Property Data Ownership

The plunge into property technology may have overlooked one important question. Who owns property data?

It raises additional questions about what property data is, its value and how digital access and exchange translates value across distinctly different stakeholders.

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.
Property Data Ownership
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?

What is deep property data?

There are two basic use-cases for property information simply described as frontend and backend data.

The frontside of real estate is public facing sales, leasing, marketing, markets and revenue generation. Hidden in the background is the expense of property maintenance, improvements, upgrades and routine service.

Operationally, both leverage deep data details from the property information model (PIM)0:52. However, contractors and the service sector are deep data sources that generate original datasets.

What is Deep Property Data
Building Information Models (BIM) and Modeling reference two distinct datasets and use-cases for build data, visualizing construction and documenting technical details on structures, systems and equipment, etc. Deep technical details from build provide contractor and management technology information necessary to achieve operational efficiency.

Moving BIM and O&M to the cloud empowers property owners and managers to harness data driving efficiency, cutting costs, and unlocking new revenue streams.

Digital property data and credentials form
the primary tech stack for physical assets.

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

Works-for-Hire

Capital improvements introduce new operational data and performance standards that survive build in the operational phase. The asset’s property information model is compiled from digital deliverables and data generated during construction.

Owners can capture digital deliverables from tenants and contractors during construction, systems upgrades and through maintenance services.

And technical details from existing building records and O&M manuals can easily be converted into machine-readable data.

Capital improvements introduce new operational data and performance standards that survive build in the operational phase. The asset’s property information model is compiled from digital deliverables and data generated during construction.
Works-for-Hire
Owners can capture digital deliverables from tenants and contractors during construction, systems upgrades and through maintenance services.

And technical details from existing building records and O&M manuals can easily be converted into machine-readable data.

Digital Transitions

Data ownership is a very important distinction as industry transitions toward artificial intelligence and digital data operating environments.

Its important to enable property ecosystems without sacrificing data value or stakeholder security.

Understanding the potential risk in technology organizations that may leverage asset and vendor information beyond the stated use case is a critical factor in evaluating market solutions.

Safeguard Data
Property owners need to recognize that physical real estate value includes digital assets. By digitizing the physical property and protecting its data, owners unlock operational efficiency and exclusive insights to build new revenue streams.

Real Estate Technologies, Data
and Service Provider Ecosystems

 
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
Independent Identity Infrastructure as a Solution to PropTech Challenges
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. Platform and user enhancements will routinely update BIM data extending usability while improving valuations of the digital assets.

Property information models may be the most valuable data in real estate.