Why data sovereignty matters for multi-family buildings

In the 21st century, data is the new oil

Data sovereignty adds long term value to multi-family buildings

It's a simple fact that data is becoming ever more important in todays economy. Apart from location, location, location the data generated around real-estate is now finally getting the attention it deserves: it adds real value. Access to data enables transparency, empowers better decision making and justifies value. Just like the ordinary maintenance-booklet for a car provides clarity on the quality of its maintenance, data adds similar value to real estate. Question remains, where's that data stored and who owns it?

As real-estate data is in most cases stored in silos at the service provider, it's usually lost when there's a change in service provider.

The solution to this problem is simple. The data needs to be stored as a fixed part of the building as It adds tangible, long-term value to the real-estate asset.

Advantages:

  • When good maintenance & long-term cost optimization can be proven, it has a positive effect on the value of the building & its apartments.
  • In the event of a change of service provider, work in progress can be passed on without interruption whilst maintaining full transparency. At the same time HOA councils are massively relieved of overhead & no data is lost.
  • Data provides a much better basis for decision-making. How many incidents have there been with the elevator over the last 5 years? Still today, too many decisions are made on gut feeling.
  • The sale of individual apartments requires lots of documentation: Energy certificates, HOA protocols, etc. Secure & centralised storage in the cloud makes it easier on all sides.
  • Safety in residential buildings is usually reduced to "911 / 112". Quick access to emergency plans & modern communication protects lives and the real-estate asset. The positive effect on risk-assessment even offers opportunities to lower insurance premiums.

HomeBeat.Live as a dedicated platform for HOA's already follows this approach. It dedicates itself to the interests of the owners of individual buildings. Communication, access to information and cost optimisation is guaranteed, long term & fully transparent.

Property management firms generally have their difficulties with going digital. The real estate industry is one of the last to catch up on a considerable digitalisation gap. This can be witnessed in the broad dissatisfaction of customers. In a recent survey, 75% of property managers indicated to believe that they're doing a good job, where unfortunately only 25% of their customers agree.

The use of modern communication infrastructure offers property managers the opportunity to massively improve their public image and appreciation. It's a win-win on both sides: The profession itself is upgraded & becomes more attractive. Satisfied customers provide the required basis for the often necessary premium increases & extended contract duration.

The typical reflex of property managers, to do everything themselves, is outdated. It is time to redefine the role of property management. No more "Jack of all trades" but coordinator of different service providers & technologies. For property managers it's better to internalise only the core activities and rely on infrastructure of the building & partners where possible. In this way, the investment pressure, as well as the anxiety that comes with digitalisation, is eased. Service quality increases & in the end everybody wins.

HomeBeat.Live is the digital platform for apartment buildings. It enables vibrant communities and 24/7 access to information & services. For the first time, individuals are empowered to drive this long overdue innovation themselves. Register your home building on HomeBeat.Live today, it’s free.

Content source: https://www.istockphoto.com – ID 1069549440
(Free for commercial use – No attribution required)