Though the pandemic certainly accelerated the need for digital technologies, real estate data and analytics solutions were being taken up by commercial real estate (CRE) companies before then. In 2019, nearly 77% of firms noted that they were prioritizing investment in technology and as a means of fostering data-driven decision-making, and 85% of them expected to get a return on their investment in three years or less.
Today, more and more landlords and commercial property teams are investing in technologies that enable accurate data collection as a business imperative. Top commercial real estate (CRE) decision-makers are in need of a way to capture and analyze the success of their properties, and big data sources hold the key to this process.
At a time when 89% of global CRE firms still face major impediments to collecting and utilizing real capital analytics to drive asset and investment management, commercial real estate data and analytics could not be more essential.
After all, if you don’t know key metrics on who actually uses your property, and how they use it, it’s nearly impossible to retain tenants and attract new ones. Data-backed insights into how tenants use your property can help you leave a lasting impression on potential tenants during leasing tours.
The Value of Real Estate Data and Analytics
If you’re on a CRE property team today, you spend a lot of time thinking about the best way to make informed leasing decisions that lead to renewals. They key to this process? Differentiating your property.
Though it may sound simple, key real estate investors and decision-makers know that making informed commercial real estate investments to differentiate your property can be more difficult than it seems. Real estate data allows you to make these critical leasing decisions, because it identifies best-fit tenants through behavior and demographic data.
A CRE analytics platform provides insight into tenant engagement and sentiment to help you make these strategic decisions. For instance, analytics dashboards can sort tenants by rentable square footage as well as lease expiration dates to uncover churn risks among key tenants.
From there, you can hone in on at-risk tenants that are not engaging with your tenant experience initiatives to see how they use your property. These solutions empower you to learn what a particular tenant cares about, and what changes you can make to your building, amenities, or programming to improve tenant retention.
Further, this engagement data can help establish credibility with prospective tenants: by revealing which building offerings and features your existing tenants enjoy, you can showcase your ability to listen to and provide for every tenant’s needs. The impact that data analysis can potentially make on your leasing strategy is substantial.
Endless Data-Driven Possibilities
When you dive even deeper into a data and analytics platform, you can ultimately find out how to refine your investments in a way that supports tenant needs on an ongoing basis. Data sources such as Tenant Satisfaction Surveys can help property teams really understand how tenants feel about their property, what amenities are most important to them, how teams are doing in delivering those expectations, and how tenant sentiment is changing over time.
A Tenant Satisfaction Survey is designed to provide granular insights about what people want at the building in real-time, and hear feedback from the broader tenant population. Data points that an analytics platform can collect are not limited to building demographics, however. From transaction data at a property’s on-site cafe, to real time mobile access usage data, the sky’s the limit.
These key metrics are critical in order to truly set your properties apart during the leasing process, and further establish your brand as world-class and innovative.
To learn more about why property teams need to invest in an analytics platform now to guarantee success later, schedule a free consultation today.
