Three ways to master the complexities of data in real estate financial reporting
AREC22: Three key data themes that continue to influence the competitive landscape
AREC 2022 was a whirlwind of perspectives, ideas and vendors providing tools that could help agents and property managers be more competitive and grow their businesses. The rich maelstrom of ideas surfaced three themes that are here to stay from a product perspective.
Data is the new “oil” in RE
Data is the new oil. It’s valuable, but if unrefined it cannot really be used. It has to be changed into gas, plastic, chemicals, etc to create a valuable entity that drives profitable activity; so, must data be broken down, analyzed for it to have value.
– Clive Humby
At AREC 22, we heard ever more clearly that data will start to be a differentiator in how agents compete for buyers and sellers. It has the potential to fuel growth for agencies, reduce the differences between large and small agencies and redraw the battle lines in many markets.
The real estate agent does many things in the course of a day, but one pivotal meeting he has with customers is at the open home. When someone comes to an open home and the agent has good data on their property journey in your CRM they’ve got the upper hand in building that relationship over the next agency. Talking to an investor, renovator, first home buyer, multiple property owner the right way changes the dynamic of the relationship and sets it on the right course.
Data surfaced via the CRM can define who that person is by analysing whether the person has been clicking on Emails, which Emails they clicked on, if they made an enquiry through your site or a portal, if they’ve been searching through your listings and what articles they’ve been reading give clear intent signals about their likelihood to take the next action.
An emerging area of data in AREC 2022 is granular buyer data: going beyond name and if they own a property, and what they are looking for we now have companies who can tell us how much they are actually willing to bid on a specific type of property: buyer data has been significantly enriched by platforms that can track the actual bids for a house so the agent can have a much better understanding of what buyers are willing to spend and have more profitable conversations with owners.
Who owns your customer data?
As data becomes the new oil, one of the most thought-provoking points raised at AREC 22 was Dirk Miller’s talk about data and parallels of the evolution of eCommerce companies who have evolved to owning more of the data giving them increasing leverage in the marketplace. In a parallel of what is happening with Amazon, in the eCommerce world, some major portals in real estate have become store houses of highly valuable buyer data.
Amazon — not the suppliers — have a direct relationship with consumers because they’re the ones selling the products. That means Amazon owns the customer data and knows what sells well on its site — and if needed, it can go make those products themselves at a lower cost, supplanting the larger brand almost immediately. For example, Amazon-branded batteries now outsell the once top-selling Duracell batteries on Amazon.
– from CNBC
Applying a hypothetical lens, AREC attendees posed questions like: what could it mean to the real estate agency if the portals have more data on the buyer and seller propensity in your locality than your agency does? What would happen if portals were able to dictate the terms of how agencies could use this data? This was the type of challenging questions posed in AREC 2022 and discussed late into the night over beers and cocktails.
Data & the end-to-end agency
The third data related theme at the conference was about boosting the total lifetime value (LTV) of the customer for the real estate agency by changing the view of the customer using data. We heard that agencies that are transactional and are unable to understand what stage the customer is in their property journey are leaving money on the table and letting valuable relationships wither on the vine.
While contrast forward-thinking agencies are viewing the customer on a journey and evolve from being renters to renters, investors, buyers and then sellers. The first-time tenant who has just moved out of the family home and becomes a tenant of a property the agency manages should be viewed as the start of a long relationship with the agency, providing steady property management income stream as well as GCI when they become a buyer and seller of their first property. Agencies who play the long game and view the tenant as the start of a long profitable relationship will be the future winners in their markets.
AREC 22 saw CRMs and tenancy platforms looking to evolve to provide ways to assist agencies surface data about their relationships to arm the agent with information that can make even the most inexperienced agent an edge when dealing with customers. With thousands of contacts in the CRM, managing the tenant/buyer/seller through that journey to increase the LTV is humanly impossible and requires workflows and habits best enabled by data that is embedded in the CRM and tenancy platform.
Overall, the conference touched on many points, but I believe these three themes will continue to be present at future ARECs because as they will continue to influence the competitive landscape for agencies for years to come and redraw the battle lines. Agencies who are able to capitalise on these trends will gain market share at the expense of others.
These three key themes at AREC this year certainly align with MRI Software‘s goal to continuously provide comprehensive and flexible solutions.
Benefits of using FM software for planned preventative maintenance (PPM)
One of my customers recently asked me to sum up the main benefits of using facilities management software for planned preventative maintenance (PPM). Here are just some of the key reasons I gave them as to how FM software can improve PPM. Continue reading “Benefits of using FM software for planned preventative maintenance (PPM)”
What is a visitor management system?
Traditionally visitor management was managed manually via a check-in book or ledger at reception or the entry point. A visitor management system replaces the book and pen to digitise the management of visitors, employees, and contractors within an organisation.
