3. Create a sourcing plan
Reliability is everything. Sourcing providers you can count on and trust is just as important as ensuring they fit with your budget and are willing to operate as collaborative partners. That’s true even if you’re buying an individual-point solution or a managed service product.
On the flip side, we’re seeing more and more real estate companies developing and managing products in house or customizing existing products. These options can certainly work as part of a broader strategy, where companies also look for solutions from outside the real estate sector to compare notes and understand varying capabilities better.
Maybe you’re one of the 90% of real estate companies that have already considered or adopted data and analytics tools. Perhaps you’re among the 60% thinking about IoT technologies. Whether you’re investing in existing tools, co-developing products that have the potential to be commercialized, or fall somewhere in between, you’re going to need a clear sourcing plan to harness the full potential these tools allow.
Where do we go from here?
Getting the most value out of proptech adoption is bigger than brainstorming options and managing the project. Every element of your program — from the strategic plan to the implementation to the sourcing — must be intrinsically linked and closely connected to your broader vision for the business.
Remember: crawl, walk, run, fly. Get the basics right by asking better questions at each stage, and build from there. Technology adoption will most likely be an ongoing program, not a finite project. Putting the right fundamentals in place now can give you the flexibility to continue adapting as needs, goals and market realities continually evolve.