A message which is often repeated in the property industry is that if you fail to embrace new technology, you risk being left behind. In the modern world, this statement is more true now than ever before, with the digital revolution dominating every industry. The lettings sector is no exception.
Currently, searching for holiday rentals, commercial properties and rental homes using smartphone apps is the norm. However, property technology, or proptech, does not stop there. Once tenants and home buyers find the property of their dreams, technology is now readily available throughout the commercial and home space. Due to increased demand and interest for smart features, proptech has become one of the fastest growing sectors for investment in the world.
Proptech now allows landlords and tenants, and other individuals such as letting agents, to be more interactive with property.
In regards to proptech, everything is built for smartphone use. Now, even the temperature in a property can be adjusted by an app, whether you are sitting in your office or hundreds of miles away on holiday. These advances are making old thermostat technology a thing of the past.
Technology can now allow buildings to respond to instructions and signals from mobile phones. These innovations can open garage doors, turn lights on automatically as residents enter, and have temperatures perfectly balanced, providing an enhanced residential experience.
Businesses and commercial spaces are now operating in similar ways. For example, software and apps are now available on the market which offer smart building access, real-time public transport tracking and communication with property managers for commercial property tenants. These advances will enhance the experience of tenants everywhere.
In the not too distant future, it is predicted that proptech will be less utilised by apps on our smartphones, and increasingly used by voice activated technology, in a similar way that Google Hub, Siri or Alexa are used. This would, in turn, make the property act accordingly. These devices could soon dominate the workplace and commercial real estate sector, providing next-level, improved ease of living in any building.
It is also predicted that proptech will make use of geo-tracking technology in order to push targeted advertisements through the mobile devices of their clients. Although some will seem wary of such developments, geo-tracking will allow businesses to tailor their offering to fit the ideal consumer. This could be the perfect technology for landlords to utilise.
Voice integrated technology will remain an upcoming trend in building spaces, whether property rentals, co-working spaces or retail areas. There is something for all to gain in proptech, whether a streamlined service for tenants or reduced financial and time requirements for landlords.
There will continue to be great advances in proptech innovation, and businesses must take advantage of these. For example, InventoryBase makes the production of professional inspections, inventories, check ins and risk assessments for properties simple and efficient. Technology such as this is readily available, so landlords and letting agents should incorporate such innovations, as they are extremely useful and beneficial to their business.
Tenants can now demand more from letting agents, landlords, architects and property developers, who can push boundaries and deliver innovative, efficient services which are in high demand.
Big investments are also now being made in the proptech industry, with businesses investing sizeable funds into the sector. For example, SoftBank has invested over 4 billion US dollars in proptech firms. The property industry is changing, and proptech will enable us to interact better with the buildings around us. Investment in this technology will create improved services, streamlined processes and creative innovations that the industry has never seen before.
To make sure your business can keep up with the sector, consider how proptech can improve your day-to-day operations. The industry continues to expect better and bigger changes in proptech.
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