iShack Ventures announces partnership with MRI Software 

Integration will deliver enhanced capabilities that save time and money for real estate owners, managers and occupiers

26/042024

Johannesburg – iShack Ventures, a South African outfit with a strong track record in proptech, are pleased to announce an integration partnership with MRI Software, a global leader in real estate software solutions. The integration of iShack Venture’s Smart Building and iProp.Solutions digital platforms with MRI Property Central gives real estate owners, managers and occupiers in the South African market access to enhanced property management functionality and real-time processes.

Wayne Berger, Joint Chief Executive of iShack Ventures, says: “The integration of MRI Property Central with our Smart Building and iProp.Solutions platforms presents next-generation enhanced end-to-end property management capability. Our customers enjoy real-time information, market-leading AI capability, increased functionality, and better asset management in a digital twin environment. This collectively delivers enhanced value by saving time and money, while effectively connecting communities such as tenants and suppliers.”

Available through the MRI Partner Connect programme, the easy-to-use integrated solution offers end-to-end capability for all property types, including commercial (retail, office, industrial and logistics), residential and sectional title, and occupiers of space. The combined capabilities are well suited to property owners, managers, occupiers, and other users of any type of property or infrastructure.  

Sean Slack, VP of Partnerships at MRI, says: “We are excited to welcome iShack Ventures to the MRI Partner Connect programme, which will give MRI Property Central clients in the local real estate market access to the complementary functionality in the Smart Buildings platform.” 

iShack Venture’s platform brings complementary functionality to MRI Property Central, including facilities management, energy and ESG management, lease management, visitor management, procurement management and community management together with real-time portfolio and industry information. 

Peter Levett, Joint Chief Executive of iShack Ventures, says: “MRI has a longstanding and successful track record internationally and in South Africa. This is an important milestone for iShack, and we are excited to partner with MRI. Our focus has always been underpinned by delivering world-class solutions to our clients, and our current offering is bolstered by a strong partnership with MRI.” 

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About iShack Ventures

iShack Ventures is a South African company that has a strong track record in incubating and developing technology companies. It is focused on the property technology space developing two extensive platforms, namely Smart Building and iProp.Solutions. 

Smart Building is a next-generation asset and property management capability including digital twin and artificial intelligence (AI) capabilities providing real-time information and intelligence for real time communication and proactive management.

iProp.Solutions is a platform supporting all aspects of leasing, sales and auctions including CRM and lease management capabilities together with relevant industry information to support asset management solutions.

 For more information, please visit ishackventures.com, smartbuildingapp.com and iProp.Solutions. 

About MRI Software 

MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s open and connected, AI-first platform empowers owners, operators, agents and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide, including social, affordable, public and community housing organisations. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realise their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com. 

ChatBots are getting better and better at handling customer service queries. More and more businesses are finding opportunities to automate processes and analyse datasets using AI. And in Real Estate, the opportunities to streamline and improve processes are already taking shape. In general, AI can be used to automate repetitive tasks, analyse large datasets, and make predictions based on patterns in data. All of this can help property managers, agents, and landlords make better decisions and improve the overall efficiency of the real estate sector.

For example:

1. Chatbots: AI-powered chatbots are already being used to deal with first-line customer queries in many industries. The more the bot engages with customers, the better it gets at finding answers to simple queries that don’t require a human being to answer. In real estate, this technology could be used to assist potential tenants in finding suitable properties and answering basic questions about the properties listed on the site. This could help to better qualify leads before a human agent gets involved. For example, by answering questions about unit size and cost, a Chatbot could redirect a person enquiring about a 2-bed rental going for R 11 000 per month, that only wants to spend R 6 000 per month, towards suitable properties in their price range.

1. Image recognition: AI is capable of analysing property photos to extract information such as the number of rooms, square meterage, and other details that could be used to create more accurate property listings. More accurate data like this could also be useful in property development planning, helping to determine the appropriate number of units to be built on a brownfields refurbishment for example. 

1. Pricing analysis: AI can analyse market data to provide landlords with insights into the most competitive prices for their properties. AI can gather and assimilate bigger volumes of historic data much faster than a human can – such as current rental prices in the area, how long space has been on the market at each price point, and what space used to go for. More accurately collected data like this could help a human being spot trends in the area and use this to set more appropriate rents, in turn attracting more appropriate tenants.

1. Building Management: AI can support more proactive building management by alerting facilities managers to opportunities to optimise the use of resources and offering predictive maintenance recommendations. In essence, the AI analyses data from building information systems and sensors to spot inefficiencies before they become a problem. Inefficient water use could indicate a leak, for example, that would reduce utility costs when fixed. Similarly, inefficient energy use could indicate an HVAC system using more power than it should, and potentially in need of maintenance. A well-built AI could not only warn you of the energy consumption increase, but pinpoint the air conditioner at cause. A good example is www.smartbuilding.mob – our cloud-based property management software that benefits from our AI module integration to deliver predictive maintenance, energy optimization and document storage recommendations and information extraction.

