Mastering Data Control in Commercial Real Estate

In the rapidly evolving world of commercial real estate, owning and controlling your data and digital infrastructure is no longer optional—it's essential. As Bill Douglas, CEO of OpticWise, often reminds us, "If you don't own your data & digital infrastructure, your vendors do." This episode of the Peak Property Performance® podcast delves into why this control matters and how it can transform your property management strategies.

The Vision Behind Peak Property Performance®

In our debut episode, we explored the driving vision behind the Peak Property Performance® podcast. Bill Douglas and Drew Hall, our seasoned co-hosts, have been deeply embedded in the commercial real estate realm, constantly seeking ways to empower property owners. Their mission? To arm owners with the tools to reduce costs, increase Net Operating Income (NOI), and future-proof their assets. As Bill points out, there's a pressing need for actionable business intelligence that many property owners recognize but struggle to define.

Bill shared, "Last year, we were doing research, actually interviewing, we paid a third-party firm to interview clients and prospects. And most of what we heard back is the property owners wanted business intelligence." However, the real challenge lies in the fact that many owners don't have the data necessary for true business intelligence. The reason? They don't own and control their digital infrastructure.

This podcast, much like the Peak Property Performance® book, aims to demystify the process of taking back control. Through candid conversations, we aim to provide property owners the knowledge needed to seize their digital destiny, ensuring that they're not just passive participants in their property's performance but active drivers of success. Listen to the full episode.

Harnessing Business Intelligence in CRE

Drew Hall, the Co-Founder & Chief Architect of OpticWise, brings a practical, problem-solving mindset to the table. He highlights the transformative power of harnessing data: "Honestly, I think I would say the real power of harnessing all the information that had been flowing somewhere... and then doing something with it, making it actionable, like how much of a financial difference it can make in commercial real estate."

In practice, this means capturing every piece of information your building generates and turning it into actionable insights. Drew shared specific scenarios where minor adjustments, informed by data, led to significant financial improvements. For instance, simply optimizing energy usage through comprehensive utility data analysis can lead to substantial savings.

Moreover, Drew emphasized how often valuable data goes unnoticed or underutilized due to transitions between ownerships or management. By implementing a robust system to collect and analyze data, property owners can ensure they're always operating at peak efficiency. This approach not only boosts NOI but also enhances tenant satisfaction and retention by providing a seamless, technology-driven experience.

Moving Beyond PropTech: Focusing on Infrastructure

As Bill succinctly put it, "This is not a PropTech podcast. Let's clarify that in the beginning." While PropTech offers numerous solutions for specific real estate processes, the conversation here is about the foundational digital infrastructure that supports these technologies. It's about owning the networks and systems that generate and manage data.

Bill explained, "PropTech has to run on a digital infrastructure, may or may not generate data, but it's going to use data. You have to think the infrastructure layer below all of that." The distinction is crucial—without control over the underlying infrastructure, the benefits of PropTech solutions can be severely limited.

For property owners, this means taking a strategic view of their assets' digital backbone. By understanding and controlling their building's data flow, they can not only enhance current operations but also anticipate and adapt to future technological advancements. In this episode, we begin to unpack how this control translates into tangible benefits, setting the stage for deeper dives in future episodes.

These insights are just the beginning of the conversation we're having on the Peak Property Performance® podcast. We invite you to join us on this journey to redefine what's possible in commercial real estate. Catch the full episode here and subscribe to stay updated.

Bill Douglas: A Journey from Power to Property

Bill Douglas's journey from Georgia Tech to the helm of OpticWise is a testament to his passion for using technology to solve big problems. As he shared, "I graduated from Georgia Tech, so I'm a rambling wreck from Georgia Tech. I went to work for the power company in Florida after I graduated and was doing well there, but got bit by a coral snake and decided in that five-week recovery process to quit my job and become a real full-time entrepreneur." This journey led Bill to become a serial entrepreneur, founding multiple successful companies, and eventually joining forces with Drew Hall to tackle the challenges of commercial real estate.

Bill's ability to identify and solve complex issues in the CRE space stems from his diverse experiences. As he puts it, "So OpticWise is the sixth company I've been involved in. Most of them have done really well. I like using technology to solve big problems, and when Drew asked me to join, we saw this as a big problem for commercial real estate." His dedication to improving property performance through data and digital infrastructure is evident in his commitment to driving revenue and reducing expenses for property owners.

Bill's personal interests, such as working out, live music, and travel, highlight his multifaceted personality. With his sons now independent, Bill has more time to dedicate to his passions and the mission of OpticWise. His journey and insights offer valuable lessons for CRE owners looking to leverage technology for better property performance.

Listening to Clients: The First Step to Transformation

Understanding client needs is at the core of OpticWise's approach to solving real estate challenges. As Drew Hall emphasizes, "The first thing that comes to my mind is just in terms of how a particular, if we have, we're talking about an existing client in terms of how they're working today, what do they have in place? Like what is working for them and what isn't working for them?" Listening to clients allows OpticWise to identify areas for improvement and tailor solutions that address specific issues.

Bill Douglas adds, "Most of the time owners talk to me about the three big drivers of their expenses, occupancy, insurance, and utilities." By focusing on these key areas, OpticWise helps property owners enhance occupancy rates, reduce insurance premiums, and optimize utility expenses through strategic data use. These efforts directly impact Net Operating Income (NOI) and provide a competitive edge in the marketplace.

OpticWise's commitment to client satisfaction is evident in their proactive approach to problem-solving. As Drew notes, "There is a lot of benefit to digging in. So don't be afraid to dig in. Prioritization is key." By prioritizing client needs and leveraging data-driven insights, OpticWise empowers property owners to make informed decisions that lead to improved property performance.

Data Ownership: The Key to Innovation

Owning and controlling data and digital infrastructure is the cornerstone of effective property management. Bill Douglas poses a critical question: "Who owns and controls your data flow? Who owns and controls your digital infrastructure?" The answer to these questions determines a property's ability to harness data for actionable business intelligence.

Bill explains, "Imagine what you could do if you were able to look across disparate data sources within your property and within your portfolio to draw conclusions and actually make actionable decisions that are data-driven." This vision of integrated data use is central to the Peak Property Performance® book, which provides 55 actionable examples for CRE owners to explore.

By embracing data ownership, property owners can unlock new opportunities for innovation and growth. As Drew Hall encourages, "Don't be afraid to dig in." Exploring the potential of data-driven insights empowers CRE owners to enhance property value, optimize operations, and future-proof their assets.

Actionable Takeaways for CRE Owners

The insights shared by Bill Douglas and Drew Hall underscore the importance of owning and controlling data and digital infrastructure in commercial real estate. Here are some actionable takeaways for property owners looking to enhance their property performance:

• Evaluate Data Ownership: Assess who currently owns and controls your property's data and digital infrastructure. Consider steps to regain ownership and control for better decision-making.
• Prioritize Strategic Improvements: Focus on key areas such as occupancy, insurance, and utilities where data-driven insights can lead to significant financial benefits.
• Embrace Innovation: Explore new technologies and data sources to enhance your property's performance and stay ahead of industry trends.
• Engage with Experts: Partner with trusted advisors like OpticWise to develop tailored solutions that address your property's unique needs.

For more insights and strategies, explore the Peak Property Performance® Podcast and consider reaching out for a complimentary PPP Review to unlock the full potential of your property.

About OpticWise: OpticWise provides owner-controlled data & digital infrastructure for commercial real estate — from PPP Audits to portfolio-wide intelligence. See how we operate or read customer outcomes.