Visitor management software enables organisations to manage and account for every visitor, employee, and contractor from arrival through to the departure of the physical workplace.
How does a visitor management system work?
A visitor management system provides a safe and secure way for organisations to ensure those coming on-site meet their compliance obligations. This can be done by notifying visitors, employees, and contractors of on-site hazards or requesting they sign an NDA to ensure they meet and agree to onsite policies and procedures.
Modern organisations use powerful, cloud-based visitor management software, operated either by front-line staff such as a receptionist, security guards or via self-service systems such as a kiosk. A visitor management system provides strong digital security while efficiently connecting visitors with their hosts.
Visitor management systems give organisations the ability to record and report on visitors’ movements, know that only those who meet on-site regulations can gain access, and the ability to account for everyone in the case of an emergency.
Three-step sign-in/out process using visitor management software
1. Employee or guest sign-in
When an employee or guest arrived on-site they have multiple ways to sign-in. An employee could be automatically signed in as they enter the geofence, via an access control system, FOH team, or kiosk.
A guest can be signed in via the receptionist, a self-service kiosk, or a QR code. The employee or guest inputs their identifiable information via the chosen sign-in method, including who they are visiting, and answers any compliance questions to gain access.
2. Host notified
Once the guest is signed in, their host is automatically notified they are on-site and to make their way to the reception to greet the guest. Popular visitor management systems such as MRI OnLocation offer multiple ways for hosts to receive notifications such as SMS or email.
3. Guest sign-out
To ensure accurate record-keeping and knowing who is on-site in the event of an emergency it is essential guests signed out as they leave the location. Guest can be signed out via the same methods they signed in; receptionist, security guard, self-service kiosk, or QR code. It is as simple as entering their name and signing themselves out.
The power of data
Visitor management software is backed with valuable data. Through the sign-in/out process, each action is stored against the employee or guest record. The logging and storing of presence data, allows organisations to review, dive into insights, identify a security breach and easily generate compliance reporting.
Extra features
Touchless – Organisations looking to create an amazing customer experience via their visitor management system, can utilise touchless technology.
Pre-registration – Visitor pre-registration allows the host or software admin to send communications to the visitor before they arrive on-site. This provides an opportunity to perform a health check, ask specific questions that the organisation requires before gaining access and provide details to help the visitor with their visit.
Watchlists – Use watchlists to send alerts and be aware of those who need to be managed when arriving i.e. your VIPs or those whose access is permanently banned.
Zones – Split your organisation into zones, easily set who can gain access to each zone ensuring only those who are authorised gain access.
Badge printing – Automatically print guest passes at sign-in. A great way for your employees to easily confirm the guest has met on-site compliance and is allowed to be on-site.
Hybrid working – Visitor management software removes the guesswork when it comes to managing your hybrid workplace. Empower your employees to log when they will be working in the office and book the best desk for them to collaborate with their colleagues.
Deliveries – Free up your reception team by automating in-bound deliveries using your visitor management software. Deliveries are logged at the kiosk and employees are automatically notified they have a parcel or catering to collect.
What are the benefits of a visitor management system?
Managing and monitoring visitors’ safe and secure movement through buildings and worksites can be stressful. With the right visitor management software, you can ensure that all health and safety procedures are followed, provide a world-class customer experience, and be able to account for everyone in the event of an emergency.
Some of the key benefits of using a visitor management system include:
- Authorise and monitor guests and employees on-site
- Create a powerful first impression with multiple ways to sign-in
- Pre-screen to ensure only those who meet on-site requirements are able to gain access
- Improve front-line productivity
- Real-time visibility of who is on-site
- Ease workplace health and safety concerns
- Integrate with access control systems
- Manage risk with watchlist management
- Paperless alternative with less manual labour required to manage visitors
- Arrival notifications to hosts
- Workplace data insights and reporting
- Employees are automatically notified of deliveries
Protect your workplace and those in it with MRI OnLocation
MRI OnLocation helps organisations globally protect the people and places that power their workplace. Use our powerful visitor management software to track and manage everyone on-site.
Get a free trial of OnLocation today and strengthen the security of your workplace, instil confidence in employee safety, and protect intellectual property by taking control of guest access.
The franchise review – MRI ProLease Express editorial on systemising franchise growth
What is Facilities Management?
Facilities Management is a profession that refers to the integration of physical infrastructures (like technology) and the employees who maintain the safety, security, and efficiency of these systems.
The term was first coined 60 years ago, and, since then, the global facility management market has grown to a value of $1,239.99 billion in 2021 and is even expected to increase a CAGR of 5.7% this 2022.
What Does A Facility Manager Do?
