Commercial real estate is in the midst of a profound transformation, and traditional property management methods are struggling to keep pace. Enter ility: designed to usher in a new era of active ownership. ility is reshaping the landscape of commercial real estate management, providing property owners and managers with the tools they need to navigate the challenges of a quickly changing market.
From Passive to Active Ownership
Let's acknowledge the seismic shifts changing commercial property. Owners and property management teams are facing a host of issues:
- Efficiency is a must. What percentage of daily property management tasks are still completed manually? In our experience, a lot.
- Environmental regulations are tightening. And, reducing emissions at the building level will be a team sport between owners and tenants.
- Buildings are no longer just spaces—they're evolving into dynamic products. End-users (companies and employees) need spaces to serve as a tool, much like other tools they use to get work done.
As the demands on property management teams increase, the need for a comprehensive technology framework becomes glaringly apparent. Traditionally, commercial property management has operated reactively to tenant and market shifts. ility seeks to flip the script, providing a unique software solution that empowers property owners to take charge and navigate these challenges proactively.
Understanding the Hurdles
A lack of strategic control over technology and data by property owners has led to fragmented systems and a lack of cohesion between owners and property managers. Communication gaps with tenants have become increasingly problematic, especially in a market where static spaces are giving way to dynamic, service-oriented experiences.
Ility’s 3-Step Approach
ility has been diligently studying the market for the last several years,and has arrived as a new approach to enable more effective property management. Here's how ility transforms the landscape through three key steps:
- Stability: Centralization of Data ility brings stability to complexity by centralizing operational technology (OT) and informational technology (IT) data. It provides property owners with a bird's-eye view of essential metrics, from asset values and rental incomes to occupancy rates and more. By streamlining typically disconnected datasets (e.g. leasing, financial, tenant, energy consumption data) ility enhances the efficiency of property owners and managers, enabling them to make informed decisions swiftly.
- Visibility: Strengthening Stakeholder Relationships ility facilitates easier communication between property owners, managers and tenants. It allows owners to share critical leasing and operational information in one place, fostering stronger business-to-business relationships. Using ility, owners can disseminate unit-level utility usage, strategies for reducing consumption, and gain a deeper understanding of platform usage by tenants. ility can also be used to communicate leasing, financial, and other operational information between property owner and tenant. This increased visibility empowers property owners and managers to build stronger relationships, provide valuable services, and ensure higher rates of lease retention.
- Agility: Offering Value-Added Services In a market where differentiation is key, ility provides the agility needed for property owners and managers to offer value-added services. This flexibility allows them to adapt to tenant needs, providing personalized and elevated experiences. With ility’s robust and flexible technology backbone, property owners can integrate and bundle different systems (e.g., access control, fitness programming, parking management), drive increased net operating income, and shift their buildings from static product to dynamic service-based businesses.
Looking Ahead
As commercial property management faces unprecedented challenges, ility is here to help owners and managers toward a more dynamic, active approach. By strategically organizing technology and data, fostering stronger tenant relationships, and delivering enhanced services, ility stands at the forefront of effective and innovative commercial real estate management. As the market continues to evolve, ility is not just a solution; it's a vision of a resilient and adaptable future for property management in the commercial real estate sector.
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