From September 17th – 19th, ScriptString headed to Las Vegas to attend Blueprint 2024. It was a dynamic event bringing together leaders in real estate and technology. This year’s conference focused on innovative solutions for managing and optimizing property assets and the real estate industry with a strong emphasis on sustainability, data intelligence, and AI in real estate.
From insightful sessions to meaningful conversations, it was truly a week to remember! That is why we wanted to share our key takeaways from this year’s conference.
Data Challenges Persist
As a data intelligence platform, many of our conversations focused on the data challenges in the real estate space. Talking with investors, owners, operators, and other solution providers it cannot be underscored the data challenges that are being felt in this industry.
Buildings are complex environments that need to be run efficiently. A JLL study found only 13% of companies have access to “up-to-date business intelligence and real-time analytics.” Companies need to be able to have a full view of each property to do so and fulfill new regulatory compliance requirements. For many reasons, this isn’t always easy to do. Many of these challenges are data-centric, whether in getting the data or ensuring the data they are working with is high quality. Even solution providers are feeling the pains with many looking to innovation and the use of AI in real estate.
Even when looking for solution providers, other important measures are at the forefront of mind when finding ways to deal with these data challenges. This includes integration and security. When looking to new solutions, companies don’t want to disrupt their current processes. They need to work with the systems already in place and abide by their security standards. At ScriptString our goal is to provide a seamless experience, through integrations and a high standard for security.
The Appetite for AI in Real Estate
In many spaces AI is a hot topic, this was extremely evident at Blueprint 2024. From sessions centered around AI, solution providers using AI, to companies looking to utilize AI in their work. The appetite for AI in real estate is clear. Still, as the industry is still in transition, many are trying to find where using AI provides the most value and the associated ROI.
When talking to and looking at other solution providers at the conference, it is seen that AI is top of mind. Solution providers that have been around for a long time have proven that it works. There were constant conversations about current uses and future innovation from even the largest providers with large client bases.
While new buildings may have building automation systems already built in, those who have older buildings in their portfolios are looking to AI to fill the knowledge gaps without the costly investment in hardware. AI-driven software provides the opportunity to gain a better understanding on what is going on at a much lower price.
Even with the conversations centered around the exciting potential of AI, there is an understanding that not all AI is the same. Still, the appetite to learn and understand how providers use AI and seeing it in action is there. There needs to be further education around this and how to use AI safely, but the appetite to learn and adapt is there.
Sustainability is Everywhere in Real Estate
ESG and sustainability have been highly debatable topics around the world. In the USA, political uncertainty and slow-moving regulatory measures have been top of mind when it comes to bringing sustainability into business. At Blueprint, many of the presenters and companies touched upon sustainability in one way or another. The first day of the conference was even a full climate summit by Fifth Wall.
While not all are incorporating sustainability into their business plans or reporting, there is an overwhelming feeling that the understanding of the value of becoming more sustainable is there. The motivators may not be to lower their environmental impact but rather to increase tenant satisfaction, increase operational efficiency, lower costs, and exceed stakeholder expectations.
This could be seen through many of our chats about using our AI-driven data intelligence platform for energy management. When companies are regulated to report their energy use they are interested in automating the process. Similarly, even companies that aren’t regulated are looking to do the same to understand their energy use and find efficiencies to reduce costs. The economic crisis is critical to this as many are looking to find savings in any way that they can.
A plethora of climate-related challenges have already begun to disrupt the real estate industry. It is no surprise that becoming more sustainable is more common than in other industries. Companies need the right partners and solution providers to address them and ensure the longevity of their portfolios.
Sustainability, Data, and AI in Real Estate – Blueprint & Beyond
We couldn’t have asked for a better week at Blueprint 2024. Seeing the industry come together and share was a great experience. If any of the above takeaways resonate with your organization, we want to continue the discussion with you. Our goal as a solution provider is to address the challenges and aid in creating the best outcomes possible for our clients. In a time of constant change and learning, ScriptString is there to help. Whether you are experiencing data challenges, want to further understand the use of AI in real estate, or incorporating sustainability into your business. Contact us today.
