PropTech is a term that you can’t avoid in real estate. It’s the latest revolution, transforming how letting agents operate and build their businesses.
But what exactly is PropTech software? Why should you be giving it attention? And what tools should you look to invest in? In this blog, we answer how PropTech is changing real estate and more.
What is PropTech?
Property technology, or PropTech for short, refers to technology and innovations within the property industry. It’s a broad term encompassing everything from PropTech software and property finance to sustainability and smart buildings.
PropTech is continually developing and dramatically changing how the real estate industry operates. It’s driving innovation like we’ve never seen before, bringing new opportunities and growth for companies within the sector.
As the use of AI becomes increasingly prevalent in everyday lives, we can only expect to see this expansion trend continue, which presents many benefits for letting agents.
The benefits of PropTech for letting agents
Adopting PropTech software, such as property management systems, can unlock many business opportunities around growth, scalability and efficiency. Some of these include:
PropTech software exists to make your employees’ lives easier and your business better. AI, automation and end-to-end systems aim to replace humans on tasks easily replicated by technology, freeing up your time to focus on more business-critical tasks.
For example, automated workflows can remove the headache of remembering key dates and scheduling the relevant comms. Say a tenant’s renewal date is coming up — a property management system can automatically send a reminder to your team and the tenant to make sure nothing’s missed.
Data is crucial in every industry, not just real estate. It’s the driving force behind critical decisions and identifies opportunities for growth and diversification. Data and analytics collected by PropTech software are invaluable for letting agents.
It could be the difference between spotting an opportunity and missing it or finding key trends or inconsistencies in your performance. The data provided can inform decisions that help your operations and your property business grow smoothly.
Enhanced tenant experience
Without tenants, your business would cease to exist, so keeping them happy and retention efforts high is the best outcome. PropTech software aims to make this a reality.
Communication tools and tenant portals can ensure all tenant queries are answered quickly and effectively. Sustainability innovations can help satisfy modern-day needs. Software allows you to be an agent that tenants can rely on, enhancing your reputation and revenue.
Marketing can make or break your revenue plans in a highly competitive industry. It helps you stand out from the crowd and prospective tenants choose your business over competitors.
Whether it’s online listing platforms, integrated email marketing and social media, VR tours or online tenant screening, PropTech software can assist you with your day-to-day marketing, taking another thing off your busy to-do list.
PropTech tools to consider
There are so many potential PropTech tools, and with more being released regularly, it can be challenging to decipher which you do and don’t need and which are a top priority.
Property management software
Comprehensive property management software can completely transform your business for the better. There are many different software available in the market, but the best offer everything from marketing tools and tenant management to reporting and accounting.
The beauty of property management software is that you can do everything in one place, and with the help of AI and automation, many time-consuming tasks can be taken care of. Expect to experience increased efficiency, effective communication and more transparent operations.
Central document management software
Spending hours on paperwork is a familiar story for many letting agents and having an organised filing system in place can be difficult to manage. That’s where central document management software comes in.
This type of PropTech software stores everything in one place and often uses AI and automation to make your life easier. It’s also a big contributor towards ensuring compliance and property licencing, ensuring you’re always operating ethically.
Online rental platforms
Online rental platforms have become essential tools due to their audience reach potential. Getting your properties in front of the right people can take time and effort, but rental platforms aim to do this for you.
Online rental platforms offer a wider reach, provide 24/7 visibility, interactive features, easy communication and analytics, and are usually cost-effective.
The future of PropTech
The development and integration of artificial intelligence (AI), the Internet of Things (IoT) and virtual reality (VR) are going to continue shaping real estate and how businesses operate and tenants interact.
But although there are many benefits of PropTech software, it doesn’t come without its challenges. Letting agents should be aware of adopting too slowly or investing in new tools because they feel they have to, without doing the proper research.
PropTech can still be expensive, so you’ll want to ensure you’re choosing reputable suppliers that truly offer transformative benefits for your business.
Having said that, the good far outweighs the bad regarding how PropTech is changing real estate. If you want to do more with less, become more efficient and grow your company sustainably, PropTech software holds many answers.
Start harnessing the power of PropTech today
Are you considering investing in property management software but unsure where to start? Our guide can help you. Finding the right property management software for your business outlines the considerations and criteria you should keep in mind to help you find the right solution. Download today to help you make your decision.