On June 27, I had the opportunity to attend Bisnow‘s Dublin Build to Rent and Residential Forum to discuss growth in the industry and how the digitization of buildings can help drive the sector forward. The Build-to-Rent (BTR) model has immense potential and I was pleased to connect with other industry professionals to brainstorm on how to maximize future opportunities.
During the event, Invicara’s CEO, Anand Mecheri, spoke to attendees on the power of digital transformation within the BTR industry (you can read his insights or watch the video from the event). Anand introduced the idea of digital twin solutions for BTR and how this digital transformation allows owners to access better data faster, enabling higher rates of efficiency and ultimately saving money throughout operations.
What this means for BTR
While the importance of quality data is not new, the construction industry has been slow to adopt technology to improve our relationship with data. Currently, the advent of 5G mobile networks are becoming a reality, speeding data transfer by 100x what 4G allows, meaning that we will be able to access data significantly faster than in the past.
How can BTR benefit from the increase in internet speed? As Anand mentioned, the majority of renters are millennials, who, when compared with past generations, appreciate transparency, speedy responses, and are willing to provide personal information to improve services. Millennials are accustomed to accessing data quickly, and the BTR industry must adapt to ensure the needs of the new generation of renters are being met.
How do we get there?
Within the BTR industry, there is a lot of discussion around a multi-family focus” or private renter sector (PRS), where contractors build an apartment or condo complex, rent the units to tenants and then sell blocks of units to management organizations. The BTR industry has changed since the recession in 2008, causing an accommodation shortage and more people buying property as opposed to renting. To keep renters happy (through data-driven services and accommodations) while maximizing ROI, BTR organizations can achieve such outcomes through digital transformation.
For BTR, digital transformation means documenting all the defined maintainable building asset data into a centralized repository. With all of your building information in one place, finding historical information quickly leads to greater efficiency in response, not only providing faster solutions for tenants but also ensuring that your building assets are operating as they should, saving money down the road.
In the past, so much of our building information was unorganized, stored in different locations, or saved digitally in manners that make finding the needed data impossible. By gathering all building asset information throughout design and construction, owners are able to access their information in seconds, instead of hours or even days.
These are issues that we see time and time again with our clients at Invicara, which is why we created centralized platform for all information that enables a number of digital transformation solutions to be implemented improving performance and efficiencies. We help project teams collaborate throughout design and construction to gather building asset information to ultimately create a digital twin, or a digital representation of the built asset, to reduce cost, delays and miscommunication.
Interested in reducing costs, streamlining your BTR business processes, and improve building performance? Contact us today to discuss how digital transformation and a digital twin can help drive your business forward.