Every day, in any office building, condominium, or mall in the country, property managers are working hard behind the scenes to make sure their properties are running smoothly. But property management remains extremely manual and labor intensive. As building administrators and engineers realized the need to digitize their processes, 2021 turned out to be a banner year for local PropTech company Inventi, which saw record sales of its cloud-based property management solution. .
“As more real estate companies realize the value of digitalization, we are on track to more than double last year’s revenue in 2021,” says Joseph Tay, Managing Partner of Inventi. Among the key accounts Inventi was able to close in 2021 are one of the largest retailers in the country, one of the top three construction companies, one of the top five property developers and two listed companies.
“Inventi has now been implemented in over 2 million square meters of real estate across the Philippines, spanning Luzon, Visayas and Mindanao, and over 30 cities nationwide,” says Tay. “Our customer base is also more diverse than ever, spanning commercial and residential buildings, retail, schools and even hospitals.”
One of the company’s main strengths is that it can customize its software to meet the diverse needs of its customers. “We understand that every property management team has their own way of doing things,” said Eds Encarnacion, president and chief technology officer of Inventi. “Although we have a standard solution, we are constantly configuring and customizing it to meet the specific needs of our customers.”
The challenges of the Covid-19 pandemic have been a huge growth driver for Inventi. “As in any industry, property managers are realizing that the best way to deal with the challenges of the pandemic is to digitize and automate their processes through technology.” said Encarnacion.
However, digitization is also part of a massive shift within the real estate industry to integrate technology across various sectors and disciplines. “What we are trying to do in the Philippines is already the norm in the most mature real estate markets in the United States, Europe, Singapore and Hong Kong. The market is already moving in this direction, it is only a matter of time before digital property management will also become the norm in the Philippines and other developing markets.
With the Philippine market already under its belt, Inventi is now looking to Southeast Asia to accelerate the digitalization of property management in countries like Indonesia and Vietnam. “Our goal in 2022 is to become a regional player in property management software,” says Encarnacion. This would make Inventi the first Philippine PropTech company to go regional, and makes it one of the first local tech start-ups to add overseas clients to its roster.
The company is also continuously refining its core software solution to meet future property needs. “As sustainability becomes a priority in the real estate industry, we are looking for solutions to help properties track their energy consumption and easily generate audit reports for green building certifications,” says Tay. “We’re looking to implement AI and machine learning into our product so that the system itself can solve specific problems, and property managers can take care of the most important issues,” says Encarnacion.
Despite the growth and successes of 2021, Inventi’s work is far from done in the Philippines. The company wants to expand into an even wider range of industries and property classes, from airports and transportation terminals to power plants, factories and logistics facilities. In Metro Manila alone, there are 20 million square meters of untapped real estate assets and more than double that nationwide, giving Inventi the opportunity to significantly expand its portfolio.
“We’re on the right track, but we still have a long way to go,” says Tay. “But if 2021 was any indication of things to come, then we look forward to the things we will achieve in 2022.”
To learn more about Inventi’s property management solution, visit www.inventi.ph, email [email protected]or call +639175252298.
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