The pandemic has caused activities to move online: we shop, buy food, conduct classes, and meet friends and work colleagues alike online. Property management has been no exception, and property technology or proptech has only helped in providing solutions.
While the term ‘proptech’ may sound foreign, the reality is that we have transacted with these one way or another. Think of the last holiday you had. You probably consulted Airbnb, if not booked a place through them.
‘Proptech’ refers to any kind of technology developed for the property industry, with the goal of improving both proprietor and renter experiences. In this particular case, the proprietor is able to virtually exhibit their property for rent while the renter is able to look for properties that match their necessities on the same website. The website allowing a seamless interaction, with neither party having to step outside their houses, is an example of proptech applied.
However, this is only one possible application. Even with the movement to the online space, proptech still has other, unexplored applications. Read on to find out how it is relevant to us, and how it can be helpful given our present situation.
Recently, start-up company Knock raised $20M to grow their Software-as-a-Service (SaaS) platform for property managers. They spoke with property management companies and saw that there is a gap to be filled in the technological capabilities of property management companies. They are looking to offer customer relations management (CRM) tools to be able to link proprietors and renters more seamlessly.
As with other service providers in the proptech market, the goal is to facilitate communication between two parties. Browsing rentals and being able to communicate with the proprietor without having to step out of your house is a huge benefit, as it eliminates the risk of contracting COVID while house-browsing. This also benefits the proprietor, as there is no longer any need for a house visit. They just need to show photos of their property and be prepared for any concern that may arise. This is also less costly, as every house visit would mean thorough disinfection of the property prior to and after.
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While proptech seems to focus on how to maximize property sales or leases, because of the present situation, its use has even expanded to the workplace. Aakash Ravi, co-founder and Chief Growth Officer of Spaceti, talks about how their technology with the initial goal of optimizing real estate is now being used to promote a safe return to the physical workplace.
Their company offers a workplace management system service that ensures the proper allocation of space in the workplace. They provide layouts such that the well-being of workers is prioritized in the physical office while still ensuring a minimal spread of the virus.
The previous items are only examples of how proptech is useful in the present. We also see artificial intelligence proptech used in remote real estate evaluation, where an algorithm is used to evaluate properties without needing to actually be in the property’s location. There are also other proptech trends projected for this year, such as:
- Data-driven decisions and solutions
- Real-time property data
- Improvement of customer service and relations
You might want to visit this webpage if you are interested in learning more about proptech and its uses. Learn more about it, and see just how much potential it has!
Emerging technologies for the post-pandemic workspace are continuously evolving, providing solutions for all kinds of problems. The majority of these solutions focus on digitization, as well as touchless and seamless integration with existing systems. Check out our guide to emerging tech and the companies you need to know.
Here is a quick go-to reference list:
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