In the competitive world of commercial property, knowledge and speed are paramount. Asset managers need access to accurate, up-to-date information to ensure that they are making the best leasing decisions across a company’s portfolio. But the process of collecting and analysing data is time-consuming.
It is a problem Kennedy Wilson Europe’s head of digital operations, Ryan Benevides, noticed while overseeing analytics, forecasting and technology for the firm’s asset management division.
“One of the key frustrations was trying to get at data that we knew existed, but the team was spending too much time aggregating data from different formats rather than utilising it, which is where the value lies,” Benevides said.
Benevides and the Kennedy Wilson Europe team turned to VTS, which already had a strong presence in the U.K. market, as a solution for managing leasing across its 13M SF commercial portfolio.
“The value demonstrated by the VTS platform made it an easy sell to senior leadership," Benevides said.
VTS centralises property information and leasing activity into one location, accessible from both desktop and mobile devices. Asset managers can enter new data in seconds, and the team can generate accurate reports at the touch of a button.
“Rather than spend hours collating data, asset managers can act on the relevant information and shift their time on more value-add activities,” Benevides said.
Technology has unchained real estate professionals from their desks, bringing focus to the human aspect of the industry. Asset managers can spend more time in their markets meeting people who will become prospective tenants or the leasing agents for the property, empowered by a more informed perspective.
Kennedy Wilson took it a step further by reviewing its existing leasing and approval workflows and redesigning them for the digital age. The team used the VTS platform to optimise the processes, leading to a more efficient use of both data and the team’s time. This has included onboarding all their external consultants and including leasing agents, managing agents and solicitors onto the platform. This allows it to manage deal workflow and streamline approvals and reporting, resulting in efficiencies and time savings across the entire business.
It is a transformation in business practice that Benevides sees as the way forward for commercial property.
“Kennedy Wilson is looking to be at the forefront of improved access to information and efficiencies that PropTech can provide our business,” Benevides said. “Technology is becoming an essential part of the formula for success and will become part of the toolkit of every asset manager.”
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