Proptech as a transforming catalyst for the real estate industry
Proptech as a transforming catalyst for the real estate industry
  Prop Tech  |  International  |  Analysis  |  Office

Proptech as a transforming catalyst for the real estate industry

Real estate technology is drastically impacting the development, marketing and management of real estate.
RE+D magazine

The integration of technology in commercial real estate, through Proptech solutions, is transforming the way properties are developed, marketed, managed, and utilized.

Real estate is now being treated as a service with new business models. Owners and management companies are searching for innovative ways to enhance user experience, improve operational efficiency and promote sustainability. With rapid technological advancements, proptech solutions can help streamline operations, increase energy efficiency and address the needs of current and future tenants.

Digital marketing at the service of the owner

JP Morgan's 2023 Business Leaders Outlook: Commercial Real Estate survey unveils that digital marketing can assist property owners and operators in reaching a larger audience. Virtual tours and 3D property renderings can help potential tenants better understand a property's layout, condition, and amenities at any time of day. Moreover, since digital tours can also showcase properties under construction, they make it easier to attract interested parties for off-plan purchases.

User-friendly online platforms enable potential tenants to search and filter listings to find properties that meet their requirements. Digital platforms can improve the accuracy and transparency of listings, providing potential tenants with a more comprehensive view and understanding of the property.

Predictive analytics tools use past and current industry data to make informed decisions. These tools can assist property owners and operators in improving their marketing strategies and determining property pricing by analyzing supply and demand trends, local market dynamics, and consumer behaviors.

AI-powered chatbots and other digital customer service tools can quickly respond to queries. These tools can increase efficiency, streamline communication, and provide information to potential tenants, allowing them to decide if a property is right for them.

Optimizing performance with smart buildings

Smart buildings are equipped with advanced technologies that allow them to monitor, control, and optimize their systems. By utilizing sensors, automation systems, and IoT devices, they can collect and analyze data, enabling them to make informed decisions in real-time.

Through the use of automation and energy management systems, smart buildings can effectively reduce their carbon footprint. For instance, they can adjust lighting, heating, and cooling based on occupancy, weather, and other factors. Other tools can also monitor the functioning of a building's systems, providing predictive maintenance needs, which can significantly reduce costs.

Smart buildings can also create a more comfortable environment by monitoring indoor air quality, temperature, and humidity levels and adjusting them as needed.

In addition, security solutions such as AI video surveillance, remote monitoring, mobile credentials, and cloud-based access control can help increase user safety, limit owner liability, and streamline building operations.

Finally, interoperability between devices and building systems can help property managers proactively operate the building. The new solutions provide a holistic, round-the-clock view of the property and systems so that proactive measures can be taken.

Improving operational efficiency

Proptech solutions can help streamline tasks such as rental payments, warranties, maintenance issues, supplier management and user communications.

Technology can improve efficiency, automate many daily tasks, and help property managers improve productivity through increased productivity directly from automated tasks, which allows employees more time to focus on complex tasks and help tenants .

At the same time, it helps save money by streamlining processes to reduce errors and reduce the risk of fraud, while enabling the use of a central data source with powerful analytics and predictive capabilities to ensure informed decisions are made.

At the same time, technology can improve communication and transparency with vendors, tenants, investors and other stakeholders. By using proptech solutions, commercial real estate professionals can reap these benefits and attract and retain more tenants while increasing the value of their properties, the international consultancy concludes.