More than half of the world’s population today live in urban areas, particularly in highly-dense cities. This transition has transformed the way we live, work, travel and build networks.Whilst the vast majority of the world’s leading cities are building upwards, the facility management industry suprisingly faces a lot of inefficiencies. Property management and service management are offered as two completely separate services today with different vendors, pricing, etc. Existing solutions are designed from a building-centric point of view rather than a customer-centric one, resulting in inefficiencies and inconveniences for the residents. The PropTech market offers many vertical solutions but the main problem is that these solutions do not integrate with each other.
According to the KPMG Global PropTech Survey: 97% of all facility and real estate managers say that maintaining high tenant satisfaction is a top priority whilst 61% of property companies believe a tech investment today will positively impact their revenues for years to come. $24 trillion of assets are still managed by using disconnected systems and printed spreadsheets, an incomprehensible reality in 2021. The most interesting advantage associated with integrating PropTech solution was the overwhelming improvement in tenant retention.
In a field plagued by low quality of service and general dissatisfaction, MYTower was born, enabling it’s clients to manage their property efficiently with full control and transparency while saving close to 50% on their operational costs. MyTower presents the PropTech market with the first of its kind, user-centric point of view property management solution: the AppConnect platform connects to a large range of API and app integrations to help automate, organize and effectively manage a Smart Property Solution from one, easy-to-use control panel. With a combination of AI and IoT within the property management’s day-to-day operation, MyTower offers countless solutions that are easily tailored and integrated to fit companies’ existing workflow and needs. It manages everything from proactive and preventive maintenance to finance and lease management and employee and attendance supervision.
“The MyTower platform allows clients to advance to the IoB era and enjoy property that is connected and adaptive”, explains MyTower CEO Pini Shemesh. “Smart property is engaged and self-aware. It connects with utilities (water, gas, electricity, etc.), tenants, suppliers, and other buildings. Connected property allows synergy between online and offline solutions and integrates centralized and decentralized networks. Smart buildings become multifunctional and have modular systems that can be personalized based on user behavior and predefined needs, improving the wellbeing of people and communities. At MyTower, the most important goal is keeping tenants satisfied and exceeding their expectations.
Another factor that sets MyTower apart from competitve property management platform solutions on the market is it’s efficienty: “The IoB revolution reduces cost while boosting functionality. Optimized resource utilization helps tenants and protects the environment we all share. Smart buildings are better prepared for emergencies and malfunction situations and can trade and share resources with other property. Their performance is easily measured and tracked”, Shemesh explains. The above benefits take place smoothly and automatically. Advanced machine learning algorithms study the property and its residents, getting better and more sophisticated at predicting needs based on user feedback and aggregated data.
MyTower’s solution enables facility managers to identify the underutilized and poor performing facilities, assets, processes, and resources, and help improve facility assets. The company’s impact on property management includes the reduction of operational costs by up to 50% as well as a profit increase by adding new revenue channels. It also boasts an improvement of property lifecycle ROI by up to 25%.
Gindi, a leading property developer in Israel today, was the first to understand the new needs of high rise residents in luxury towers in Israel. When the “Gindi TLV” project came up on the drawing board, it was clear to the company that it was not just building apartments. It was building people’s homes and infrastructure for a community. This infrastructure was based on the project’s unique mix of resident orientated services, which include, in addition to the residential towers, a spacious mall, concierge services, a community country club and common areas. The tenants of the towers benefit from the My TLV app, a tailored white label version of the MyTower app, where tenants can receive updates on what is happening in the building, pay expenses, contact the management company, receive deliveries and enjoy a range of benefits and discounts on products from a wide range of suppliers who are contracted by the management. They can also correspond directly with neighbors via the app, reserve a machine at the gym and can even enjoy concierge services at the press of a button. ““We’ve been very excited about the customer love that MyTower has generated to date. The buildings that use MyTower are not only run more efficiently but are also generating happier communities”, boasts Shemesh.
In addition, it is important to highlight that the Covid-19 pandemic has introduced new challenges that facility management providers must take into account. “Property owners and landlords have to protect the health and safety of tenants and staff whilst balancing the needs of workers and businesses”, explains Shemesh. “MyTower’s platform has been updated daily to meet both tenant and personnel needs in the current pandemic situation. The solution includes other important features for real estate management during COVID-19: SLA: disinfection and cleaning tasks, visitor temperature control, face recognition including contact free door opening, gym sanitization, swimming pool and amenities control”.
Currently, over 250 leading residential towers in Israel are managed by MyTower and they have secured a significant footprint in Poland as well. In 2021, the company saw a 300% increase in revenue, ensuring a promising forecast for 2022. The Besadno Group invested in MyTower’s seed funding round in February 2019 and remains one of the company’s main shareholders and is leading the current investment round for MyTower. CEO Eli Gross commented that “ The new era of property management requires a new and original approach and we identified this quickly with MyTower. The PropTech market in general, and the facility management market in particular, are booming and will continue to grow in the foreseeable future. The opportunity for PropTech development is driven not only by the sheer size of the market but also by the limited amount of innovation up until now.”