{"id":31429,"date":"2022-03-11T00:31:00","date_gmt":"2022-03-11T08:31:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=31429"},"modified":"2022-03-10T11:40:09","modified_gmt":"2022-03-10T19:40:09","slug":"4-big-questions","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/4-big-questions\/","title":{"rendered":"4 Big Questions"},"content":{"rendered":"\n

What are the biggest, boldest questions that everyone in real estate needs to answer?<\/p>\n\n\n\n

Last year, guests on Yardi\u2019s Proptech Insights program shared their secrets to navigating the complex proptech ecosystem. Bernie Devine, Yardi\u2019s Senior Regional Director, asked a lot of questions \u2013 and our guests offered many insightful answers.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

But to kick off 2022, Bernie and guest Adam Beck turned the tables by posing four provocative questions for the region\u2019s property leaders to ponder over the year ahead.<\/p>\n\n\n\n

It\u2019s a unique idea. But Devine and smart cities champion Adam Beck are unique thinkers.<\/p>\n\n\n\n

Beck, an urbanist who has championed smart and sustainable cities for more than 25 years, was most recently the Executive Director of the Smart Cities Council for Australia and New Zealand. He was also the architect of the Green Building Council of Australia\u2019s Green Star Communities rating tool and has just launched a new platform, Urbanism.Live<\/a>, which explores the edges of digital, data and urbanism.<\/p>\n\n\n\n

The edge of digital, data and urbanism are exciting. But Yardi\u2019s latest research report,<\/a> developed in partnership with the Property Council of Australia, found around half of Australia\u2019s property companies are still reliant on spreadsheets to assess the performance of their portfolios. What is the barrier stopping these companies from moving beyond Excel?<\/p>\n\n\n\n

“Tech and data are not the challenge or the barrier. It is the people behind the tech and data,\u201d Beck told Devine. Some quarters of the property industry are stubbornly resistant to change, but Beck \u2013 \u201cthe eternal optimist\u201d \u2013 said big obstacles have been overcome before. Take the built environment\u2019s response to sustainability. \u201cIt was considered too costly, too risky.\u201d Fast forward 20 years, and markets now place a premium on green buildings.<\/p>\n\n\n\n

But this time, we don\u2019t have 20 years, Beck said. The clock is ticking toward 2030 and the world\u2019s net zero emissions imperatives. \u201cIf data was a product in a box, the label would say \u2018better, faster, cheaper\u2019.\u201d<\/p>\n\n\n\n

“Better, faster, cheaper… it doesn’t really fit into a spreadsheet,” Devine added, pointing to recent research<\/a> which finds the UK\u2019s existing housing stock must be net zero by 2030 for the nation to meet its emissions reductions targets. \u201cIf we don’t get our house in order over the next eight years, we\u2019ll build a curve that is too steep to climb,\u201d Devine said.<\/p>\n\n\n\n

So, the first big question: What will property leaders do if we get to 2029 and haven\u2019t bent the carbon curve?<\/strong><\/p>\n\n\n\n

Avoiding this conundrum is possible with the help of technology and data, the pair agreed. But at one end of the spectrum sits a digital native who makes every decision with the help of data. On the other is the old-school property professional who relies on \u201cgut feel.\u201d<\/p>\n\n\n\n

This \u201cinstinct model\u201d will struggle to remain relevant as data \u201cexplodes\u201d and as expectations of building users grow exponentially, Devine observed. Digital natives will demand buildings that are \u201cmore service oriented and less box oriented.\u201d<\/p>\n\n\n\n

\u201cAnd every new graduate was born with a smart phone in their hand,\u201d Beck added. \u201cWe all want the Netflix lifestyle.\u201d This drew out the second big question: How do we redesign our analog buildings for our digital lifestyles?<\/strong><\/p>\n\n\n\n

\u201cIf you think of a building as a device, then you think about services differently. It becomes a raft of user experiences that need to be delivered \u2013 and delivered absolutely seamlessly,\u201d Devine said.<\/p>\n\n\n\n

Beck added a radical suggestion. If buildings are \u201cdata collectors\u201d that support better experiences in buildings, this requires a \u201crethink\u201d of the way we cost, quote and tender for buildings. \u201cWe\u2019ve got to get digital and data onto the bill of quantities \u2013 and not as an expense item.\u201d<\/p>\n\n\n\n

Data is only valuable if it is information turned into insights, Devine noted \u2013 and this led to the third question: When does ESG \u2013 environment, social and governance \u2013become ESGD? (D for Data.)<\/strong><\/p>\n\n\n\n

\u201cData is transparency. I think that’s why some people are steering clear of data. Because it tells us the truth,\u201d Beck said. And the truth, in many cases, is \u201ctruly shocking\u201d and reveals an industry and a business model \u201cbuilt on waste.\u201d What is stopping us from adopting the technology that would allow us to reduce the waste? Is it business models themselves?<\/strong><\/p>\n\n\n\n

Four big questions. Do you have any answers? Let us know and we’ll continue the conversation in 2022 in the Yardi Proptech Insights.<\/p>\n","protected":false},"excerpt":{"rendered":"

What are the biggest, boldest questions that everyone in real estate needs to answer? Last year, guests on Yardi\u2019s Proptech Insights program shared their secrets to navigating the complex proptech ecosystem. Bernie Devine, Yardi\u2019s Senior Regional Director, asked a lot of questions \u2013 and our guests offered many insightful answers. But to kick off 2022, […]<\/p>\n","protected":false},"author":442,"featured_media":31430,"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":[84,1430,3031,2223],"class_list":["post-31429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","tag-global","tag-insight","tag-property-management-tech","tag-proptech"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"What are the biggest, boldest questions that everyone in real estate needs to answer? 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