PwC is raising the stakes on real estate software with a new platform.
The acronym says it all: REDI stands for Real Estate Digital Ecosystem. It is one of the first products of a new unit created within PwC comprising 500 people focused on software development.
“REDI is about bringing together all the tools you need for asset management,” Thorsten Schmidt, senior manager, digital incubator, at PwC, told Real Asset Impact. “We bundle proptech solutions and orchestrate them.”
The market needs fast, well-founded solutions but asset management is still shaped by isolated solutions and a “silo mentality”, with unmanageable spreadsheets and multiple, heterogeneous data sources.
REDI is designed as a solution to these issues. “None of the solutions available fits all requirements, and that’s where we come in,” says Schmidt. “REDI is the most open and flexible integration platform on the market for Top 30 asset managers.”
Asset management needs digital support at every stage of its operations, from market research to valuation to portfolio management and from financing to building operations to property management to transactions.
In market research, REDI provides comparables from internal and external market sources. At the valuation stage, it analyses the impact of an acquisition on the portfolio. When it comes to portfolio management, it gives an overview of all virtual portfolios and assets and live tracking of the most important KPIs.
In financing, it allows the automated gathering of all data and documents needed for financing and tracking financing KPIs. In building operations, it supports maintenance and repair with detailed property information. In property management it provides a single point of contact for the client, the service provider and the tenants. And when it comes to transactions, it enables the automatic creation and processing of documents and the intelligent management of data rooms.
REDI’s user interface is divided into three sections: an overview of data, a process view and a proptech view. “It’s similar to the app store on an iPhone,” explains Schmidt. “You can find the proptech solution you need with one click and you can extend functionality according to your requirements”.
The digital platform is flexible and scalable, ready to use quickly and accessible from everywhere after registration, as it can be deployed globally.
“Our value proposition is that in five minutes you can migrate from a spreadsheet to a flexible environment without barriers and free of charge,” adds Schmidt. “Microsoft is our partner, so our system is not just web-based, it’s well integrated with other applications. You can create your own application on a local platform for your specific needs, or apply through REDI.”
Being an integration platform that makes proptech available to PwC clients, REDI also offers tech companies and start-ups instant and efficient access to a global market. “Once you are integrated, you can run it for all your clients through one platform and decrease client acquisition costs dramatically,” says Schmidt. “The simple revenue model is based on revenue-sharing, with no hidden fees and just one standardised licensing and payment process.”