The tech industry is an intrusive digital neighbor. From medicine to construction, tech has successfully invaded every professional sector. To many, Silicon Valley has become less of a geographical region and more of an attitude and work-ethic. The real estate industry is no different, and the recent explosion of data collection is supposedly the newest area tech has emigrated.
Data is becoming an indispensable component of the real estate industry, and property managers are tracking everything from building systems to water and energy consumption. The desire to have everything gathered into one database is proving to be remarkably beneficial to property owners, and the digital age may prove to be an immense help to many current property managers and owners struggling with the multifaceted components that accompany property ownership.
Data Storage
One thing a property owner does not need is an amphibolic aggregation of more information. Property owners are beginning to ask more holistic questions – cue Lucid – a tech-enabled platform that collects data and analytics about building energy and performance. One of the main benefits that data collection is providing to property owners is access to the minutia of energy consumption.
Another added benefit of data collection is the ability to track, store, and compare the data to similar buildings. This way, property owners can monitor the results of their buildings and see how they stack up against competitors.
Data Collection and Going Green
Data collection is also proving to be beneficial to the ever-growing green consciousness of consumers. By tracking energy consumption performance, data collection can help implement environmentally green tactics into more properties, which according to many in the real estate industry, could turn into an increasingly mutually beneficial relationship between owner and consumer. Experts are claiming that consumers may pay more for a property they know is outfitted with environmentally friendly upgrades.
Whether or not some consumers will dish out a bit more money to invest in green-friendly upgrades may still be up for debate, but the beneficial relationship of tech and real estate appears to be proving itself day in and day out. Real estate tech is an industry that is growing in and of itself, and data collection is at the forefront of this increase.