Property Data Ownership

The plunge into PropTech may have overlooked one important question. Who owns property data? By this we mean information provided to PropTech platforms and the data produced by those platforms.

It also raises additional questions about what property data is, what value it has and how data value translates to different users or data consumers. Is PropData an extension of the asset as an individual entity and revenue center?

Property Data Ownership Ecosystems
Today we use the term Building Information Model (BIM) loosely but there is a difference between Build data outlining construction of structures, references to property information related to operation and management and how real estate industries use and/or create property data.

These are separate from independent platforms that employ public data to create new data sets, products and property related solutions. Including platforms and applications that use private build/building data to generate enhancements but there’s a fine line between immediate use, deliverables and the potential for long term retention or storage to be used by unknown third parties at a later date.

Property Data Types

  1. Property Service Provider Ecosystem [PSPE]
  2. Build Data: Original and Improvements†
  3. Operational / Business Data†
  4. Systems and Equipment†
  5. Technology (not S&E) †
  6. Maintenance Activities†
  7. Service Provider Data [Property & Mgmt]

Property Data Sources

  1. Owners (via build)
  2. Tenants (via Improvements)
  3. PSPE Authored BOM Data*
  4. Platforms and PSPE’s using build data
  5. Platforms and PSPE’s using building data
  6. Regulators publishing build data
  7. Platforms and apps using public data~
* Commissioned by the former
† PSPE User Access Benefits [Rule-Based]
~ Third party commissioned and owned
BOM = Build, Operation, Management
Property data begins to emerge when an improvement is explored. Concept and finance data is usually considered proprietary, the intellectual property of individual investors and proprietary to design teams until commissioned.

Nonetheless, the most valuable data to property ecosystems begin to take shape when AEC professionals transform designs into structures via construction documentation.

Digitally, there is an immediate value to supply chains predicting demand for raw materials and equipment. Data originating in the creativity of AEC designers contain a wealth of underutilized information that offers escalating levels of confirmation through project completion.

Works-for-Hire

Generally speaking, investor’s or property owner’s commission works for nearly all services that originate data on a for-hire basis with certain copyright and proprietary rights attached to deliverables.

Developers may be in-house producers but they too can commission works by third parties as do tenants, general contractors and property management firms hired to perform renovations.

Work-for-hire relates to the physical asset so it’s natural to conclude build and operational data are assets of current ownership legally attached to the property. Similar to how maintenance logs of airplanes are officially and formally transferred upon sale of an aircraft.

Digital Transitions

It’s a very important distinction as we transition towards a digitally documented and enabled property ecosystem. Some PropTech platforms counting on collection of big data may use predatory or stealth practices in reaching their goals.

There may be no warning to users who unwittingly disclose confidential business and personal information. And users have no recourse in a world where technology unanimously violates one user groups’ privacy by offering another user group cloud services.

Property
A Service Provider Ecosystem

There may be hundreds of service providers linked to a single property. They represent specialized fields in build, operation and management of infrastructure and buildings. Collectively they comprise the property’s “Service Provider Ecosystem” and many survive changes in ownership and management.

A property’s SPE is the primary source of current and updated property details stored in building information models (BIM). Digitized specifications combined with continuous review practices allow service providers to directly update performance parameters stored in modern O&M records.

Property Data Service Provider Ecosystems
Digitization of systems, equipment and maintenance detail in addition to operational data offer significant advancements in build and management. Identity infrastructures enable the autonomous integration of routine user processes between independent service providers, tenants and regulators with compelling improvements to user processes that consume significant time and manpower.

Emerging service provider application environments will capitalize on data accessibility to strategically update property information and personnel, execute scheduled activities and forecast budgets.

Independent Identity Infrastructure as a Solution to PropTech Challenges
Platform and user enhancements will routinely upgrade BIM data extending usability while improving valuations over the serviceable life of property assets.

The property’s BIM may be the most valuable data container in the PropTech arsenal.