Facilities Managers are “considered strategic executives who are integral to an organisation’s ongoing success.” They are responsible for the maintenance of “places of work” (such as offices, retail stores, and warehouses) and ensuring the proper function of business operations.
Institutes of higher learning now offer advanced facility management degrees, and the position has evolved from a “handyman” position into a sophisticated professional management discipline that involves initiative, forethought, and planning.
Not to be confused with property management, facilities management descriptions focus less on the buildings themselves and more on the processes and people required to ensure safety and security. For example, they might organise fire alarm checks on a regular basis and communicate with electricians when needed.
Responsibilities of Facility Managers
In simple terms, building and facilities management is the efficient coordination of all activities related to keeping physical spaces and infrastructures operational; from single buildings to complex campuses used for a range of revenue-generating sites, like retail, manufacturing, and healthcare.
The management of facilities includes making sure each element of a working environment is safe simply by meeting relevant regulatory mandates, conducting frequent maintenance, and reorganising structural layouts.
This should all be done in a way that promotes productivity and the well-being of every user.
The Role and Job of a Facility Manager
To truly get to the bottom of what facilities management is, let’s explore the two categories of their day-to-day jobs: hard services and soft services.
Hard Services
Hard services are related to physical structures (the parts that can’t easily be removed). Corporate facilities management is sometimes required by law to ensure the health and safety of workers or occupants:
- building maintenance
- maintenance of HVAC systems
- energy and water management
- elevators and escalators
- lighting
- fire safety
- plumbing and drainage
The role of facilities management, in this case, is to reduce the risk of accidents and disasters, which could then result in hefty insurance costs. Facilities management software is a great option for companies who need to stay up-to-date with repairs.
Soft Services
Soft services are related to keeping the workplace comfortable and secure.
Some of these facility management task descriptions are not absolutely necessary and can be added or removed after quality and budget reviews:
- housekeeping and custodial services
- security measures
- parking lot maintenance
- pest control
- waste disposal
- recycling
- replenishing furniture and equipment
- information systems
- document management
- mail management
- space management
- grounds maintenance and landscaping
The functions of facilities management are often favoured by employees to make their lives easier. To prioritise these soft services accordingly, companies can get an overview of their costs through our integrated workplace management system solutions.
Overall, the job role promises a dynamic, challenging, and engaging career for every individual.
What Skill Sets Do Facility Managers Have?
Although Facilities Managers can expect to wear a variety of “proverbial hats”, there are some common skill sets all facility managers require (according to facility management news reporters):
- Willingness to Learn
- Digital Competency
- Problem-Solving
- Timekeeping
- Personability
- Budgeting/Finance
- Emergency Planning
- Innovation
- Leadership
- Environmental Stewardship
Case Study: Real Estate Facilities Management
A real estate facility manager has lots to pay attention to.
Not only is the industry fast-moving and constantly changing, but there are many minute details that go into selling and investing in houses.
Digital competency, for them, is arguably the most important part of their job – allowing them to reallocate time-consuming tasks from their to-do list.
Property management software would also let facilities managers meet the extensive demands of their sector in an accurate, timely manner.
What is the Future of the Facility Management Industry?
Like almost every industry on the planet, smart technology has accelerated the field of facilities management.
To stay competitive in today’s marketplace, facilities management – whether it is handled internally or outsourced – needs to include a computerised maintenance management system (CMMS) complete with a mobile application.
Cloud-based automated solutions reduce the hours of wasted time spent on manual processes and eliminate downtime that results from human error.
A CMMS can revolutionise work order processes, preventative and predictive maintenance tasks, and the management of assets, vendors and inventory.
Facility management service providers will already be using these tools, and companies desiring smooth-running business operations should consider management software through MRI.
Technology & Facilities Management Companies
To this day, many smaller organisations may prefer to conduct management of facilities internally.
Even so, there are thousands of options for facility management services out there and businesses of all sizes have been growing the facilities maintenance industry – simply by outsourcing a task or two.
The burgeoning trend in the industry is to offer bundled building and facilities management. This comprehensive scope of services adds value and drives better quality. The top 10 integrated facilities management companies offer:
- Leadership
- Meeting room services
- Business risk assessments
- Catering services
- Business continuity planning
- Management of vehicle fleets
- Contract procurement
- Front-desk services
- Management of utilities
- Emergency response
In addition to freeing their own personnel to focus on goals more closely aligned with their core business, companies purchasing facility management services benefit in several measurable ways.
- Improved Efficiencies: A single point of contact eliminates duplicate functions, streamlines communication, and enhances workflow processes.
- Higher Productivity: Facilities management descriptions include maintenance strategies to prevent breakdowns that often bring production to a halt.
