Proptech as an Industry
With the population of the world growing, there is an increasing need for real estate and places for people to operate, whether on a commercial or residential level. This has put an increasing strain and demand for the property industry to find solutions to meet these rising demands.
Being a relatively new industry, proptech has gone through challenges with some real estate professionals unwilling to change from their old ways of operating, and raising concerns regarding the reliance on technology and losing that “personal touch” that helps form client relationships.
While no industry is 100% perfect, some proptech applications have really revolutionised the way real estate parties buy, sell, research, market, and manage a property. Like how fintech uses technology to make operations in the finance industry more efficient, proptech uses technology to make leasing, owning and managing properties more efficient. This can look like increasing sustainability and time with paperless reports, using online contactless 360 degree virtual inspections to streamline the inspection process for property managers, and allowing tenants to view properties from the comfort of their own homes, which is especially relevant given the position of our post-covid society.
Tenants have also had a positive reaction to proptech’s role in a more sustainable and efficient approach to property management. According to Forbes, 77% of people want to learn how to live more sustainably. Proptech has transformed an industry that has previously relied very heavily on paper reports to online, saving thousands each year – per office, in the financial cost associated with using paper, as well as the sustainable cost to our earth for the deforestation required for paper production.
Optimising Time in Property Management
Because of the introduction of paperless reports, such as the paperless reports that Inspection Express provides, property managers are able to create condition reports with ease, and have a copy sent to the landlord, the tenant and to themselves, instantly – with the additional benefit of never losing a report due to misplacing it in the office! This approach also allows for a degree of transparency and accountability for everyone involved as tenants are also able to upload comments and photos onto each report.
Property managers are also able to optimise their time using automations in the app to follow up on tenants for condition reports if they’ve forgotten, which increases staff productivity and reduces the stress placed on property managers who already live insanely busy lives!
Finally, proptech companies are constantly adapting to challenges in the market, for example, the development of Inspection Express’ agent video feature for inspections, which allows property managers to film a short video of themselves with a message highlighting any information they want to include in the report. This not only increases the level of service provided to the client, but also adds that “personal touch” aspect that was originally thought to be an area of possible concern.
To summarise, proptech is a huge time saver for property managers and allows them to streamline processes to keep up with ongoing stress and demand. It’s a new industry that has a huge future in increasing the efficiency, transparency, and service in the property management space.