What is Proptech?

Property technology -or proptech– is something we are going to hear more and more of in 2022. The concept is an umbrella term that enhances any aspect of managing a commercial property through the use of technology, making your life as a commercial property manager easier, faster, cheaper and more efficient.

If you are wondering how you can implement proptech in your day-to-day business, we have got you covered. We have compiled some ideas and insight on ways to incorporate proptech and revolutionize your way of working both now and in the future.

Apps

Who doesn’t use their smartphone to make their life easier nowadays? We connect with friends and buy our groceries, so why should our professional lives not benefit from some well-thought-out applications? For property managers, AppFolio offers an integrated management system to not only facilitate communication, but also to improve accounting, reporting, training, staffing, marketing, and growth.

While a simple video call or security cameras may help you identify when there is an issue in your property and save you precious time making the journey to inspect it, augmented reality and virtual reality Apps can be your closest ally when trying to sell or lease said property, especially if it is not in the best conditions after damage.

RoOomy is an App originally created for real estate agents, but one that has far-reaching implications across the whole of the housing industry, if it is leveraged in such a way. What RoOomy does is virtually stage a house for lease or purchase, to enhance the renter or buyer’s imagination and boost sales.

For property managers, the concept is similar. When there is damage caused to a property, you can instil trust in your clients by demonstrating, digitally, how the remediations will positively affect the aesthetic of the building they use, to name but one possibility.

IoT

The IoT -internet of things- is a revolutionary digital concept that has endless advantages for your property management business. Being able to control lighting, heating and security elements from your sofa with your smartphone not only saves you time on making unnecessary journeys, but even reigns in your carbon footprint.

Think of Amazon Alexa’s compatibility with the Zigbee mesh, and you have an idea of just how reachable a SmartHome is. Extending this to your commercial property, you have the opportunity to control anything electronic at the push of a button – from protecting you and your clients with an IoT connected fire alarm to making sure nobody breaks in when you are taking your well-deserved holidays.

Contracts

One of the expressions that is going to seep into our collective vocabulary over the coming years is smart contract. Traditionally, an insurance broker writes up a set of rules, adapting them slightly according to the specific details of a transaction. This pen-and-paper method is as old as the sun, and you can expect this to change with the onset of blockchain.

If blockchain is also a new concept to you, what it means is computerized transactions where an intermediary with financial interest can be overridden. With blockchain technology, transactions can happen between you as a property manager directly with your tenant, without the need to sign contracts in front of a lawyer or insurance broker.

Blockchain technology guarantees that you are giving what you are offering and that your tenant is guaranteed to deliver on what they promise. The smart contract is established and nobody can tamper with it. The benefits are clear – transparency, reduced fees, time saved on underwriting, and you get paid on time.

The Future of Property Management

Property managers that can embrace new technologies are sure to benefit wildly in the next few years, as the booming technological revolution takes center stage and percolates through every aspect of our personal and professional lives – for the better. Don’t get left behind! Because as James P. Lewis said in his book, Working Together: 12 Principles for Achieving Excellence in Managaing Projects, Teams, and Organizations “If you always do what you’ve always done, you’ll always get what you always got.”