costREview

Understanding costs to reduce costs

Using state-of-the-art OCR technology and machine learning, invoice data is automatically extracted, checked and classified into cost items. This creates a precise data basis for comprehensive analyses at building and portfolio level.

Overview

Reconsider costs

In the real estate industry, costs are often analyzed based solely on accounting data. However, conventional charts of accounts and accounting logic usually do not provide the necessary level of detail for a precise cost analysis. ERP systems and BI solutions frequently do not provide sufficiently granular and consistent reports for informed decisions. With costREview, real estate costs are classified using artificial intelligence according to a standardized DIN cost structure down to the level of individual invoice items. This detailed analysis reveals optimization potential and provides a deep understanding of cost structures and developments.

costREview in action

Step by step towards greater cost efficiency

In times of crisis, not only do budgets shrink, but also the scope for action in management. In order to secure and increase the profitability of real estate, cost savings are essential. Especially in a tight rental market, optimizing ancillary costs becomes crucial to retain existing tenants and enable new rentals. At the same time, regulatory requirements are increasing the pressure to manage real estate more sustainably and cost-efficiently. This is where costREview comes in: It helps you create more cost transparency in simple steps and provides the tools to manage your properties more cost-efficiently.

Upload documents
Upload real estate invoices via drag & drop

In the costREview portal, you can easily upload your invoices via drag & drop. Using cutting-edge OCR technology and our machine learning-based classification model, over 60 cost groups are precisely assigned according to DIN cost structures. 

Data extraction can also be done directly via our invoice management tool SmartInvoice to create synergies in invoice processing.

Quality assurance
Our human-in-the-loop approach

Our high quality standard of 100% is guaranteed by an innovative, hybrid system. We rely on a combination of advanced machine learning models and the expertise of our subject matter experts based on the proven “human-in-the-loop” approach. This combination enables a thorough check of the output, so that even the smallest deviations can be reliably detected and corrected. In this way, we ensure that our results always meet the highest quality standards.

Cost distribution
Analyze and identify cost drivers

A deep understanding of cost distribution is key to identifying key cost drivers. Cost groups with the largest relative share of total costs or the highest cost increases in recent years offer valuable starting points for more in-depth analyses.

Example: Over the last five years, maintenance costs have accounted for one third of total costs and are therefore considered a major cost driver. Reducing these costs has a direct impact on returns.

Property/portfolio benchmark
Understanding the cost drivers in comparison

A property or portfolio benchmark can be used to evaluate the costs of a property in comparison to individual properties or entire portfolios. Costs can be analyzed, for example, according to technical system groups or types of insurance and compared according to location, type of use and size of the property.

Example: For air conditioning systems, I pay 40% more per square meter in maintenance costs compared to other properties or portfolios.

Vendor benchmark
Reduce costs by switching service providers

All cost items can be analyzed per service provider and location across the entire portfolio to identify the most cost-efficient providers. In this way, savings potential can be tapped through switching providers, framework agreements or “market standard checks” of offers.

Example: Previous analyses show that I am paying too much for air conditioning repairs compared to my other properties. The vendor benchmark gives me an overview of my service providers so that I can realize savings potential by switching to the most cost-efficient provider.

> 200.000

vendors as the basis for our vendor benchmark

> 650.000

invoices processed, and the number is constantly growing

> 2.500

properties for a meaningful price comparison

Scope

In property management

Process optimization

Classification of invoices, benchmarking and annual comparisons for continuous monitoring of properties and for measuring the success of optimization measures.

Property budget

Creation and review of property budgets based on historical data (e.g. through transparency of maintenance costs at a granular level).

Offer check

Plausibility check of offer prices based on historical data and cost indications.

Operating cost calculator

Benchmarking of ancillary costs based on DIN 18960 cost structures, with selection options according to location, type of use and property size.

Scope

During the purchasing process

Onboarding kit

Initial cost capturing to identify key cost drivers per property and to prepare the budget when taking over a mandate or changing responsibilities.

Scope

During the sales process

Sales preparation

Support in identifying key construction and maintenance measures as well as existing service contracts and ancillary costs from recent years.

FAQ

The cost structure is based on the DIN cost structure recognized in the real estate industry, which offers universal validity. The various cost groups enable a clear and standardized capture and analysis of costs.

We support you with onboarding through an initial Excel upload of your master data. In addition, it is possible to integrate individual interfaces. Please feel free to contact us and together we will determine which solution is best for you.

The more consistent the input, the better the output. Since we rely heavily on accounting data, accounting is a reliable source for obtaining all invoices.

Yes, with our SmartSustain tool we can extend the extraction logic to directly extract additional consumption, CO₂ emissions, energy carriers and other ESG-relevant information.

Yes, our extraction logics are compatible with the “SmartInvoice” invoice management workflow This allows us to extract more in-depth information for the costREview directly during invoice processing. Please feel free to contact us about this!

Quality assurance by our experts is optional. However, to ensure almost 100% data quality, we recommend using this check.

We are happy to advise you

Your contact

Christine Grondkowski

Head of Real Estate Data Products

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Data protection
For more information about the processing and storage of your personal data, as well as your rights, please refer to our privacy policy.