Asset managers have to make important strategic decisions every day, react quickly and act with foresight. The key to successful asset management – is information. Despite all digitisation efforts: the important and correct information is still mostly found in documents. The problem: This information is still mostly available on paper. And even if digitised documents exist, they are often stored in several filing systems and sometimes with different service providers – often with incorrect or heterogeneous names. The result: time-consuming search for the right document and inconsistent data. Digital document management helps to ensure that documents and – the information it contains – are always available in an accurate and up-to-date form. This finally gives the data sovereignty back to asset managers.
Displaying an asset one-to-one on a digital platform and thus turning it into a transparent trading object, this is the idea behind the concept of ‘digital asset’. Real estate documentation can already be completely digitised today. The effect: centralised and accurate documentation, easy access for all parties involved – even mobile. Significantly reduced communication volume and more efficient processes. If the property is up for sale, it is directly ready for transaction – at one click. In addition, complete documentation reduces the risk of purchase price markdown.
Part 1 of Architrave’s series, “From analog to digital real estate management”
By Dagmar Hotze, Journalist specialized in property management issues of the future.
Anyone who has ever worked as a temp at a registrar’s office or a private company and had to fish documents from file labyrinths knows: not only is a tidy house a tidy mind, but it also lets you go home at a decent hour. The days of analog document treasure hunts are over, the era of the desktop 1.0 is coming to an end. To real estate firms, where a number of parties are involved, from portfolio and asset management to property management to facility management, mobile and 24/7 access to different data sets is indispensible. If working collaboratively is an objective, digitalized information is a must.