Today, the digital revolution is transforming the commercial real estate sector with lightning speed and commercial real estate technology is now a bonafide, burgeoning market. Knowledge is power and the data that is generated by a building’s tenants is a vast pool of information to be understood and utilized. This data can provide massive insight into predicting tenants’ behaviors and choices. As the PropTech sector establishes itself in the marketplace, there are solutions that help property owners to make sense of this tenant and building data. Finding the best path to harnessing this data will allow asset managers to respond strategically to tenants needs, ultimately enabling a new avenue for revenue generation.
This emerging opportunity for commercial real estate owners is empowering them to use data to draw in and develop tenant relationships and roles. This data is helping building owners and managers to think about tenants in a whole new, more comprehensive way by using technology and data to understand tenants and make informed portfolio decisions for better opportunities and higher returns.
Another interesting and important shift is that commercial real estate is moving from historically having been a property-focused industry to becoming a tenant-centric one. In order to retain a building’s tenants, and plan for the future, owners must provide amenities, satisfy needs and expectations, and make them feel “at home.” By examining occupant engagement, owners are able to get a true understanding of their ability to retain occupants and take proactive action if engagement is low, a leading indicator of tenant dissatisfaction.
At Lyra Intel, we’ve created a real estate business intelligence solution specifically designed to unlock a property’s revenue potential. Our platform integrates with property management systems to provide data about occupants, all within an intuitive business intelligence dashboard. This allows property owners to better understand and create positive experiences for their occupants by collecting data about their preferences — at the industry, portfolio, property, and individual levels.
The inspiration for Lyra came to us about a year ago. A request for specific information related to capital property improvements could not be met. The information was not there and we felt it was not good enough to make significant financial decisions based on a gut feeling or anecdotal feedback. That has been an industry standard for too long. We needed a better way to access information to make better decisions, to understand a tenant’s experience in the property, and to have the information that will extend tenant engagement at a property as long as possible. We created Lyra Intel to address these issues and provide data for real insight into tenant needs and wants for an optimal property management and investment experience.
Building owners often have large budgets on the line and deciding to repair and replace services based on educated guesses can be a major risk. Property owners can benefit from information about occupants’ choices and needs and can use it to keep them satisfied and in place. Information can be analyzed to allow for better understanding of residents and tenants as it collects data about who they are, what they do, what they like, and where they go. Engagement scores among residents, tenants, and property managers bring about a better understanding of needs, preferences, and renewals by property. Trends can even be monitored against portfolio and industry benchmarks.
As adoption rates for technology grow in commercial real estate it is expected that tenant retention will increase with it. Property owners will be able to learn what their tenants want and expect from their communities, utilizing the data that each person generates to help make properties more like home for their tenants. Information will help create optimal experiences for tenants and more profitable buildings for the best operators.