How Can We Improve Real Property Management Services?

There are three startling points that the Government is facing about the real estate inventory which include:
     

• The combined area of the real estate property is 3 billion square feet.
• Approximately 80,000 of federal properties are either unused or unutilized
• 1.7 billion is paid by taxpayers for the maintenance of real estate property.

 

At NASA, a general assessment discovered that the real estate property consists of around 100,000 acres of land and 44 million square feet within the boundary of 5,000 buildings and other infrastructure. More than 80% of the above lying infrastructure are decades old and NASA is facing its deferred maintenance with a total amounting to $2.5 billion. This statistic shows the amount of responsibility the Government is facing in handling the real estate property. 

But property managers have a good opportunity to change such turbulent situation positive. With new analytics, agencies can better utilize and organize their upcoming projects in less operating costs along with reduction in expensive capital projects. For so, they have to learn how to relate data analytics with the financial performances of the real estate portfolio:

• Determine the main performing tool.
• Account preparation for all of the agency’s assets.
• Ascertain space needs that parallels with agency goals.
• Informing owners about financial risk involved.

There is seven-step data analytics process that can help to build symphony of real estate management improvements.

1. Ascertain the data resources to explain what all information is required to serve as the input for the completion of the stages.
2. Collect and include the data to extract the essentials and organize it in preparing the analysis and report.
3. Prepare and filter the data and change it into a substantive information that the users can build trust upon.
4. Analyze and confirm data to find trends and structures to take intellectual decisions.
5. Create data that displays appropriate information in tabular or text format. It will look attractive and understandable if graphical outputs (like dashboards, scorecards, maps, images) are used.
6. Make models to forecast scenario of space use, capital risk, cycles and sustainability.
7. Assess and improve the techniques from data identification through information deliverance.

By using the above points, agencies can start constructing their real estate analytics framework from the scratch. Also, the real estate society will be able to deliver consistent and factual information to end users.

This post written by John Nash, who is property manager Atlanta and provides Atlanta homes for rent and property maintenance Atlanta service.