BIM (Building Information Modeling) has long been recognized for its benefits in construction and infrastructure projects. But how can property management companies leverage BIM? What value does BIM bring to property management? In this article, we will explore these questions to help you optimize your management practices by harnessing the power of BIM and digital twins.
A crucial consideration for property management companies is identifying the information in a BIM model that is truly valuable for effective management. Why is access to accurate areas, components, and building documentation so important? With the rapid advancement of digital solutions, property management companies can no longer ignore the numerous advantages offered by these technologies. Increasingly, systems and processes require more detailed information, making it crucial for information to be easily shareable, well-structured, and, above all, accurate.
These changes are not only relevant today but will also provide an even greater competitive advantage in the future for companies that invest in long-term development of people, technology, and processes. Imagine if we valued structured building information as we do a car and its service history. Unfortunately, many property management companies still allocate substantial resources and expose themselves to significant risks in transactions due to inadequate documentation. Property ownership has traditionally been a relatively safe investment, with generous loans and few incentives to optimize economic processes. However, these traditional perspectives are now being challenged from various angles.
A building’s life cycle consists of different phases, with the construction phase being the most labor-intensive stage that offers incentives and opportunities for development and optimization. On the other hand, property management deals with large volumes of properties built over decades, each with different conditions regarding access to and use of information. Defining the precise information (regarding objects and components) that will be interesting and relevant to know, gather, and analyze throughout a building’s life cycle is a complex task. It is crucial to start with information that is relevant to the daily and strategic operations of your business and build upon it. This could be as simple as area information, inspection data, and specific requirements for different objects or components. Collecting data, gathering the right data, and, most importantly, utilizing it correctly form a long-term strategy. However, it can also yield immediate results with the right approach.
BIM offers significant benefits in construction projects, but how can property management companies leverage these advantages and generate value? By employing a BIM-based working methodology, property management organizations gain access to precise information about a building’s areas, components, their locations, as well as product and building documentation. For newer buildings and new constructions, this means taking ownership of the entire information flow from design to management. This flow needs to be uninterrupted, although quality assurance measures may be implemented during information handovers. BIM facilitates proactive planning of maintenance and repairs, handling changes and updates, and improving the building’s energy and cost efficiency. Moreover, it saves an immense amount of time in knowledge transfer and information retrieval.
Maintaining, developing, and ensuring sustainable operations of properties while securing a steady increase in property value pose complex challenges for today’s property management companies. Making decisions based on complete and accurate information should be a given, but the truth is that many companies fall short in this regard. We have limited access to updated drawings and flawed documentation, which directly hampers efficient management.
Can we truly appreciate the value of having accurate information about areas, components, and their locations, or the value of always having access to building documentation? Despite our reluctance to admit it, companies pay a fortune each year as unnecessary time is repeatedly spent searching for information in disorganized systems, verifying data, or trying to reach a colleague who might possess additional knowledge. It is evident that significant gains can be achieved by improving visibility and ensuring access to accurate data.
If you are in need of an optimization partner with expertise in BIM and property management, do not hesitate to contact Zynka. We can assist you in leveraging BIM and digital twins to optimize your property management and vertical operations.
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16th March, 2023
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