On any given day, in any office building, condominium or shopping mall in the country, property managers are working hard behind the scenes to make sure that their properties are running smoothly. But managing properties remains overwhelmingly manual and labor intensive. As building administrators and engineers have realized the need to digitize their processes, 2021 has proven to be a banner year for homegrown PropTech company Inventi, which has seen record sales of its cloud-based property management solution.
“As more and more real estate companies are realizing the value of digitization, we are on track to more than double last year’s revenues in 2021,” says Joseph Tay, Managing Partner of Inventi. Some of the key accounts that Inventi was able to close in 2021 include one of the country’s largest retailers, a top three construction company, a top five real estate developer, and two listed companies.
“Inventi has now been implemented into more than 2 million square meters of real estate across the Philippines, covering Luzon, Visayas, and Mindanao, and more than 30 cities nationwide,” says Tay. “Our clientele is also more diverse than ever, covering commercial and residential buildings, retail, schools, and even hospitals.”
One of the company’s key strengths is that it can customize its software to fit the diverse needs of its customers. “We understand that each property management team has their own way of doing things,” says Eds Encarnacion, Inventi’s President and Chief Technology Officer. “While we do have a standard solution, we constantly configure and customize this to fit the specific needs of our clients.”
The challenges of the Covid-19 pandemic have been a huge growth driver for Inventi. “As with 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 with technology.” says Encarnacion.
However, digitization is also part of a massive shift within the real estate industry to incorporate technology into various sectors and disciplines. “What we’re trying to do in the Philippines is already standard in the most mature real estate markets in the US, Europe, Singapore, and Hong Kong. The market is already moving in this direction, it’s just a matter of time before digital property management also becomes standard in the Philippines and other developing markets.”
With the Philippine market already under its belt, Inventi is now setting its sights regionally across Southeast Asia, to accelerate the digitization of property management in countries like Indonesia and Vietnam. “Our objective in 2022 is to become a regional player in property management software,” says Encarnacion. Doing so would make Inventi the first Filipino PropTech company to go regional, and indeed one of the first homegrown technology start-ups to add foreign clients to its roster.
The company is also continuously refining its core software solution to address the future needs of properties. “With sustainability becoming a focus in the real estate industry, we are looking at solutions to help properties track their energy usage 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 issues, and property managers can be left to handle the bigger concerns,” says Encarnacion.
Despite the growth and successes of 2021, Inventi’s work is far from over in the Philippines. The company wants to expand to an even wider range of sectors and property categories, from airports and transport 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 in the entire country, giving Inventi scope to vastly 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 the things to come, then we’re looking forward to the things we’ll achieve in 2022.”
To find out more about Inventi’s property management solution, visit www.inventi.ph, email [email protected], or call +639175252298.