Using BIM And Big Data To Reduce Risk In Real Estate

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Nursinem Handan ŞAHAN
Graduated from Yıldız Technical University, Department of Geomatics Engineering in 2018 as an honour student. During her undergraduate education, she studied at the Warsaw University of Technology with the Erasmus + program. Currently continuing her education at Istanbul Technical University, Department of Geographical Information Technologies.

Using big data has helped all kinds of industries around the world to operate more efficiently – including real estate. Being able to access and process large pools of information can allow you to work more efficiently, as well as reduce harmful risks along the way. This can save valuable time and money.

The Main Internal Risks In Real Estate & How To Reduce Them

Real estate projects pose plenty of risks. Falling victim to these risks can turn into seriously time-consuming, expensive, and stressful situations. Here are some of the main internal risks involved in real estate projects. These are risks that can be reduced through the smart use of data and BIM.

Unreasonable Schedules

The internal risk of schedule planning can be optimized by using data and BIM. This would allow you to store specific construction schedules in the model and run simulations on the work process during the construction phase.

The use of data can also optimize the planning phase here. Planning is an interdisciplinary process, which means that there can be a lot going on at any given time. Therefore, it is necessary to schedule who needs to deliver what information in order not to block other planning parties.

Having access to this data can create a more realistic understanding of the kind of processes required in a project. This will all help to estimate a more accurate and realistic time frame and helps to produce a more efficient work structure. You can also define your goals and track project progress so that you can spot any irregularities or delays before they become too costly.

Changing Design

Using BIM allows for a high planning quality during the early stages. You get a more realistic overview of the planning process and will have more detailed and accurate data to work with. Using BIM and data also means that you will get to constantly monitor the project’s key performance indicators (KPIs). This will help to keep the project on the right path (and avoid unwanted redesign).

Some other ways that BIM can help to produce more accurate designs include doing visual checks through the model viewer, as well as being able to do building code checks. This will ensure compliance with local building regulations when construction kicks off – resulting in a process that is free from any avoidable hiccups.

Lack Of Scope Definition

Always make sure to clearly define your requirements at the very beginning of the project. Understand exactly what you want to archive (eg. net area for certain usages). You will also need to define the quality requirements for the planners, and detail exactly who is responsible for what. Understanding the scope of the project and the kind of jobs and details needed for its success will put you on the right track for a successful operation.

Having access to the full scale of data that is relevant to each project will help planners to map out scope definition more accurately. BIM tools can be used to help real estate planners understand the many different processes and jobs required for the project.

Documents Not Issued

In order to reduce risk, project planners should set up a data-driven planning process. This should define exactly who has to deliver what and by when. Using data and sophisticated BIM tools will help to monitor and understand this process in real-time.

It allows you to overcome the physical file-based approach to share and store information in a database-driven model. Access becomes easier and files are kept safer. This will ensure that everyone has access to the information they need and know their role in the project.

Using Data To Reduce Risks For Owners

There is always the risk of pricing and investment in real estate. Being able to lean on data analysis can help owners to understand property market values.

Then there is the risk of compliance. Acting negligently here can result in reporting wrong information to shareholders and regulatory bodies – a major risk. By using well-managed data analytics, this risk can be reduced.

Making use of BIM allows owners to access the necessary valuable information around real estate here. This can completely optimize the planning process with all of the information available. It also helps owners to manage their properties better. Using data effectively is key to reducing risk in real estate.

Minimising Risks In The Design Sphere

Running with a defective design can be a major problem. Often, this is only something that is discovered later on in the development phase, causing an unwanted and inconvenient rework of the design. BIM can help here by allowing for domestic and interdisciplinary model checks (like clash detection). This will help to identify any problems early on in the design process so that you can avoid costly delays and redesign work.

Having a deficiency in drawings is another design risk. Taking BIM level 2 or 3 approaches here can help as they are model-centric. This minimises the risks involved when just using 2D planning, making sure that every element of the building is covered.

As mentioned earlier, documents not being issued is a major risk in the design sphere of a real estate project. Setting up a data-driven planning process and using BIM can reduce the risk here as all tasks and processes become clearly defined.

Source: Using Data To Reduce Risk In Real Estate

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