A New Approach to Testing Real Estate Tech
Do you want to try new real estate tech – without paying for a year’s worth of the tech or choosing a solution based only on case studies?
Yearlong pilots are expensive, time-consuming, and struggle to get buy-in.
On the other hand, case studies require a leap of faith when choosing a new technology – which isn’t guaranteed to work.
But, choosing the wrong technology has the potential to be a multi-million-dollar mistake for your company.
How can you implement new technology when the traditional options often don’t work? With a 30-day trial of new technology. You can implement new technology for only a month with this trial. Then, you can decide whether to implement the technology fully or go with another option.
Small Time and Monetary Commitment | Since the trial is only a month long, you don’t have to commit to an entire year of test driving the technology. If it doesn’t work, you can move on after only 30 days.
A short trial also doesn’t require the large investment of yearlong pilots. With a short trial, you only pay for a month of the technology (often at a discounted rate). If the technology doesn’t work, you’ve only lost a little money.
Using Your Data to See How It Works | Unlike a case study, a short trial allows you to test the technology with your data.
According to Shannon Smith, founder of PointGuard, a short trial allows you “to try something with your own data and have real visibility into its effectiveness.”
Having this data helps you make a smarter decision for your company. After only a month, you can see exactly how the technology works in your unique situation. And, whether works well enough for full implementation.
Quickly Demonstrating Results | And, a short trial provides a limited window for the new technology to demonstrate value and ROI. In 30 days, the technology has to convince you to fully implement it. So, it has to get real results in that time.
Making Executive Buy-In Easier | Short tech trials also make it easier to get executive buy-in. Without a large investment, these trials have less risk than lengthy pilots. This makes it easier for executives to approve the initial trial.
After the trial, the technology will either demonstrate success or failure. Successful tech has already proven helpful, so there’s little risk to full implementation.
Staying Ahead of the Competition | Testing new technology for 30 days also helps make sure you’re using the most innovative technology.
Safi Aziz has seen “that with the pace and how quickly companies are vendor ready, we’re seeing now seed and pre-seed companies in our own portfolio becoming vendor ready within a couple months of inception.” Even with pilots spanning 3-6 months, the technology could be outdated at the conclusion of the pilot.
However, with a short trial, the technology you’re testing is unlikely to be shown up by new innovation in just 30 days. And, before committing to full implementation, you can see if there are any better options available.
That way, you’re always using the most up to date technology to have an edge over your competitors.
The Bottom Line | Yearlong pilots are no longer the best (or only) way to test out new technology. With a 30-day trial, you get the benefits of pilots – seeing the solution in action and testing it with your data. And, the benefits of case studies – no larger monetary commitment.
Wondering if a 30-day trial of new real estate tech is for you? Check out our white paper on the problem with pilots to find out.
About PointGuard | PointGuard is a facility management software company that leverages existing building control systems to maximize the value and performance of mechanical equipment, increase occupant comfort and extend asset life. PointGuard’s platform, via monitoring based retrocommissioning, provides real time transparency to equipment performance in buildings for instantly better decision making for maintenance and capital budgets - so one facility engineer can manage up to 20MM sqft strategically and effectively. The PointGuard Snapshot provides an overview of operational performance levels after just 30 days of data, revealing potential and permanent improvements available through Pointguard's analytics platform. Based out of Charlotte, North Carolina, please visit www.pointguardtech.com for more information.
