Ask anyone in business today—especially in real estate, architecture, construction and finance—whether optimal asset performance is important, and ten out of ten hands would go up. However, achieving this is often easier said than done. Enter proptech and the rise of smart buildings and cities.
Built environments and the entire value chain are undergoing incredible transformations. The real estate industry has long been perceived as a late adopter of technological innovation, but there is no avoiding the imminent—and current—upheaval of business as usual. As the Internet of Things and other technologies are powering the rise of more efficient processes and new business opportunities, people are able to connect with each other, share access to assets and lead more seamless lives; and as a result, the rules of the entire real estate industry are changing.
Value exchange
For more than just goods and services, technology enables an inherent value exchange that, when integrated into working and living experiences, can elevate properties. This is what Rise Buildings has done with the creation of its integrated platform. As the only property management and experience solution in the market today that delivers significant and measurable benefit to both occupants and management, Rise helps keep assets at their highest possible value at all times, thus unlocking incredible potential for new partnerships and revenue streams. The things with which we fill our lives—everything from offices and fitness centers to our homes and cars—are further enabled by these applications, which offer large amounts of capacity when viewed in new contexts.
As a culture of innovation and disruption grows up around us, we can communicate and connect more easily, which means more agile responses to challenges as they arise. This idea extends as a major throughline from the highest levels of leadership to final end users, leaving laggards no choice but to catch up or be left behind. Historically, the real estate industry has been the proverbial stone left unturned when it comes to embracing technology; the need for digital transformation and more strategic technology budgets will continue driving significant shifts in the coming year and years.
Innovation is stickiness
“Innovation only works when it’s sticky—that’s if people actually use it,” notes Prasan Kale, CEO and Founder of Rise Buildings.
People are more likely to adopt new technology if it benefits them in ways that make their lives easier and more efficient. To augment the experience at the upcoming Chicagoland Multifamily & Affordable Housing Real Estate Summit, RE Journals and Rise Buildings partnered to develop a specialty app that will drive the event. With the real-time ability to ask questions to moderators and speakers during general session panels, the app enables live polling and networking among attendees. This directly correlates to Kale’s comment on stickiness, reinforcing the same kind of value Rise provides to the overall experience of living and working in a Rise proptech-driven building.
This is a pivotal time for business in general but particularly for the real estate industry as it’s looking to proptech to deliver omni-channel experiences expected from and already found in nearly every other category. The industry is moving toward disruption while fixed assets become more attractive in the face of market volatility. So how do we drive greater value for these assets and embrace new technology at the same time?
All in one place
“We know that our clients aim to put their tenants and residents first, and we give them the tools they need to meet and exceed expectations. It’s never been easier for property managers and owners to live up to their promise while driving revenue. It’s a win-win in the truest sense of the term,” says Kale.
While more options are becoming available, few are able to integrate as holistically and seamlessly as Rise Buildings’ proptech platform for residential and commercial real estate, which is good news for realtors, owners and property managers who are all vying for a share of the millennial market. “There might be 12 players each providing their own narrow band of service; but with these fragmented solutions, the only way you’ll see stabilized adoption is through real integration,” remarks Kale.
Capital investors in today’s market aren’t in a position and generally don’t have the desire to take speculative risks. Integrated solutions like the Rise Buildings platform are known to create value at a fraction of the cost of other capital improvements and remodels. By integrating these kinds of tools into their technology stack, property owners and managers can connect the dots and create greater efficiencies, which is important when margins are slim, Net Operating Income (NOI) is precious, and the cost to replace an existing lease is high.
It was once believed that legacy properties wouldn’t be able to compete with new builds in terms of amenities and the overall experience offered. And while capital improvements are often considered necessary to attract next-generation tenants and talent, proptech can be one smart lower-cost or alternative to level the playing field. Rise Buildings takes this even further by using beacons and AI to help owners understand where and how to reinvest in their buildings based on usage and demand, making their buildings even more attractive for their tenant population.
Rise Buildings creates technology that’s purpose-built for the real estate industry and that’s accretive of value to built environments. The endgame is behavioral shifts in how people use their spaces, time and resources more efficiently and profitably.
To learn more about Rise Buildings visit www.risebuildings.com, email sales@risebuildings.com or stop by the Rise Buildings table at the upcoming Chicagoland Multifamily & Affordable Housing Real Estate Summit this Tuesday, March 12th.
