We asked Riggs Kubiak, CEO & Co-Founder at Honest Building, his insights about PropTech.
1- Is PropTech facilitating the decision process and making it faster? If yes, how?
There are four main ways real estate owners are using technology purpose-built for them to create more value at their assets:
- Project management for construction jobs – from tenant improvements to capital projects to ensure that individual projects finish on time and on budget
- Streamlined approvals processes to speed up project delivery
- Centralized capital planning that leverages historical data and real-time reforecasting
- Integrations with other technologies to streamline insights across all teams and systems
2- How can PropTech help bridging the gap between the different players?
Using a centralized cloud platform allows all of the players to move away from using spreadsheets.
Technology is allowing a more granular assessment of real estate market patterns. Databases tracking buildings, investment transactions, tenants, leases and values continue to expand, providing more frequently updated and real-time information than ever before.
For example, in real-time a project manager can update a cloud software, an executive immediately can access the most up-to-date status and cost of a project, the accounting team can update their system, and a project cost tracker is automatically updated without any duplication of work or data checking.
Reducing administrative time and increasing employee productivity is one of the most talked about benefits cited by the owners who have adopted better project management, approvals, capital planning and integrations processes.
3- How Real Estate players should prepare to the digital transformation and what are the top 3 technologies they should adopt?
Two main ways Real Estate players can prepare:
- Productivity – gone are the days that employees have time (or are willing) to spend time manually updating spreadsheet, using inefficient communication modes, checking for data errors, etc. They expect to be given consumer-grade tools that make their lives just as easy as any B2C product does in their life outside of work. Using a platform that streamlines administrative tasks like RFP distribution, cost tracking, reporting and invoice processing, is estimated to save about 2 hours per project per week. For project managers working across multiple projects, this can save 1-2 days per week of administrative work. Imagine the activities and planning they can focus on with those 2 days per week – they can actually do what they joined this industry to do – manage and create value at assets – instead of managing spreadsheets.
- Data – competitive real estate owners will begin using their data and market data at a large scale to make every business decision. Those who don’t update their processes to access this data will fall behind.