On 17 October 2024, ASK4, specialists in managed internet services, facilitated a high-level roundtable, which was hosted at Centrick’s learning and development centre in Birmingham, Centrick Academy.
A follow-up and “Right of Reply” for the suppliers within the BTR Proptech sector to ASK4’s The Ant and the Elephant whitepaper. The roundtable gathered top industry professionals for a deep dive into the evolving landscape of Build-to-Rent (BTR) and the integration of Proptech. Titled ‘Proptech in BTR: Closing the Gap‘, the roundtable explored solutions to pressing challenges facing the sector, with a particular focus on data integration, cost and ROI, and effective stakeholder management. Leading representatives from MRI Solutions, Watergate, and Spike, were given the opportunity to respond to key influencers within the BTR sector, examining both the hurdles and opportunities Proptech presents to the BTR market.
Addressing the Fragmented Data Landscape
Dan Foryszewski and Rob Simmonds from MRI Solutions opened with a “Right of Reply” on data integration. They discussed the challenges presented by the varied formats where Proptech data is stored, which complicates cross-platform compatibility and prevents seamless data sharing. The MRI team noted that having an “open connected ecosystem” is best practice for them as a business and allows them to gain market share, there is resistance by suppliers to standardisation to protect intellectual property and competitive advantage. Nevertheless, they highlighted OSCRE, an open real estate data standard, as a promising foundation that could allow providers to retain individual value propositions while collaborating within a shared data framework.
The MRI team advocated for a balanced, flexible backbone that encourages interoperability across BTR operations. Attendees recognised the need for a collaborative approach where data can be shared meaningfully while retaining supplier distinction.
Cost and ROI in the BTR-Proptech Integration
Ben East of Spike Global tackled the issue of cost and return on investment, an ongoing pain point for many BTR operators who face both high setup costs and difficulties in proving long-term ROI. Spike Global’s strategy includes software automation and transparency in pricing, which enable clients to see measurable benefits and streamline processes. Participants noted, however, that demonstrating ROI isn’t straightforward. Aleks Morisson from Goodstone Living emphasised that quantifiable ROI is crucial for gaining investor support, adding that consistent, transparent data-backed ROI indicators are a high priority.
The panel also discussed the role of early engagement in successful integration. Spike Global’s team highlighted that onboarding needs to begin early in the BTR lifecycle, giving operators adequate time to plan implementation without straining resources. Here, Centrick’s Phil Johns shared insights from Centrick’s own experiences, noting the importance of a dedicated in-house team with a Projects Director to oversee thorough upfront discussions to identify potential costs and bottlenecks, underscoring the company’s commitment to managing each project’s full scope from the outset.
Stakeholder Management: Navigating Varied Technical Proficiencies
Jon Gittins of Watergate explored the unique challenges posed by the BTR sector’s diverse technical literacy levels. Without a consistent standard for tech roles or procurement procedures, BTR providers are sometimes left with knowledge gaps or unmet expectations in Proptech deployments. Jess Glover from ASK4 raised an essential question around roadmap transparency, urging providers to proactively communicate product roadmaps to maintain investor confidence.
In the context of client relationships, Watergate underscored the importance of flexibility and foresight, particularly when shifting team dynamics require recalibrated strategies or support. The group discussed the potential impact of standardised RFIs and RFPs tailored to BTR, which could streamline procurement processes, helping providers to align more closely with BTR operators’ evolving needs.
Breakout Groups: Insights and Actionable Recommendations
Attendees broke into smaller groups for targeted discussions, where several actionable insights emerged:
- Evidencing ROI: Establishing baseline data before implementation and adopting transparent communication about ROI are essential. Some participants suggested a BTR-focused body or committee that could draft best practices and neutral RFP templates to standardise ROI assessment.
- Data Standards and Certification: The concept of a certification akin to Microsoft’s “approved” label was proposed, which could serve as an industry standard for systems that meet certain integration and compatibility benchmarks.
- Accountability and Process Optimisation: BTR operators and Proptech providers discussed the need for dedicated tech expertise within BTR businesses, likening it to having a finance role for financial oversight. Participants stressed that Proptech cannot be simply “plug and play” but requires ongoing training, customisation, and support.
Looking Forward: The Role of Proptech in Building a Unified BTR Sector
Through the roundtable discussions, it became clear that the BTR and Proptech sectors are at a crucial junction. With consistency, open data ecosystems, and ROI transparency identified as key drivers for sector growth, the path forward will require strategic collaboration between providers, operators, and investors. At Centrick, we’re proud to facilitate these conversations and champion innovation that shapes a sustainable and forward-thinking BTR industry. By collaborating with industry peers, Centrick remains committed to driving advancements in Proptech adoption, encouraging a more cohesive and progressive future for BTR.
Centrick extends its thanks to ASK4 and all the attendees and contributors who made this roundtable such a success. Together, we’ll continue to close the gap, pushing the boundaries of what’s possible in BTR.
Have any questions about the roundtable event? Get in touch with our team below!
