Mitigating the risk of property management and capital investment planning is crucial within commercial, public and private real estate sectors. Property assessors—those budget and efficiency-conscious individuals—lead the pack in sourcing new innovations to reduce risk. In fact, it’s their job.
For AEC firms, understanding the needs of property assessors and giving them tools to do their job is a necessary and highly valuable differentiator. Today, one of the best tools for AEC firms to mitigate risk and to properly equip their property assessors begins with standardized data via new technology.
Standardizing Data Collection
One of the best mitigation strategies is the application of consistent deliverables from team to team, assessor to assessor. To achieve this, AEC firms must work to standardize data collection. In doing so, property assessors are able to achieve superior project QA/QC—with standardized data fields removing many of the variables that lead to calculation errors.
After all, AEC firms are only as valuable as the accuracy of the information and data they provide. Because they have to sign off on project delivery, they’re also liable for the accuracy of that information and data—if an AEC firm happens to QA/QC a project inaccurately, they can be vulnerable to huge costs.
Standardization via New Technology
So how does a firm go about standardizing its data collection? In a word, software—specifically the new generation of AEC software. Property assessors are turning to new cloud-based technology options as a way to standardize their data collection process. This shift is creating quantifiable benefits to efficiency and cost—two primary concerns for any Project Manager working with a team of assessors.
On the efficiency side, standardized data collection via new technology leads to a far more simplified workflow, removing the unnecessary human steps of gathering and relaying information by way of an automated workflow. The less time spent on collecting and relaying information, the less money spent—a major win for any property assessor.
Data normalization is also helping property assessors’ project savings and margin savings simply by eliminating the common human errors that typically bog down the QA/QC process—such as data miscalculations and inconsistent data collection thus reducing the amount of time needed for the process.
The Tools Required for Property Assessors
Data standardization via new technology will continue to become more and more attractive to property assessors keen to mitigate their project risks. For AEC firms looking to attract new business, a demonstrable grasp of this growing client expectation will become exceedingly important. A software option like 4tell™’s iPlan™ Assessment Solution automates much of the assessment and reporting process to eliminate this risk, positioning you as a trusted ally for your clients and property assessors, while improving your own bottom-line performance.
Photo: Skylines/Shutterstock
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