CRE proptech solutions continue to gain importance | RENX
As the pandemic begins to recede and the workforce gradually returns to the office, the commercial real estate industry will increasingly rely on proptech.
Retailers, real estate developers, construction companies and property managers will use this growing industry to create more efficient, healthier and more sustainable workplaces.
Investors and property managers use proptech to automate or eliminate many of their mundane, day-to-day tasks, and to ease friction and lower the costs of owning and operating real estate.
These tasks can range from property valuation, marketing, leasing and management to closing deals and can be made more efficient with this type of technology.
Retail property owners are leveraging proptech to capture information about buyer traffic and movements to better understand their needs and habits.
Property owners and managers can then use this information strategically in leasing space, improving the flow of buyer traffic, driving more sales for tenants, and creating a positive buying experience.
Proptech in action
Virtual screenings are the term for any home visit made remotely and are a prime example of proptech in action.
Virtual projections can be 3D renderings of a home that buyers or tenants can interact with at their convenience, or pre-recorded video tours that are posted online and shared on social media.
Virtual projections can be live or private through video chat applications like Zoom, Skype or Facebook.
Thanks to proptech, it is estimated that six in 10 potential buyers or tenants could participate in a virtual, video or remote broadcast during the pandemic.
Proptech in action can also be platforms that provide centralized data management, reservation and accounting solutions. A perfect example of proptech is Yardi, a simple platform to market and manage a residential, commercial and mixed real estate portfolio.
If you’re a property manager, you can use apps to assign work orders, track building data, share listings with residents, and collect fees and rents. Residents can use apps to book home services, track packages, request maintenance, and sell goods to neighbors.
Essentially, proptech is a technology solution created specifically for the real estate industry and can be used at any stage of a property’s lifecycle, from planning and construction to improvement and management to help clients. owners, landlords and managers get the most out of their properties.
What the future holds
As a developer and real estate expert, Equiton believes companies have the opportunity to reimagine how and where work is done, leveraging lessons learned throughout the pandemic.
It is likely that the best performing organizations in real estate over the next several years will be the most technology driven. They will be able to provide the highest levels of transparency for everyone involved, thereby improving decision making and reducing costs.
They will also streamline end-to-end workflows.
We believe proptech has arrived and has its roots firmly in real estate.
Rather than being intimidated by the boom in proptech, real estate professionals should think about exploiting it to their advantage, as early adopters tend to have access to greater opportunities.