A good South African example, that combines a number of AI capabilities to improve user experience for both landlords and tenants is www.instantproperty.co.za. As a commercial and industrial listing platform, InstantProperty.co.za  uses AI to provide more accurate and useful data on the properties listed. We have incorporated ChatGPT to use our data and data available on the internet to write vacancy-specific copy which improves the experience of the tenant looking for space as well as the landlord listing on Instant Property. It drastically improves the searchability of Instantproperty.co.za listings on Google from an SEO (search engine optimisation) perspective, which in turn results in more leads and more traction.

Locally and Internationally, companies are using AI to improve business operations in real estate by providing more accurate data, better insights, and more efficient processes. International examples include Zillow’s “Zestimates”, which can help homeowners and agents price homes more accurately. Cherre’s data platform helps real estate professionals make more informed decisions by providing a comprehensive view of the market, and Bricklane.com’s investment platform helps investors find the best opportunities by analysing large amounts of data. 

By using AI to automate repetitive tasks and analyse massive amounts of data, these companies are making the real estate industry more efficient, transparent, and accessible for everyone involved. As the technology continues to advance, the timing is ideal for real estate professionals in South Africa to leverage the benefits in their own businesses.

In our Asset Mag Technology column, we looked at a few Smart Technologies that are making an impact in the Real Estate and Property Industries. In our Smart Tech to Watch series, of which this article is the first, we’ll dig into these technologies individually to see how they are finding application, and what benefits they offer. 3D printing is our topic for this month. 

In 2015 – almost a decade ago now –  the Chinese construction company WinSun made headlines when they created the world’s first 3D printed apartment buildings in China. The 3D printing process allowed WinSun to create modular building components that could be quickly and easily assembled on site, which reduced not only construction time but labour costs as well. Because the 3D printed components were also lightweight and used less material than traditional construction methods, the project produced less waste and overall costs were reduced even further. The 3D printed apartment buildings were completed in just a few months, demonstrating the potential for 3D printing to significantly speed up the construction process.

Since then, there have been several 3D printed construction projects worth noting, including 3D printed bridges in Spain and The Netherlands, and houses and more by Branch Technology and ICON in the United States. South Africa has also seen its share of 3D printed construction projects.

The “New Jerusalem” project, initiated by the University of Johannesburg’s Fada Architecture Department uses 3D printing technology which is capable of printing concrete structures. The project aims to provide affordable housing to low-income families in South Africa, and has so far delivered two successful prototype houses, each consisting of 26 layers of 3D printed concrete walls. The houses were built in just three weeks, and the team estimates that they cost 30% less than traditionally constructed homes.

The “Mars House” project in 2021 saw a team of South African architects and engineers create a 3D printed house that is capable of withstanding the harsh conditions on Mars. The house, which was constructed using a 3D printing robot, is made entirely of recycled materials and can be built in just two weeks. The team believes that this technology could be used to build sustainable housing on Earth as well.

And the “Project Gateway” initiative, led by the Belgian-based 3D printing company Kamp C, aims to build the world’s first 3D printed eco-housing development in South Africa. The development will consist of five houses, each constructed using 3D printing technology and sustainable materials. The team hopes that this project will serve as a model for future sustainable housing developments around the world. The printer that will be used for the project is capable of producing walls up to 8 metres wide and 3 metres high.

As property developers and real estate companies continue to look for more cost effective ways to build, 3D printing should be considered. It opens up a new realm of opportunity, potential cost savings and constriction advantages. Some of the applications to consider are:

1. Building Components: One of the most common applications of 3D printing in construction is building components such as walls, roofs, and floors. Using 3D printing, these components can be made quickly and accurately, reducing construction time and waste.

1. Formwork: These temporary structures are used to support concrete during construction. 3D printing can be used to create formwork more quickly and precisely than traditional methods, which reduces labour costs and improves construction quality.

1. Customised Design: 3D printing allows for highly customised designs to be created quickly and easily, allowing for unique architectural elements to be added to a construction project.

1. Construction Equipment: 3D printing can even be used to create construction equipment and tools, reducing the time and cost of acquiring and transporting these items to the job site.

Locally, from the project examples we’ve shared, it seems clear that 3D printing is being explored to address our shortage of affordable housing for lower-income households. Because 3D printed houses can be completed exponentially faster than traditionally built ones, and produce less waste in the process, it seems a viable way to create safe homes for those that need it most. 

But let’s not discount the impact this technology can have on higher income housing markets, commercial rental housing businesses and even infrastructure – such as foot bridges. Developers looking to attract first-time buyers could keep their apartments more affordable with 3D printed building components, without compromising on quality. And those looking to attract buyers and tenants that value environmentally friendly living/ working environments could benefit greatly from the ability to use less construction material, implement recycled materials or simply save on the waste produced during the construction project to achieve higher Green Star ratings.

Since the Built Environment contributes 39% of gross annual carbon emissions globally, according to the World Economic Forum, perhaps it’s time to start taking 3D printing more seriously in the construction sector.

