p>\n

As transactions and projects are paused, or in some cases cancelled altogether, the industry needs tools to eliminate paper from processes, enhance data rooms and streamline the valuation and underwriting process, Devine says.<\/p>\n

\u201cA key challenge is in the due diligence process when it is currently not possible to travel to do site inspections.\u201d<\/p>\n

Operational initiatives include mass rent abatement assessments and their impact on budgets requests and approvals, Devine explains. Expect to see artificial intelligence embraced to enforce social distancing and the rise of the robot cleaning and testing workforce, he adds.<\/p>\n

Technology is also helping property companies to stress test business continuity plans to see \u201chow it holds up with a remote working scenario.\u201d<\/p>\n

\u201cThe COVID-19 crisis has revealed how fragile spreadsheet-based processes really are. Some companies have rediscovered paper-based processes and must now figure out how to fix them in a remote working model.<\/p>\n

\u201cIn countries like China, where a company seal is regarded as the official signature for a contract, the ability to apply this in a remote model has helped adoption of e-signature technologies.\u201d<\/p>\n

As a company bringing process to real estate, Yardi can help property players to simplify their processes, embrace remote working, and bring teams together to work seamlessly on a common data set.<\/p>\n

CommercialCafe provides a single point of contact for tenants, for example, with 24\/7 online services enabling faster communication with tenants. Yardi\u2019s Procure to Pay platform provides invoice approval workflows and a VendorCafe that eliminates manual vendor onboarding, uncoordinated procurement and paper-based processes.<\/p>\n

\u201cOne of the biggest lessons we\u2019ve learnt during this crisis is why cloud computing is a core part of the technology stack. The benefits of cloud are now crystal clear, as it removes the need for anyone to be in the office,\u201d Devine concludes<\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s note: This post originally appeared in Property Australia and is reprinted here with permission. How is real estate technology responding to the industry\u2019s needs during the COVID-19 lockdown? We check in with Yardi\u2019s Bernie Devine, regional director of sales for APAC, to find out. \u201cReal estate technology companies have been doing extremely well over […]<\/p>\n","protected":false},"author":442,"featured_media":23765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2844],"tags":[1849,2223,40],"class_list":["post-24065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","tag-apac","tag-proptech","tag-yardi"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Editor\u2019s note: This post originally appeared in Property Australia and is reprinted here with permission. 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