The Digitization of Property
What Does it Mean to Property Owners
Digitizing property information starts by transforming details usually in analog computer files (technical specifications, O&M manuals, etc.) to one of three or four digital data formats or standards. Owners will need a cloud account for the data and security (IAM) tools to make information accessible to authorized users thru their own technologies.
The detail includes floors, square footage, systems, grounds etc. but excludes financial data like rents and expense. And the transformation doesn’t require an immediate conversion of all data or computer application files (ie: CAD) but should start with the more practical day to day operations.
A property owner can start digitizing the property by uploading all existing information and computer files (any format) to a cloud account and making those files (and folders) available to service providers like management and NNN tenants who perform improvements.
Analog formats will benefit stakeholders who manually search public data sources but digital data provides technology a transparent, authenticated and reliable source of information to improve workflow and process efficiency at scale.
Managed as an independent digital asset, data is agnostic to the universe of diverse technologies being adopted by management, contractors, service providers and suppliers, etc. The property AI data library creates value in operations and markets.
Revenue opportunities for property owners will emerge in data analytic markets. Industry will need to acquire data from a majority of properties in a region or using a specific product to analyze markets and performance. Deep data is the source for a new generation of build and systems analytics.
In addition, two of data formats offer universal portability and utility of data between the property and user technologies. That means owners will provide nothing more than the data and access security. Authorized service providers (aka: emerging technologies) will ingest asset data as-required to complete digitization of the property’s operating ecosystem.
“The digitization of property is to eliminate paper and analog computer files”
Industry Objectives
The digitization of property is to eliminate the use of paper and analog computer files. Transformitively converting all analog data, documentation and information deliverables into digital formats commonly referred to as data pairs.
Property data consists of original, daily and updated detail on land, structures, improvements and grounds, information on build, its systems and equipment. Seemingly innocuous this data benefits operational efficiency through reliable and accessible detail to improve productivity, reduce operating cost and increase stakeholder interaction.
Independent user technologies manage document deliverables while SLACi authenticates stakeholders so technology can exchange data to automate the process.
SLACi pioneered data and user security to solve universal challenges in exchanging data between diverse technologies in build and operation.
Challenges / Barriers to Digitizing Property
It can be as easy as uploading files but there’s more to strategy and application of technology. Owners will need cloud storage and user security to manage data access. User access and security can be bootstrapped by manually managing data access but you’ll want this to be entirely automated.
Blockchain and cloud platforms might assist with analog file conversion and they’ll definitely store data. These options offer unique benefits at the expense of accessibility and interoperability. They also have higher data storage costs with the least portability compare to alternatives in the EU and US.
Cloud platforms appeal in market applications with huge data sets like new build of a skyscraper. Blockchain enhanced data security features are worth tradeoffs in technology response times. Finance, banking, insurance, deal making and currency data warrant enhanced security.
Industry lacks the desktop apps to covert analog property data to digital. There are over 300 applications for building information model(ing) (BIM) but we couldn’t find one specifically designed for consumers in property ownership and management.
Currently, most of the build industry has focused on building information modeling creating files that can be ingested by CAD programs in AEC. Industry producers need to pivot towards an emphasis on building information model data.
These digital objects or text files in IFC and .json formats must include complete detail and specifications on build products to be stored in the property information model (i.e.: AI Data Library).
Getting Around Barriers
Many already use Excel, it’s a great choice for basic Office users and was one of the original computer files the National Institute of Building Sciences (NIBS) recommended as they first set out to create data standards for construction to operations building information exchange (COBie) in 2007.
COBie evolved and today (NIBS) recommends the .json format for digital data. Our counterparts in Europe use the Industry Foundation Classes (IFC) file format for digital data. They’re very similar and both are non-proprietary data standards for sharing building information model (BIM) data.
Using a free .json editor is like opening Notepad with a twist. Information is displayed in nested or tree like “label + data” pairs so the information is easier to compile and edit.
There are several COBie Test Files on GitHub that offer insight on creating templates in Excel. Spreadsheet data can be exported using an excel script or one of several one-off websites that will convert the information into .json or IFC formats.
The BidForms Organization used xlm to output basic PIM data object examples and published recommendations for a minimum set of file folders to organized digital BIM / property data for easy management and user access.
The list of folders extends the definition of BIM to property information models (PIM) and includes file extensions, at least one persistent database and folders for private, non-transferable confidential data of owners.
In addition, SLACi will establish a set of basic data object templates on the property, structures and grounds through the CaPSCi-200 program and make them available to users.
There are a number of PropTech and cloud platforms that will search, extract and convert data from computer files to digital data pairs. And most AEC CAD apps can export files to BIM data standards.
In both cases, owners should request these conversion tools provide copies of the data in both json and IFC formats. These are the most responsive portable formats and universally can be imported into nearly any other type of modern application.
Consultants and the property’s service provider network can help compile information for the property data library. Current property service providers are best positioned to be the least expensive and may already have all the detail required by their trade or profession.
For a limited time and number of property assets SLACi is helping owners compile and store deep data through the CaPSCi-200 Program.
Incremental Implementation
Implementing tangible autonomy in real estate will occur in small steps proportionate to the availability of data and technology solutions. Data is the precursor and least expensive technology to assemble. Its the next step in the digitization of property, and facilitates development of AI technologies that integrate industry workflows.
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More about data:
AI Data Library Intro
Real estate spans eight industry sectors so what an AI data library may contain depends on use case and sector. A property data library begins with secure accessibility to the property information model (PIM).
Best Storage for Property Data and Owners
Every property has its own AI data library that should be stored in the cloud but what type of storage offers the highest advantage to property owners, investors and service provider ecosystems.
Digital Data Benefits for NNN Owners
Five key reasons why NNN property owners should adopt a digital data policy. This article discusses AI, data utility and taking ownership of property data as an investment.