Proptech is the buzzword behind property technology. It’s part of the digital transformation of the property industry that is changing the way businesses operate. A report conducted by Property Week found that 96% of respondents expected investment in technology to have a positive impact on revenue of the industry.
This promising statistic shows the optimism towards proptech and how it can help your business. However, 39% of businesses said although they would like to embrace new technology, they faced issues with migration and adoption that prevented the digital switch.
To date, there are a number of technologies that have had a large impact on the real estate industry. Digital estate agents including Purple Bricks and Emoov transformed the way customers buy property. In the next few years, businesses are likely to invest in artificial intelligence (AI), virtual reality (VR), blockchain and back-office automation to improve their processes.
Proptech is an opportunity for your business to gain competitive advantage and make waves in the real estate industry. Technological solutions play a key role in developing your USP and should be embraced by your business.
The latest technological developments include building information modelling (BIM), digital twins, machine learning, VR and AR technology. These technologies help to streamline your processes, manage properties and make better connections with clients and customers.
Save time and money
Implementing technology that automates your business management and maintenance will cut costs and administration time. For example, the use of chatbots allows you to connect with tenants 24/7. This saves costs of a full time staff member. Apps also allow tenants and accountants to track the progress of contracts automatically and digitally. These systems allow you to analyse changes to consumer needs. You can then provide improved solutions for a better user experience.
Create added value
A significant advantage of proptech is that it creates new points of business. Think about why customers use your business and how you can improve the process for them. Using property technologies can ease the process for customers as well as your company. Real estate businesses are increasingly using VR and AR to offer 3D property tours to customers.
This creates an easy and professional service that impresses customers and improves their experience. Offering services that your competitors don’t helps you maintain custom and attract new consumers based on recommendations and innovation.
The future of proptech
The UK government have expressed their positivity and optimism towards making the UK a centre of excellence for proptech. Officials in the Ministry of Housing, Communities and Local Government (MHCLG) conveyed their passion for aligning the UK with proptech innovation. While the UK is moving more quickly than other countries, it can’t compare to how fast the tech sector is growing.
Proptech requires time and monetary investment from your business. You must keep up to date with industry emergence to ensure you meet customer demand and plan for changes. It’s a great way to develop your added value. Make sure you provide differentiated services that bring customers back to your business. In the early stages of this trend, experiment and innovate with new technologies to find which work for your business and customers.
Taking part in the early adoption of this movement will ensure you’re a significant player in the advancement of proptech within the UK real estate industry. This ensures you’re ahead of the game before the trend is adopted by sectors down the line.