Data Collection in Real Estate: Unlocking Insights for a Sustainable Future

As the real estate industry navigates the various complex regulations such as CSRD, one truth becomes evident: robust data collection is not just beneficial, it's indispensable. And data collection doesn’t come without its hurdles. The process is, in fact, not as easy as it seems.

The main challenge is to efficiently collect information that is often scattered across different systems and departments, making it a puzzle to compile a comprehensive dataset. Quality issues can arise, with data that are not always accurate or up to date, raising concerns about its reliability for decision-making. Data privacy is also another critical aspect, with real estate managers needing to navigate the complexities of data protection laws while collecting and managing data. The sheer volume and variety of data, ranging from financial figures to operational metrics and sustainability data, can be overwhelming. Plus, with regulations such as the CSRD looming, ensuring data aligns with regulatory requirements adds another layer of complexity to the collection process. Addressing these challenges is crucial to ensure that data collection serves its purpose effectively in the pursuit of sustainability goals. Here's a quick look at the BuildingMinds Data collection approach:

Digital Tools and Technology

Digital innovation has redefined the data collection landscape, pushing past the limitations of traditional manual methods such as Excel databases. BuildingMinds stands proudly at the forefront of this transformation.

One of BuildingMinds' strengths lies in its flexible and dynamic approach, such as API connections and smart meter integrations. When meters are not available in a digital form, there is the possibility to leverage the BuildingMinds Data Survey App. This is a user-friendly platform created and owned by Building Minds, designed to efficiently collect data directly from those on site such as property managers:

- We offer these on-site “guests” access only to the app, eliminating the need for internal user access through the BuildingMinds platform.

- Our tailored surveys cater to diverse use cases, including resource consumption tracking, GRESB, Energy Efficiency reporting, precise area measurement, and customizable questionnaires for Social and Governance topics.

- Survey intervals can be monthly, quarterly, or yearly, providing flexibility in data collection.

Sustainability Reporting and Data Enrichment

Data collection plays a pivotal role in sustainability reporting. It's the foundation upon which compliance with regulations like the CSRD is built. Through robust data, real estate professionals can accurately assess their environmental impact and align with sustainability objectives. In addition to data collection, data enrichment is critical to empowering professionals to not only meet regulatory requirements but also make informed sustainability decisions.

A multi-step approach is adopted by BuildingMinds to systematically identify and address data gaps, which is an integral aspect of the broader "data quality & enrichment" strategy. This comprehensive approach encompasses several key elements:

1. Data Gap Estimation: The process begins with an evaluation of existing data gaps and discrepancies, creating the foundation for data accuracy and completeness.

2. Data Handling: A critical facet of this approach involves the breakdown or aggregation of energy consumption data on a monthly basis, taking into account factors like heating degree days. This allows for a more granular understanding of energy usage patterns.

3. Plausibility Checking: Year-over-year (YoY) analysis and benchmark comparisons are carried out to verify the credibility and consistency of the data. This step helps identify anomalies and outliers that may require further investigation.

4. Normalization: To ensure that the data accurately reflects the underlying trends, normalization procedures are applied. This includes adjusting for variations in weather conditions and accounting for vacancy rates, allowing for fair comparisons and precise assessments.

By following this multi-step approach, organizations can enhance the quality and completeness of their energy consumption data, enabling more informed decision-making and better alignment with sustainability and efficiency goals.

Data Privacy and Security

Safeguarding sensitive information while maximizing its value is a balance. The BuildingMinds platform prioritizes enterprise-level security with full data control and ownership, SSO, and role-based permissions. We leverage Microsoft Azure's infrastructure and maintain independent permission storage, relying on secure authentication mechanisms. We comply with ISO/IEC 27001:2013 and GDPR standards. Our secure processes encompass data onboarding, encryption, and safe data exchange with third parties. Continuous monitoring includes vulnerability scans, audits, penetration tests, and SIEM monitoring for robust data protection.