diff --git a/src/blenderbim/blenderbim/tool/drawing.py b/src/blenderbim/blenderbim/tool/drawing.py
index 2256b0b49a..21d69e7f78 100644
--- a/src/blenderbim/blenderbim/tool/drawing.py
+++ b/src/blenderbim/blenderbim/tool/drawing.py
@@ -16,6 +16,7 @@
 # You should have received a copy of the GNU General Public License
 # along with BlenderBIM Add-on.  If not, see <http://www.gnu.org/licenses/>.
 
+import re
 import bpy
 import blenderbim.core.tool
 import blenderbim.tool as tool
@@ -80,5 +81,13 @@ class Drawing(blenderbim.core.tool.Drawing):
     @classmethod
     def update_text_value(cls, obj):
         element = cls.get_text_literal(obj)
-        if element:
-            obj.BIMTextProperties.value = element.Literal
+        if not element:
+            return
+        value = element.Literal
+        product = cls.get_text_product(tool.Ifc.get_entity(obj))
+        if product:
+            selector = ifcopenshell.util.selector.Selector()
+            variables = {}
+            for variable in re.findall("{{.*?}}", value):
+                value = value.replace(variable, selector.get_element_value(product, variable[2:-2]) or "")
+        obj.BIMTextProperties.value = value
diff --git a/src/blenderbim/test/tool/test_drawing.py b/src/blenderbim/test/tool/test_drawing.py
index 876872b762..f7127b0f6e 100644
--- a/src/blenderbim/test/tool/test_drawing.py
+++ b/src/blenderbim/test/tool/test_drawing.py
@@ -138,8 +138,38 @@ class TestImportTextProduct(NewFile):
 
 
 class TestUpdateTextValue(NewFile):
-    def test_run(self):
+    def test_updating_arbitrary_strings(self):
         TestGetTextLiteral().test_run()
         obj = bpy.data.objects.get("Object")
         subject.update_text_value(obj)
         assert obj.BIMTextProperties.value == "Literal"
+
+    def test_using_attribute_variables(self):
+        TestGetTextLiteral().test_run()
+
+        obj = bpy.data.objects.get("Object")
+        ifc = tool.Ifc.get()
+        wall = ifc.createIfcWall(Name="Baz")
+        label = ifc.by_type("IfcAnnotation")[0]
+        ifcopenshell.api.run("drawing.assign_product", ifc, relating_product=wall, related_object=label)
+
+        ifc.by_type("IfcTextLiteralWithExtent")[0].Literal = "Foo {{Name}} Bar"
+
+        subject.update_text_value(obj)
+        assert obj.BIMTextProperties.value == "Foo Baz Bar"
+
+    def test_using_property_variables(self):
+        TestGetTextLiteral().test_run()
+
+        obj = bpy.data.objects.get("Object")
+        ifc = tool.Ifc.get()
+        wall = ifc.createIfcWall()
+        pset = ifcopenshell.api.run("pset.add_pset", ifc, name="Custom_Pset", product=wall)
+        ifcopenshell.api.run("pset.edit_pset", ifc, pset=pset, properties={"Key": "Baz"})
+        label = ifc.by_type("IfcAnnotation")[0]
+        ifcopenshell.api.run("drawing.assign_product", ifc, relating_product=wall, related_object=label)
+
+        ifc.by_type("IfcTextLiteralWithExtent")[0].Literal = "Foo {{Custom_Pset.Key}} Bar"
+
+        subject.update_text_value(obj)
+        assert obj.BIMTextProperties.value == "Foo Baz Bar"