For our customers, Electronic Data Exchange (EDE) has gone from a nice-to-have bonus feature of working with Wyse to an indispensable part of their operations toolkit. Thanks to the additional duties heaped upon you and your team in recent months, there are simply not enough hours in the day to operate without EDE.
According to the U.S. Bureau of Economic Analysis, real estate is the largest asset class in the world – worth more than all stocks and bonds combined – yet experts point to the fact it tends to be among the last to adopt new technologies.[i] That is all about to change in 2021.
Listen to venture capitalist and property technology (proptech) thought leader Louisa Xu, a partner in the California-based IVP, who recently argued that real estate is a ripe frontier for tech-enabled advances:
Buildings are still constructed with the same processes employed a century ago. From the small mom-and-pop property owners to sophisticated real estate investment firms, (Microsoft) Excel is the most commonly used tool for data management 30 years after its introduction. Collaboration across the many stakeholders in the value chain reside in fragmented, offline channels. Having worked through several transactions that were delayed and over-budget because of these inefficient processes, I believe that even simple, light-weight innovation can have huge impact in this industry.[ii]
We know this to be true. Since Wyse introduced EDE, we have seen our clients say ‘no’ to manual data entry and capitalize on the found time this technology provides.
Offered exclusively by Wyse in the Canadian marketplace, EDE removes 95% of the administrative work at the building level and offers a permanent solution to move in/move out (MIMO) utility turnovers. The Wyse technology integrates with your existing property management system, eliminates errors associated with hand-tabulation, and unlocks valuable time.
Instead of on-site staff creating (MIMO) lists by hand, Wyse automatically generates this monthly list for you based on billable suites. That means instead of you providing information to Wyse, Wyse provides it to you as part of the bill reconciliation process. This process involves scheduled automated, limited program interfacing with secure encryption that meets the Multi-Family Information Transaction Standard (MITS), which is the industry standard for sharing information.
That kind of assistance has never been so important.
In 2021, your team already faces a year juggling the lingering impacts of the pandemic – including managing personal protective equipment (PPE), enhanced cleaning schedules, etc. – along with the regular duties required to run complex buildings. EDE has proven to eliminate one of their most time-consuming duties.
Let’s just say that updating spreadsheets by hand is no longer reasonable. Our clients rave about the difference EDE makes in their operations, as they set themselves up for future success. Again, let’s listen to Xu:
Tech-enabled real estate companies will capture majority market share over the next 10 years. The next crop of companies will introduce solutions to digitize workflows and elevate transparency for every stakeholder in the ecosystem so that better decisions can be made at a fraction of the cost. There is every indication that technological progress will continue to shape the future of this industry.[iii]
Wyse has already done this for its clients as we realize this rapid growth in proptech goes far beyond the need for operational efficiencies. Technologies like EDE get to the root of how we need to work.
[ii] Louisa Xu, “Modernizing Real Estate: The Property Tech Opportunity,” Forbes, February 22, 2019, https://www.forbes.com/sites/valleyvoices/2019/02/22/the-proptech-opportunity/?sh=689ebe775826, accessed December 2020.
[iii] Louisa Xu, “Modernizing Real Estate: The Property Tech Opportunity,” Forbes, February 22, 2019, https://www.forbes.com/sites/valleyvoices/2019/02/22/the-proptech-opportunity/?sh=689ebe775826, accessed December 2020.