A topic that’s close to my heart is how we can seamlessly integrate technology to not only boost net operating income but also ensure our on-site teams have the capabilities and tools they need to keep everything humming along smoothly across all the properties.
As business leaders, we’re constantly juggling priorities: maximizing revenue efficiency, minimizing costs, and championing sustainability. But let’s be real, it’s no easy feat managing multiple properties while keeping an eye on the bottom line. That’s where technology comes in, offering centralized control and insightful, proactive analytics to guide our decision-making processes throughout an organization.
In commercial real estate (CRE), tech has historically faced two major headwinds: the perception that technology is an expense, not a profit generator, and concerns that it introduces new risks. However, IoT and PropTech have the potential to augment everything in CRE, from acquisition and leasing to maintenance and asset management. PropTech solutions can drive NOI by driving revenue and lowering costs. Early innovators like PointCentral first introduced novel technology like keyless self-showings almost ten years ago. If you don’t have a PropTech strategy at this point, you are likely behind your competition.
Now, let’s shift gears and talk about our incredible on-site teams—the unsung heroes who keep our properties running like finely-tuned machines. From property managers to maintenance staff, these folks are the backbone of our building operations. Yet, they often face real-world challenges when implementing corporate directives. Ever heard the phrase “easier said than done”? Well, that rings true here too.
Image source: James Dice LinkedIn post
Orgs have different influential structures—bottom-up vs. top-down—but regardless of how influence flows, both sides need to be aligned for new endeavors to be successful. The key is choosing technology that matters to your firm’s core value drivers and driving alignment across the organization on proper usage of tech. Proper usage is often overlooked given disconnects between corporate and the field.
So, how do we bridge the gap between corporate goals and on-site realities? It comes down to user-centric design. We need technology solutions that are intuitive and flexible with real-life situations and seamlessly integrate into existing workflows. Whether it’s a customized dashboard or smart sensors, the key is to empower our teams with tools that make their jobs easier, not more complicated with systems that don’t work the way they do.
Let’s take a moment to celebrate some wins, shall we? Picture this: a successful implementation where technology acts as the ultimate mediator between corporate vision and on-site execution. From detecting leaks with a commercial leak detection system to optimizing energy usage, the benefits are undeniable. Commercial water leak detection services and real-time water monitoring can prevent water damage and lower utility costs, providing immediate and long-term savings. Automated leak detection and water intrusion detection systems can catch issues before they become costly problems, ensuring water damage prevention and a healthier bottom line. And guess what? Both business leaders and on-site teams are reaping the rewards.
Like most professional challenges, it’s all about teamwork. We need to foster open communication and collaboration between corporate headquarters and our on-site heroes. That means creating feedback loops, embracing continuous improvement, and, most importantly, cultivating a culture of mutual respect. Work with PropTech partners and develop complementary internal policies that align KPIs between corporate and the field, using PropTech as the tool to keep both sides happy.
I leave you with this thought: by embracing technology with collaboration, we have the power to drive success in CRE like never before. So, let’s tackle it together.
By leveraging commercial water leak sensors and other advanced technologies, we can not only overcome historical headwinds but get an edge on the competition. I’m here to help drive change and make our industry more efficient, sustainable, and successful.
If you’re interested in how sensor technology can improve operational efficiency and deliver on sustainability targets, put my CRE expertise to work for your property group.
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