Swedish tech company Estate Logs is revolutionising the way Nordic cities manage their properties. Here we learn about how the platform is making the sector more profitable, efficient, and sustainable.
The digital revolution has been gaining momentum in the real estate sector for a few years now, predominantly in the area of property sales.
The umbrella term PropTech now encompasses developments in interior design, architecture, construction technology and property management, and it’s been integral in helping the sector navigate the COVID-19 pandemic. 3D tours and smart technology have played a major role in making homes more sellable and keeping the sector moving despite worldwide chaos. In addition, changes in digital marketing have come a long way towards enhancing communication between agents, vendors and buyers.
Modern technology now goes way beyond online searches and uses a combination of virtual reality, artificial intelligence, drones and the Internet of Things (IoT). Together, they are completely changing the way people purchase, sell and utilise their homes.
Research from CREtech shows that global investment in PropTech topped $14 billion by the end of 2019, and that figure is expected to have risen exponentially by the end of 2022. According to a survey conducted by Zillow in 2021, 36% of Americans are now willing to buy a house completely online, showing a huge shift in how the world thinks about real estate.
Technology is now using increasingly sophisticated data to drive decisions and assess property values, and the next generation of property enterprises is focused on responding to the ever-changing demands of consumers.
One company that’s using PropTech to its full advantage is Estate Logs. Based in Stockholm, the industry disrupter is making property management more cost effective, simple, profitable, and sustainable than ever before.
Led by CEO Andreas Fryden, Estate Logs’ technology driven approach is delivering exceptional value for its customers, increasing property value by reducing maintenance costs. Andreas and his team optimize property maintenance by capturing all activities in and around each property to identify and reduce inefficiencies – making dramatic cost efficiencies in the process.
The Estate Logs ecosystem collects data from hundreds of different sources, compiling an optimized maintenance workflow for each individual property. This process significantly reduces time and material waste without every compromising on quality, giving owners and agents peace of mind that their properties are always maintained to the highest possible standards.
The platform generates a resource calculation with very high accuracy, providing a unique basis for tenders compared to competitors. Actual resource spend is followed-up after six months and used to further enhance the algorithm accuracy, enabling Estate Logs to process large volumes and calculations without limitations, and to scale quickly. It’s also completely independent and not reliant on existing in-house systems, which means it’s simple and quick to set up.
Data Driven Results
To date, Estate Logs has reduced client costs by as much as 76% and increased property values in the process. The platform has been used for on over 100 properties across 27 Nordic cities, creating €50m in property value.
The difference in the Estate Logs approach
Traditionally, the value of property caretaking has been based on a combination of experience and rules of thumb, resulting in estimated figures and inadequate tenders. The absence of data led to a generic price per square meter, and the tender process was long and complicated – on average lasting about 3 months. With Estate Logs, tenders are based on actual resource needs, using comprehensive reference data and algorithms that are powered by machine learning and AI. This revolutionary approach is not only cost effective, but slashes tender process times to an average of 1-2 weeks.
There are many benefits for property owners too, who are enjoying newfound insight and control over their investments. Whereas previously, much of the standard documentation was both outdated and inaccessible, causing a reactive rather than responsive approach, the Estate Logs way is transparent and simple. Owners get direct digital access to practically every aspect of their properties, with Estate Logs providing real-time data on each building along with automatic scheduling, reporting and documentation of tasks.
Tenants are also benefitting from the efficiencies and transparency the platform brings. The app is available on mobile devices, which means tenants can report issues quickly on their phones and receive real-time progress updates. And if they have any questions, they can get directly in touch with the property caretaker.
Estate Logs is dedicated to sustainability; an important mission in the current climate. It’s well documented that the property industry comes with a high carbon footprint – according to a report by the World Economic Forum, the sector consumes over 40% of global energy per year and 20% of greenhouse gas emissions come from buildings.
Andreas and his team are committed to reducing unnecessary material costs and lowering the travel and CO emissions that are usually generated as part of facility management. The platform makes for a happier, less stressed, and more productive workforce by providing teams with information and instructions as and when needed. Customers can keep an eye on their own sustainability KPIs too by using the EstateLogs dashboard. The digitalized reporting system gives property owners and managers total transparency and control, giving them all the information they need to make decisions in a split second. This in turn delivers massive, proven cost savings of 50-75%.
Estate Logs’ big-name clients include Genova Property Group, Brunswick Real Estate, Regio and ALM Equity, and many more happy customers are enjoying a smarter way to work thanks to the platform. Andreas explained there are big plans around the corner too: “Long term we are well progressed to connect property owners with more services and products through our platform, ultimately transforming into the dominant marketplace for the property ecosystem.”
The app is available on Android and iOS and offers up to 200,000 different task reports, along with 1,000,000sq.m in the system. To find out more about how Estate Logs works, visit the company website at https://www.estatelogs.com/