Let’s talk about PropTech

Proptech may be the technology that assists real estate professionals with performing their daily tasks, but there are a wide range of ways this technology has been implemented, and to varying degrees of success.

Some people are concerned that the ever growing technology sector will push humans out of the equation. But according to Forbes, property managers provide superior personalized experiences for tenants, as well as acting as advisors to owners for “opportunities to buy, sell, invest or upgrade properties” and consult on ever-changing regulations and bylaws, thus making them an effective investment for the foreseeable future.

But in addition to that unsurpassed human experience, technology is needed to meet the expectations of savvy consumers and to give property managers back the time they need to build real relationships with their customers.

To train and retain excellent property managers, owners need to ensure that mentors are available to all new hires. Forbes suggests focusing company culture, though their advice on providing growth opportunities may not be feasible in smaller communities.

No doubt property managers are excited to get their hands on all the new technology emerging almost daily. According to cpexecutive.com, instead of a property manager turning on a piece of equipment and just setting the temperature, they’re now able to receive additional analytics that allow for fine-tuning the equipment. ‘Roving engineers’ use predictive technology to monitor from afar and only go onsite if there’s an alerting request.

For commercial buildings, propmodo.com says proptech “should be capable of handling mountains of complex data while providing actionable insights in real time, such as locating a specific worker.” Further, it should be able to report problems in tenant spaces and common areas as well as handle vacancies and contracts.

For more insights into PropTech and the human factor, check out the articles below:

https://www.propmodo.com/how-iot-can-power-scalability-in-office-and-property-management/

https://www.forbes.com/sites/forbesrealestatecouncil/2019/10/01/how-property-managers-can-survive-and-thrive-in-the-era-of-proptech/#3e775fe32bd0

https://www.cpexecutive.com/post/how-big-data-is-reshaping-property-management/

https://www.forbes.com/sites/forbesrealestatecouncil/2019/09/12/how-to-keep-talent-in-property-management-its-your-biggest-problem/#14b580fd2ab1