{"id":32276,"date":"2022-06-12T07:47:00","date_gmt":"2022-06-12T14:47:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=32276"},"modified":"2022-06-13T05:47:25","modified_gmt":"2022-06-13T12:47:25","slug":"real-estate-roadblocks","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/real-estate-roadblocks\/","title":{"rendered":"Real Estate Roadblocks"},"content":{"rendered":"\n

Three things are holding back the world\u2019s commercial real estate sector, says Kylie Davis, president of Proptech Association Australia.<\/p>\n\n\n\n

\u201cOur commitment to Excel spreadsheets and filing cabinets and whiteboards,\u201d are roadblocks to a real estate revolution. And this \u201cvery inefficient and expensive\u201d commitment is holding real estate companies back from squeezing more value from assets and creating better experiences for customers.<\/p>\n\n\n

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

Davis, a serial entrepreneur and futurist who advises several proptech start-ups, recently sat down with Bernie Devine, Yardi senior regional director of APAC, for a chat.<\/p>\n\n\n\n

Property technology \u2013 or proptech for short \u2013 has been growing at a \u201cphenomenal\u201d pace over the last two years, Kylie said. Proptech Association Australia has identified 18 separate transactions worth at least AUD$274 million since late 2019 alone, as some of the nation\u2019s largest landlords and most influential media companies accelerate their investment in technology.<\/p>\n\n\n\n

Proptech may attract the headlines, but scratch below the surface and \u201creally it\u2019s about getting the industry to change,\u201d Devine added.<\/p>\n\n\n\n

Real estate is certainly resistant to change. Nearly half of Australian real estate companies still use spreadsheets for valuation reporting, budgeting and projections and 52 percent depend on spreadsheets to undertake benchmarking and performance analysis, according to the latest Yardi\/Property Council of Australia Proptech Survey.<\/a><\/p>\n\n\n\n

Why is an industry committed to efficiency and asset optimisation holding on, so stubbornly, to spreadsheets?<\/p>\n\n\n\n

Change can be \u201cpainful and scary,\u201d Davis observed. The long development and sales cycle in the commercial real estate sector can be a \u201creal killer of innovation.\u201d Fear of failure plays a part, Devine added. \u201cIt\u2019s also a question of what to do first.\u201d<\/p>\n\n\n\n

But Covid acted as a catalyst for widespread technology adoption, and \u201cconvinced the unconvinced\u201d, Davis said. She is excited about the potential for the commercial sector to convert \u201canalog assets\u201d \u2013everything from lights and air-conditioning \u2013 into \u201cdata streams that can be interrogated.\u201d<\/p>\n\n\n\n

Davis pointed to several inspiring examples. AI Assets<\/a> recently tagged more than two million assets in 1,500 Australian buildings in less than a year \u2013 80 per cent faster than with the traditional pen and clipboard method and with a fraction of the people.<\/p>\n\n\n\n

Exergenics<\/a>, uses big data, AI and algorithms to optimise HVAC systems, extracting \u201ctwo or three per cent\u201d more efficiency from every unit. This translates into hundreds of thousands of dollars in savings over the life of a building, not to mention carbon emissions.<\/p>\n\n\n\n

The outcome will be smarter buildings, but more importantly, better experiences for the user. Proptech \u201cpromotes the idea of a building as a device,\u201d Devine added.<\/p>\n\n\n\n

Where do real estate companies start when they are dipping their toes into the technology waters?<\/p>\n\n\n\n

Devine’s \u201crules of the road\u201d start with some simple questions: Whose problem are you trying to solve? And who perceives the most value in solving that problem? \u201cAnd then bring together the data and process to solve the problem,\u201d Bernie concluded.<\/p>\n\n\n\n

Click here<\/a> to watch the latest instalment in Yardi\u2019s Proptech Insights.<\/p>\n","protected":false},"excerpt":{"rendered":"

Three things are holding back the world\u2019s commercial real estate sector, says Kylie Davis, president of Proptech Association Australia. \u201cOur commitment to Excel spreadsheets and filing cabinets and whiteboards,\u201d are roadblocks to a real estate revolution. And this \u201cvery inefficient and expensive\u201d commitment is holding real estate companies back from squeezing more value from assets […]<\/p>\n","protected":false},"author":442,"featured_media":32277,"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":[1849,84],"class_list":["post-32276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","tag-apac","tag-global"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Three things are holding back the world\u2019s commercial real estate sector, says Kylie Davis, president of Proptech Association Australia. \u201cOur commitment to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/real-estate-roadblocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Estate Roadblocks\" \/>\n<meta property=\"og:description\" content=\"Three things are holding back the world\u2019s commercial real estate sector, says Kylie Davis, president of Proptech Association Australia. \u201cOur commitment to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/real-estate-roadblocks\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-12T14:47:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-13T12:47:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2022\/06\/APAC-PropTech-Insights_LinkedIn_1200x627_Kylie-Davis_16834.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yardi Blog Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yardi Blog Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/real-estate-roadblocks\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/real-estate-roadblocks\/\",\"name\":\"Real Estate Roadblocks - 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