Accelerating tech adoption due to the Covid-19 impact
May 18, 2020 | Yves Luethi
The webinar kicked off with a product demo by co-founder Tyler Staton. He showcased on how to use the lease admin & deal management for the following three workflows:
Collaborating with your agent on a deal
Reviewing a lease
Adding rent relief to a contract, and compute the financial impact
Followed by Q&A session with special guests - Buds Wenceslao, Managing Director @ Aseana Holdings and Ricardo ‘Cary’ Lagdameo @ Damosa Land that 'Zoomed in' to sharing their experiences, on how Covid-19 has affected their companies and how going digital now is more important than ever.
During the webinar, Buds Wenceslao highlighted, “As you know if you’re managing hundreds of leases, access to data in real-time is obviously very important. At least for me, you know, decreasing human errors is very very crucial.” He also stressed that in the past it was just Excel but technology has advanced since then, and today they are using a combination of several software solutions ranging from enterprise resource planning, inventory management, VR/AR and lease management software. Having knowledge of the lessee’s or tenant’s detail is important, but what’s more vital is being able to access them from anywhere, anytime - especially during these tiring times.
For Ricardo “Cary” Lagdameo, he discussed some of the challenges faced during the lockdown, some which are business disruption and mobility. He said, "I think a lot of companies such as ours and DM Wenceslao and many others are really taking this digital adoption very seriously". He also mentioned how he hopes everybody would really go digital. And that, for instance, if they are going to do only virtual tours for the next couple of months he hopes that a tenant from Manila who can't come to their space in Davao would appreciate doing virtual tours and be able to make a decision based on that.
Both highlighted that the Covid-19 situation has fast accelerated the adoption, and they believe that commercial leases will be fully executed online in the next 2-3 years.
Before wrapping up the webinar session - the survey results were shown:
71% of the respondents still use Excel to manage their tenancy and lease information, while only 25% use an in-house software.
96% of the respondents answered yes that Covid-19 has increased their companies' awareness around the need for collaborative cloud-based business tools and the other remaining 4% answered no.
93% of the respondents are excited and 7% are scared by the idea of a digital commercial real estate industry.
Co-founder | Talox