‘PropTech’ is the latest buzzword within the real estate world, but what does it mean for the industry and its professionals?
Here is how the latest innovations that encompass PropTech’s advantages can give you competitive leverage within the real estate industry.
What is PropTech?
The real estate industry saw a huge boom in 2021 with record-breaking revenue. According to JLL Technologies, the PropTech sector saw a dramatic increase of 300% within a decade. The real estate industry saw a huge boom in 2021 with record-breaking revenue.
Property technology, PropTech, is a very broad term with a variety of definitions depending on who you ask. In an interview with Medium, a PropTech startup founder, James Dearsley, shares his view on what PropTech really is.
“PropTech is one small part of a wider digital transformation in the property industry. It considers both the technological and mentality change of the real estate industry, and its consumers to our attitudes, movements, and transactions involving both buildings and cities.”
This perfectly describes the essence of PropTech: it is a vague concept, but one that clearly impacts a giant spectrum within the real estate industry. From the commercial to construction aspect, cities, buildings, and even society will change from this. To put it in plain language, the best way to define PropTech is as a collective term for startups that shake up the industry through innovative products or services to the real estate sector.
With the ever-changing consumption patterns and digital landscape, PropTech is the new wave that real estate companies need to ride before they get left behind.
The Exponential Importance of Technology
Tech adoption has spread like wildfire within every industry across all boards. Focusing on real estate, smart technology has rooted itself in operations, security solutions, and property management. PropTech is a catalyst that accelerates the real estate industry towards modern solutions catered to tech-savvy generations. With new technology comes new capabilities such as contact-free check-ins, integrated guest experience controls, and online property management.
PropTech weaves in guest-centric solutions which add meaningful value for real estate companies. Modern-day investors, owners, and managers utilize smarter ways to streamline operations to save time and money. With the market continuing to move at a rapid pace, investments in new property technology seem to be the only thing that can give real estate professionals a chance to keep up.
This decade provides a profitable and optimal opportunity for PropTech to truly thrive. With Gen Z and Millenials getting older and becoming renters, PropTech presents all the resources to help any real estate company to capitalize on this. Younger tenants are looking for smart home technology and amenities, and are interested in its ability to make everything accessible via their mobile devices.
Not only does technology benefit guest experience, but it also takes a weight off of any property manager’s shoulders. Digital solutions that allow you to control door locks remotely, monitor access points, and streamline housekeeping access can make a huge difference in management operations. Especially in a society still living with COVID-19, digital tours and/or self-guided tours are becoming the norm. The COVID-19 pandemic accelerated the need for digital keys, and now PropTech presents huge opportunities to invest in solutions that appeal to tech-savvy tenants.
Unique PropTech Solutions
Great property technology like TownSteel’s access control system, Maxx Access, brings a spectrum of solutions that property management can benefit from.
- Integrated access control and elevator control
- Multi-activity reports
- Multiple levels of encryption
- Audit trails
- Convenient guest key cancellation and replacement
TownSteel also offers a wide range of locks that integrate smart technology such as RFID, Bluetooth, and WiFi connection. Each electronic lock offered provides the technology to streamline property management and satisfy guest experience.
Enhance your property’s technology with TownSteel’s unique security solutions.
Although the real estate industry has grown exponentially within the past year, the current market offers opportunities with profitable potential. As you consider how to develop your real estate business further in 2022, keep property technology in mind.
It is important to be in a position to use available innovations and technology to satisfy the needs of your business and tenants. PropTech solutions will continue to shape the industry and business demands and will play a large role in success strategies.