Co-authored by Wayne Berger & Peter Levett

Joint Chief Executives of iShack Ventures, a venture building technology business with specific focus and expertise in property, providing a number of technology digital capabilities to the property sector.  

3 Steps to Tackling Digital Transformation in Real Estate in 2022

As a real estate professional, you may wonder if you even need a digital transformation strategy. After all, real estate companies have operated very effectively for decades without significant digital transformation. Any strategic change fundamentally changes how the people inside and outside the business interact and operate, and digital transformation certainly does this.

Though the real estate sector has, historically, been synonymous with being slow to adopt technology, international PropTech saw a record $32 billion invested in real estate technology in 2021 – up 28% from 2020. Growth in revenues of the PropTech industry (as a measure of increased usage) worldwide has increased by over 10% per annum over the last few years and is expected to grow at a faster rate going forward. The PropTech industry is booming, with almost 10 000 PropTechs in operation globally.

In my years as a digital transformation consultant, I have seen many real estate companies burning through small fortunes, not to mention years of time, only to end up with failed technology engineering and adoption projects. It’s understandable, then, that real estate companies are thinking more carefully about their approach as landlords ponder the question: How do I maximise my digital transformation journey and improve my portfolio’s yield through digital?

These are the 3 steps to tackling digital transformation in Real Estate in 2022:

• Understand why a technology (or digital transformation) strategy is important

Any strategy, including a digital one, needs to be central to the business strategy and driven from the Board and executive management. Unfortunately, technology is too often seen as a matter to be driven by the IT department or similar in the business. But we are seeing a seachange in the industry as Boards and executive management are beginning to understand the importance and significance of technology.

While everyone was locked down at home during the COVID-19 pandemic, digital solutions to everything – from healthcare to shopping to customer service – gained momentum. And consumers are not keen to go back to the days of sitting in waiting rooms, standing in till queues or listening to panpipe hold music while waiting for a customer service agent to answer the phone. From managing car insurance claims paperfree through an app, to getting groceries delivered to your house in 60 minutes, the world has changed and there’s no going back. 

In real estate, the opportunities for more effective facilities and utilities management, tenant communication, and even residential or commercial property sales and rental management are endless.  One fast-growing sub-sector, for example, is smart building which allows real estate owners to digitally manage their buildings, as well as reporting, inspections, communications and more between all those that connect to the building – all using an app on your phone. This has increased relevance with the introduction of ESG reporting requirements. 

• Exploring potential benefits & current pain points

The key to benefitting from your investment in PropTech is taking a strategic approach. Digitally transforming for the sake of it is a fruitless endeavour. Instead, tackle your digital transformation with a clear understanding of the potential benefits and current pain points you want to alleviate and develop a strategy that addresses these. Critically, your strategy should include targets that you can measure against your business goals to ensure you can report on whether or not your PropTech solution is working for you. 

Whether you’re aiming to achieve cost reduction targets through better utilities management, seeking to attract new long-term commercial tenants through improved sustainability and energy efficiency reporting, or wanting to improve facilities management efficiency through quick and easy facility bookings, digital transformation must support your strategic goals if it is to give you a return on your investment.

• How do we choose the right digital solution mix?

Implementing your digital transformation strategy will boil down to choosing between three possible solutions: Build it yourself, outsource it, or buy into Software as a Service (SaaS).

Build it

Landlords are asset managers and, by nature, there is a tendency to want to own any assets they invest in. So building your own solution probably sounds very tempting. However, software engineering is a very different game to real estate investment and the skills required to maintain and innovate your bespoke technology solution are scarce, costly and – frankly – unlikely to respond well to the same management techniques that work for your employees in your core business. 

Outsource it

For most real estate companies, outsourcing is a more realistic option. It gives you access to the scarce and expensive technical skills you need, often at a more affordable rate, and without all the challenges that come with managing a software engineering team in your business. In this scenario maintenance and innovation is outsourced to a specialist company.

An important consideration for outsourcing is the ownership of the ‘Source code’. An unwitting customer may purchase the ‘executable program’ but be unaware that from the onset they must request that the software engineering supplier’s quotation includes the intellectual property of the programming, known as the source code. This gives the purchaser the flexibility to move the development project to a new service provider, should problems arise in the future with their current supplier.

SaaS it

The last possibility and the most cost effective upfront and monthly is SaaS. SaaS solutions save you time-to-market, while ensuring that your PropTech solution is regularly updated with improved functionality and cybersecurity measures, without the hassle and expense of maintaining or outsourcing the teams behind the software.  This makes SaaS solutions accessible and ideal for smart real estate businesses looking to accelerate their digital transformation. 

It’s important to select SaaS solutions that integrate easily with other software packages your business uses to ensure smooth data sharing and shared functionality. Licensing archaic or international PropTech systems that can’t easily be customised for the local market can get very expensive, very quickly.

If these three steps seem daunting, you may want to consider appointing an Innovation Manager or equivalent in your business whose sole responsibility is to navigate your company through the treacherous waters of digital transformation. The right digital transformation strategy, supported by the right skills to deliver against it, is the recipe to a nimble and ultimately effective technology adoption journey.