Trusted by some of the leading names in real estate
ING Case Study
Rent rolls and valuation reports are main data sources for a bank lender and need to be provided by the borrowers to the bank on a regular basis. These data sources allow the bank to:
1) Monitor the performance of the financed properties
2) Determine the amount of capital that must be held in order to reduce the risk of insolvency
3) Report on collateral to regulators
Capturing and analyses of rent rolls was a recurring task that consumed a lot of resources from our Operations. Resources we wanted to free up so our teams could contribute more to the strategic partnerships we have with our global clients.
ING’s Real Estate team and ING’s Innovation team explored multiple data handling solutions to improve our rent roll handling. They shortlisted PRODA for an extensive proof of concept (POC) with client approved data in The Netherlands, United Kingdom, Spain. The POC results confirmed Proda’s value for our Operations and led to entering into an user agreement with Proda.
- Our users confirm the ease and straightforwardness of the Proda application.
- We have significantly reduced the time spent on capture and analyses of first rent rolls and on processing of follow up rent rolls.
- The built-in error checks have further improved our data quality and first time right ratios, which has added to the effectiveness of our processes and enables us to further reduce risk costs.
- An interesting side effect is that by doing so, we also improved employee engagement.
- Automating disengaging tasks to a great extent has lifted a big part of the administrative burden on our teams and has enabled them to do more of what they love doing and do best: supporting our clients’ ambitions in real estate.
Turning data from a problem into an asset
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Smart Process Automation
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Improved Data Quality
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Enhanced Data Access
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Easy Adoption and Use
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Bespoke Data Mapping
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Secure Platform
Meet the founders
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Peter Bredthauer
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Charles Williams
After a combined experience of over a decade in commercial real estate, Peter and Charles founded PRODA. Their personal and professional experience, as well as a few key insights that were drawn from that experience, are what inspired them to build a tool now used by some of the biggest names in real estate. Here are some of those insights:
- During the past decade, productivity gains in the real estate industry have been very modest relative to the fast pace of technological innovation in other business sectors.
- Real estate is the largest asset class on the planet and yet, it is behind with innovation. Technology uptake has been slow, data is lost or underutilised, and most reporting and analysis is still done manually.
- We believe that the data itself lies at the heart of the issue. Real estate data comes in endless different formats, a consequence of the profound heterogeneity of assets, asset classes, countries, strategies and players in the industry.
- Whilst the number of PropTech startups and solutions offered to the property market is increasing, the focus of these companies is mainly on the outputs and not on the industry’s core bottleneck: data inconsistency. Solving this issue holds the key to every other aspect of digital disruption.
At PRODA, we are building an artificial intelligence-enabled software platform that can automatically capture and standardise rent roll data. Our software can convert any rent roll input format into any required output format, and create reports and analysis in seconds to provide deep insights into property data. These are tasks typically repeated by humans many times a day.
If you have any questions, or would like to learn more, feel free to get in touch with us at pbredthauer@proda.ai
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