Real estate data management and sustainability have recently been central to many conversations and discussions in the real estate world. Regulations are coming into place and companies are realizing the value of integrating sustainability into their business plan. Many are looking to solution providers to aid in the transition. The complexity of this increases depending on the organization, their global footprint, and their desire to scale.
With the number of providers available, it can be challenging to find a perfect fit. Choosing the right solution provider involves more than merely finding a tool. It is about aligning with a partner. They need to be able to address your specific pain points.
Identifying Your Pain Points
The first step to finding a solution provider is understanding your pain points. What is the reason you are turning to a solution provider to aid you? What unique challenges are you facing that a provider can help with? This can range from data challenges to compliance, implementing initiatives, or tracking progress.
Different providers cater to different pain points. Depending on where your unique challenges are, you must evaluate providers differently. Finding a provider with the right capabilities is key to addressing those challenges. This may not include just the challenges you are facing now but ones that may become more prevalent in the future as you grow. The following considerations may aid you in understanding the challenges you face, may face in the future, or uncover new points to consider in the evaluation process.
Real Estate Data Management
Data challenges are at the center of the sustainability discussion in real estate. From getting the data, and ensuring the data is complete, to data quality issues. Many organizations are facing data challenges, all unique to their situation and drivers.
From becoming more energy efficient to complying with regulations, having high-quality data available to your organization is central to your success. Due to the diverse nature of sustainability-related data, it is important to be able to bring all the data together for informed decision-making. This includes getting the data from a variety of sources, from utility bills, IoT devices, building automation systems, or other platforms that different departments may already use.
As you scale, working in spreadsheets becomes an error-prone and time-consuming process. Finding a platform that can automate the data management processes and deliver high-quality quality complete and actionable data is key to your success.
How Can They Aid in Compliance?
There are various regulations popping up around the globe. What you must report differs depending on your geographical location, the size of your organization, and stakeholder requests. If you are global or even have properties across different states, you may need to comply with more regulations in different regions creating a complex compliance environment.
Finding a partner that understands the complexity of these requirements is integral. For example, with benchmarking requirements in cities and states in the USA, finding a partner that integrates with ENERGY STAR Portfolio Manager can enable a seamless reporting process. Depending on your jurisdiction you will look for different ways that providers may be able to aid you in effortless reporting.
Assess Technological Capabilities for Integration and Scaling
Technology is only as good as it works for you. Just as every business in real estate is unique, so is the way that you work. This is especially true for integrating sustainability – there isn’t one way of doing it. While some may have a specific department dedicated to overall sustainability, others may have existing departments taking on tasks.
Likewise, the systems that are already being used will differ. Finding a partner that can integrate with these systems, whether it is getting the data from them or driving the data to them. Seamless integration into your current processes should be at the forefront of your mind.
Similarly, future thinking should be included in your evaluation. Are you scaling or do you plan to in the future? Ensuring the solution can scale with you is important, especially if you are planning to enter new markets. Your partner should be able to support you in the long run.
Understand the Approach to Data Security and Privacy
Security and privacy are always top of mind, especially when handling your real estate data. Your data governance strategy should not be challenged by the tool that you choose. There are many key aspects of a data governance strategy that a solution needs to support – check out our full blog on data governance here!
One key area is the storage of data and adhering to different data privacy and security standards. This becomes especially complex when a global organization is looking to report and assess sustainability across properties in different geographical locations.
ScriptString’s approach to not storing data aligns with best practices for data security and privacy by minimizing risks associated with data breaches and compliance issues. By avoiding long-term data retention, ScriptString reduces exposure to cyber threats, simplifies adherence to global privacy regulations, and alleviates the burden of managing secure storage. This approach ensures that global real estate organizations can focus on real-time data insights without the complexity or risk of handling sensitive data across different regions.
Compare Cost Considerations with Value Delivered
It is obvious that there is a cost associated with choosing a solution provider. The ROI of the solution needs to be clear (read our blog post on the ROI of ScriptString here). Whether that is through time savings, avoiding non-compliance fines, or finding cost savings, the ROI needs to be clear.
Organizations search for technological solutions to address a challenge they are facing. They look for value in the solution that can aid them in getting from where they are now to where they need to be. When evaluating vendors they need to be able to clearly articulate how their solution will deliver this, the costs associated, and how that will add value to your business and benefit you in the short and long term.
Look for Flexibility and Customization
As mentioned before, no two companies are the same. Whether it is a different sustainability strategy or data governance strategy, every organization needs to have a flexible solution that can be tailored to their specific needs.
Whether it is being able to ingest data from multiple languages worldwide, display data in different ways for different departments, bridge the gap between sustainability metrics and financial data, or present data in a specific way. You deserve a solution that meets your exact needs instead of a blanket solution.
Real Estate Data Management & Sustainability – Finding the Perfect Partner
At ScriptString, we understand that choosing the right sustainability and real estate data management solution is critical to your success. We pride ourselves on hitting all the key evaluation points outlined above.
With our patent-protected technology, we’re able to extract data from any source—whether it’s utility bills, IoT devices, other platforms, or building automation systems—in any language and currency, making us the ideal partner for global or scaling organizations.
We also prioritize data security and privacy by not storing your data, significantly reducing risks while ensuring compliance with global privacy standards. Our platform seamlessly integrates with your existing systems and processes, helping you scale as you grow and preparing you for future challenges.
With flexibility and customization at the core of our offering, ScriptString is equipped to tailor solutions to your specific needs, delivering immediate and long-term value to your organization.
If you are currently looking for a real estate data management and sustainability solution, contact us today. Let’s talk about the current challenges and pain points you are facing and how ScriptString can aid you!
