- What JLL Asset Beacon integrates data from existing platforms, streamlining asset management functions
- Why The platform will increase efficiency and transparency
- What next JLL’s Iri Amirav and Amir Leitersdorf will serve as co-CEOs
JLL and Slate Asset Management have launched an AI-powered platform to help commercial real estate professionals manage assets and portfolios.
The joint venture, called JLL Asset Beacon, integrates data from existing platforms, including Yardi, MRI and Argus, into one tool, streamlining asset management functions. The result is a real-time, succinct view of performance for a single building or a global portfolio.
As it stands, many asset managers use Excel or homegrown procedures to track their data, Iri Amirav, co-CEO of JLL Asset Beacon, told Green Street News. These systems are time-intensive and costly to maintain, and can lead to a scramble over paperwork, emails and servers when information is needed. Amir Leitersdorf will serve as co-CEO.
“With JLL Asset Beacon, you’re not chasing down the data every month or every quarter, so you can be more efficient [as an asset manager]. You can make better decisions. You can spend your time thinking about risks and opportunities,” Blair Welch, founding partner of Slate, told Green Street News.
“And you can become a lot more transparent with your investors and your lenders because you can get reports in an instant, or you can give them access to view the data themselves. That transparency is critical for raising money and getting financing.”
JLL Asset Beacon also will be a “game changer” for small and midsize asset managers, Amirav and Welch said. Single-asset owners won’t have to invest their own capital in costly technology – they can get JLL Asset Beacon “off the shelf” and access the same tools as the largest operators.
The customizable platform captures financial, operational and leasing data, and can be used across any asset class or country. Eventually, generative AI will be integrated into the platform through JLL Falcon, which will allow for automatic lease abstraction, entity resolution and natural language queries.
From his own research and from speaking with clients at JLL, Amirav found there was a “huge need” for such software in the market. When he and Leitersdorf began strategizing as to the best way to develop the product, they discovered that Slate had developed one internally. After a “light-bulb moment,” the teams joined forces to commercialize Slate’s platform.
“Really, we just want to make the system better. This is so important for anyone who owns or manages real estate because you don’t have to change anything that you’re doing. You’ll just have access to a lot more data,” Welch said.
“You’re saving time, becoming more efficient, focusing on the thought process of risk mitigation and profit making, and being transparent to your stakeholders. We’re still in early days, but I’m excited about where this will go.”
