The wave of disruptive solutions using innovative technologies has entered the real estate market. It’s called Proptech—which basically refers to applications of new technologies that make the use, sale and lease of real estate more efficient.
There are several ways in which developments in PropTech can benefit the real estate industry. It’s not only a lucrative path for investors, but new tools are helping millions of buyers, sellers and landlords to improve property journeys. So both, companies and users can profit from Proptech. But what are the tangible advantages? Let’s find out.
1. Increased innovation in the real estate market
We’ve heard about the speed at which proptech is making waves in the industry. But there is much more: Big data can supply information and knowledge necessary to make informed decision, which makes it more practical to buy and sell more properties. Sensors, big data and data analytics enable the real estate market to innovate more. That’s also the main reason why investments in PropTech companies increased in recent years.
2. More transparency
New technologies such as big data or blockchains particularly improve transparency. Various tools can help people to track their property transactions at the touch of a button. Since each party involved will have visibility of every transaction, greater transparency is possible. No surprise that the Global Real Estate Transparency Index was established. It has become the leading industry benchmark for assessing market transparency and continues to guide the sector towards higher standards.
3. Enhanced promotion
Technology can assist with many problems faced by property managers such as sourcing tenants or the promotion of a property. From floorplans and galleries to online tours: The expansion of 3D virtual tools enables real-estate agents to promote an existing property or upcoming development. Have you heard of Snaptrude? It’s an architectural design tool, which transforms a hand drawn sketch of a floor plan to a 3D model within seconds.
4. Improved occupancy
But also the administrative processes in your property can be digitised. There are a lot of rental platforms or apps in which tenants and landlords can find each other easily and reduce vacancies. And of course, a digital access management solution also helps you to allocate individual rooms faster and more flexibly. The space capacities can therefore be utilized more effectively. Skepp is an ideal example of a digital platform were your can view and compare office spaces all around the world.
5. Better communication
Many PropTech companies focus on setting up messaging services to heighten communication between landlords and tenants. A lot of these platforms provide access to documents or forms for claim reporting. So property managers can leave relevant information about the property on a whiteboard, while owners can respond directly to tenants requests. Less misunderstandings and faster answers are the result. Here you can find some useful apps for property management.
6. Higher value
All these scenarios can ultimately increase the value of a real estate, which in turn will result in higher rental returns. Just think of it. Buildings with PropTech will probably be associated with quality and seen as more valuable than buildings that is not provided with PropTech.
Different Proptech applications can have a huge impact on real estate. The strength lies in the combinations of them, which offers additional value. Tapkey can help you build a unique Proptech software by integrating our access technology. The result: Property managers can attract new customers who can directly select from a wide range of compatible locks.