Loretta loves to research and write informative articles on important topics such as cybersecurity, internet, and other digital solutions.
You are probably wondering what PropTech means, just like FinTech is a portmanteau of Financial Technology, PropTech is Property Technology. In the last few years, this has become the term that is “going viral” in the real estate world.
Unlike other industries, the real estate industry has been quite slow in adapting to technology for service delivery. Maybe it’s because it is REAL estate and the physical experience is very much a part of the industry. However, property managers and investors with a forward-thinking mindset are finding ways and already transforming the industry with PropTech solutions and making this easier for their clients.
According to a 2022 study, Investment in PropTech grew from 14 billion in 2019 to 18.2 billion by 2022. This is projected to grow astronomically in the coming years.
The apathy that was seen in previous years for PropTech is greatly dispersing as the influence of PropTech is growing especially in multi-family real estate. Prop tech is improving the multifamily real estate industry and helping property managers deliver better and more accurate services. It s like an answer to their prayers.
What Is PropTech?
To define what PropTech is about, we could say that PropTech is a technology-driven solution that can be used to transact design and manage real estate. These solutions could relate to any part of real estate, as long as they are creating solutions and changing how the real estate business is done for the better – a positive disruption.
PropTechs range from buying, selling, managing, building, renovating, investing, appraising, leasing, etc. It is a wide range of real estate solutions that could apply to every aspect of real estate activity.
However, for impact and importance, one of the most significant solutions in the multifamily real estate industry is the smart apartment technology which helps property managers to streamline operations, and automate processes.
Smart PropTech Solutions for MultiFamily Real Estate
Some great examples and features of smart PropTech solutions for multi-family real estate are involved in activities around Security, Utility Optimisation, Convenience, and cost minimization
1. Utility Optimisation, Convenience and Cost Minimization
Smart PropTechs or Smart apartment technology (as some people like to call them), help to preserve resources by detecting problems and resolving them before they create bigger, more expensive problems. For example, some smart solutions programmed in multifamily apartments can water leaks, and shut them off, eliminating unnecessary manpower use, and water damage and helping to save cost. Convenience and cost-saving for multi-family property managers and real estate investors.
There are smart apartment solutions like smart sensors and detectors that also help to show prospective clients around the property at their convenience. A recent study has shown that lots of clients in search of a house are also looking for multifamily smart real estate. With the use of smart tech in multifamily real estate, the percentage of prospectives that prefer your apartment increases exponentially. Smart amenities can alert property managers of maintenance requirements, and security concerns, maximize profits and costs for property managers, and attract more residents.
There are Smart systems that ensure residents’ security. These systems are full-proof locks providing remote locking and unlocking, smart lighting scheduling, motion, visual and fire systems.
These smart-systems are integrated into all aspects of a home, making it smart on all bases.
The advantages of PropTech and enabling them to make multifamily homes smart is that it helps to automate activities of property managers, improves productivity exponentially, and increases faster response time.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 Loretta Osakwe Awosika