The need for data integration is a key concern in the commercial real estate world, with the industry relying heavily on quality data to drive decision-making.
From faster, more accurate valuations to detailed forecasts, the use of integrated data can lead to smarter decisions about property investments.
Commercial real estate typically has a range of systems from property management, debt management to lease management systems. While business processes often involve multiple people, teams and stakeholders swapping complex data files, every day.
The challenge for the commercial real estate industry remains very real, as we face disparate data, disjointed workflows, and mounting costs to maintain quality data—not to mention the time involved.
Almost half (45 per cent) of commercial real estate teams are spending up to 25 per cent of their time managing and organising data (this is the equivalent to two to three months of the year), reveals the latest Altus Group commercial real estate 2020 report.
Creators of the leading commercial property valuation software ARGUS Enterprise, Altus Group is the globe's leading provider of software and data solutions to the commercial real estate industry.
Forging the disruption path, the global group believe the industry is shifting from a stage of "trial and testing" to one of practical innovation to solve its current challenges.
And its latest solution to combat disjointed workflows and alleviate the pain points with a more seamless approach, Altus group has launched ARGUS API.
An application programming interface (API) is a technological tool that enables development teams to create straight through integrations between two applications.
A common example driving the need for this integration is owner-operators who typically outsource their leasing operations to third party service providers. Trying to gauge the health of their portfolio becomes a difficult and time-consuming task especially when your leasing data lives in multiple systems.
The ARGUS API can be used to automatically consolidate your leasing data from a property management system, such as Yardi, and copy that data into an asset modelling system such as ARGUS Enterprise.
From there you’ll be able to run your scenario stress test analysis to see the impact of potential lease deals on your portfolio performance, or even build out custom modelling and reporting.
The result—a more connected workflow—gives you a greater ability to collect value from your data.
Altus Group are now collaborating with leading real estate technology providers to develop API connectors that can create a seamless flow of data between ARGUS Enterprise and other third-party industry solutions.
“The commercial real estate industry has experienced an explosion of systems servicing key workflows, while we’ve never had access to more data, the unfortunate result is ‘islands’ of data,” Altus Group ARGUS SME Lionel Newcombe said.
“We’re seeing an urgent need to better put data to work with a more open, seamless and integrated approach.”
ARGUS API delivers greater access to your ARGUS data in the cloud, allowing easier connection to your industry applications, and the ability to build custom tools, ultimately streamlining your real estate workflows.
For more information on ARGUS API, please click here.
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