The property technology universe, once studded with a handful of stars, is now strewn with countless constellations. Technologies from artificial intelligence (AI) to augmented reality, driverless cars to big data, blockchain to smart buildings, are transforming the real estate value chain. In turn, savvy Canadian real estate players are setting their priorities on advanced software solutions to help meet tenant needs and mitigate risk while adding efficiency across business operations. These trends signal that the adoption of sophisticated software systems is likely to accelerate in 2022.
PwC Canada has noted, “Digital transformation can play a significant role in both delivering efficiencies and creating the services and experiences customers want. Key areas of focus for real estate companies include embracing construction technology, digitizing operations and increasing their data analytics capabilities.”
Regardless of whether you’re a beginner or a behemoth, understanding the competitive real estate technology landscape can be the difference between merely surviving and thriving amid the coming waves of change.
AI built for CRE management
Most digitization strategies begin with platforms that automate only one aspect of the operation, resulting in spot solutions or siloed problems. Fully integrated systems powered by machine learning, on the other hand, offer the most value for commercial asset managers by capturing, centralizing and analyzing portfolio-wide data.
Developers seeking new properties, for example, can use AI analytics to assess their potential use, pricing and other factors. Asset managers can evaluate their pipelines and match deals with investors, tie capital calls to investment data and generate reports. Retail mall owners and investors, meanwhile, can combine property-level operational data with sales data from mobile sensors, social media and physical store sales, then use machine learning algorithms to analyze key steps in the investment lifecycle, from deal sourcing to portfolio management and risk management.
On another front, technology developers have responded to the rise in demand for shorter leases and flexible space by designing new platforms for visitor and workspace management. These solutions accommodate the tenant’s comfort and risk-aversion expectations with mobile-enabled capabilities for employee announcements, hotel desking, visitor check-ins, amenity marketing, touchless property access, rent payments and maintenance requests.
Accessing a single source of truth provides real-time insights into assets, driving more informed decision-making and enhancing construction project oversight, deal execution, investor reporting and other operations.
Tech designed for multifamily
In the residential sector, 2022 promises more seamless automation in advertising, apartment touring, rent applications, screening with e-signatures and CRM tools. The key differentiator is integrating the marketing and leasing technology with property management to equip managers to attract and convert tenants, confirm which sources garner quality leads, understand the speed of unit turns and identify opportunities for increasing net operating income.
Other innovations on the horizon include chatbots that “learn” with experience and adapt to the subtleties of human conversation with the assistance of AI, which improves subsequent interactions with residents and prospects. This tool will be crucial in attracting and engaging with Gen Zers, the largest and most diverse generation ever, as they enter the rental market.
Forward-thinking owners and operators who implement these platforms will have an advantage over the less tech-savvy competition.
New realms for energy
As operators prepare for GRESB and ENERGY STAR® submission deadlines, best in class managers rely on technology that can simplify Energy and Water Reporting and Benchmarking (EWRB) reporting. In Ontario, EWRB reporting will remain unchanged for 2022 but reporting regulations in other provinces like British Columbia are still being formulated.
Energy management can be much more organized and efficient with different building control system functionality and data points incorporated into one platform. This type of system leverages utility bill data, real-time master and submeter data, demand and consumption analytics, and fault detection and diagnostic alerts, all of which are powerful tools for optimizing building performance. Such solutions also help satisfy tenants and investors for whom ESG and sustainability are growing in importance.
Take action
Data is changing the role of real estate professionals and uncovers new opportunities that help monitor operations and increase revenues. New technology innovations on the market can help property managers attract and retain tenants, work more efficiently with automated operations, mitigate risk and cut costs with a unified enterprise platform that runs on a single database. Property managers’ adoption of these solutions will establish new best practices and create a frictionless experience that will propel the industry in 2022 and beyond.
About Yardi
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi serves clients worldwide. For more information on Yardi is Energized for Tomorrow, visit yardi.com.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