- Increased Expertise: The role of facilities management employees is to already have the technical know-how, saving companies from expending unnecessary time and resources on training in-house.
- Reduced Costs: In addition to spending less time on training, companies save on staffing, employee benefit, payroll expenses, inventory, and more.
- Better Quality Control: With proven systems already in place, facility management services produce consistency and reliability.
How Important is Facilities Management?
Facilities management has become a critical factor in a company’s growth.
According to Gartner, “providing a workspace to an individual employee costs an organisation from $8,000 to $14,000 per year.”
Proper maintenance of these spaces can help businesses avoid sudden and expensive costs – and through FM technology, businesses can save a 5% reduction in the total cost of occupancy.
From looking after equipment to creating an environment that supports the company culture, facilities management adds value on a daily basis and for the long term.
High-performing businesses understand the necessity of prioritising building facilities management. This aspect of their operations and expect facilities management companies to offer solutions based on cutting-edge technological trends.
If you’re not already using an automated solution to manage your facilities, work orders, maintenance, assets, and more… it’s a good place to start.
Here at MRI, we offer intuitive and flexible software to help you transform your organisation.
Reach out if you have questions, or better yet, take a look at what we can do with our no-obligation, free demonstration. Contact us today.
Understanding and combatting “return to the office fatigue”
Businesses that have spent months inviting their employees back into the physical workspace are facing a new issue that’s been dubbed “return to the office fatigue.”
Through surveys and communications with employees and applicants, businesses found that even as in-person work became possible again, many workers desired a balance of in-office and remote work as opposed to one specific model. But now, with companies offering hybrid work strategies, the strengths and weaknesses are starting to emerge. “Return to the office fatigue,” a phenomenon similar to burnout among employees, is on the rise.
According to recent surveys, many workers consider a hybrid approach to be more emotionally taxing than fully remote arrangements.
If employees want hybrid work environments, then why are some people reacting negatively to the in-office aspect, and what can you do about it?
Working in-office still has virtual elements
Two years have really shaken up the definition of “team meeting,” with people calling in from the office, home, coffee shops, or abroad. Throughout the pandemic, many businesses fully embraced the remote work environment, even hiring employees who would not traditionally be able to commute to a physical office space. When these same businesses started bringing their workforce back into the office, many teams were still unable to physically convene everyone together in one place.
Returning to in-person meetings, with the whole team present in one place, is no longer a feasible option for companies who’ve embraced this kind of flexibility over the last two years. At its best, an office space can be the beating, communal heart of an organisation — a place where teams can come together and collaborate. Instead, employees hoping to reunite with their co-workers (or in some cases, meet for the first time) may have been discouraged to learn that even after two years of being apart, work in the office still had a virtual component. Several months in, employees could be wondering: Why come into the office if meetings are still virtual? When starting at this line of questioning, it’s not hard for someone to arrive at a broader issue: the commute.
Offices should be commute-worthy experiences
The pandemic showed many organisations that remaining productive outside a traditional office space isn’t just possible – many employees preferred it. Bringing employees back to the office was never going to be an easy, one-and-done task, nor would all organisations be able to establish a one-size-fits-all hybrid work environment. Different workforces have different requirements, and the past two years have given employees so much freedom to choose how they work that they won’t want to conform to a setting that might not fit their work style.
“Why would I drive, in some cases an hour each way, to simply sit at my computer for eight hours?” This question is causing a new shift in perception of what employees want and providing a new issue that employers must deal with. How do businesses balance keeping people happy in the office while also ensuring their time is meaningful and productive? Businesses will need to turn their workplaces into engaging, collaborative spaces to give employees an incentive to make the commute and return to the office.
Defining an agile hybrid workplace with technology
As businesses across the globe bring employees back to the office, technology can be the main driver in creating innovative workspaces that keep employees connected, no matter where they are. Before the return to the office began, many employees expressed genuine excitement at the thought of reuniting with everyone. Utilising the right solutions can help you turn the office into a place where that excitement is welcomed, encouraged, and harnessed to create a stronger sense of community and productivity.
- Tech-enabled meeting rooms, where employees can collaborate easily in person and virtually, ensure that no one is missing out on the full work experience.
- Tools to sign-in to offices can monitor employee activity across the space and efficiently manage visitors.
- Desk booking systems that provide access to desks and meeting rooms for employees who travel to remote offices make them feel like part of the team, and not separated from their coworkers.
- Predictive analytics and utility usage insights can help determine which days would be best for different teams to work in-office together.
Hybrid work is something that employees have expressed a desire for, and there is inherent value and benefit to bringing in these employees periodically to keep collaboration alive. The right technology can enable you to turn your office space into a commute-worthy experience, driving collaboration among your employees and driving productivity. Learn how you can transform your workspace into a thriving workplace with technology.