…but don’t continue to take our word for it, hear from an expert:
” ‘Manual, trailing data processes were historically sufficient to manage commercial real estate investments and operations.’ But during the pandemic, property managers had to suddenly deal with immediate challenges, like buildings that were running at a 20-percent occupancy level. Multifamily owners needed data on tenant movements and rent analysis. Investment and asset managers, says Frank Spadafora, real estate principal at DealCloud by Intapp, ‘had little to no real-time data to inform how COVID-19 was going to impact their portfolio.’
” ‘It highlighted that the outcomes we were trying to achieve lacked the data that we needed to monitor and measure,’ he says. ‘It distilled [data] down into what’s really essential for effective and timely decision making. When [companies] started looking for this data, they realized that their systems and information were often fragmented and disconnected, and they needed a centralized view of this firmwide intelligence. That’s where this fundamental challenge in real estate, to capture and harness this information, was highlighted.’ ”
from Commercial Investment Real Estate Magazine (Spring, 2022).