Property through the lenses of technology

What is #PropTech?

Ola Bello By Ola Bello on 12th Oct 2016,

PropTech, an innovative sector stemmed from the need for efficiency and the solution to the problems that have become all too familiar within the property industry. PropTech seeks to refresh an industry rooted in its traditional values by merging it with the technology we have available today, and with more start-ups expected, we’re starting to see PropTech gain real momentum.

Why do we need PropTech?

The surge in technology over the past few years has transformed the way companies operate with a greater emphasis put on data and technology productivity. The property world has embraced the technology side of things, but as we all know, there’s always room for improvement.

The methods used by property managers to manage properties have been the same for decades and, no doubt, it's an incredibly challenging job that requires a great work ethic. PropTech has so many weapons in its armoury and one of them is having the ability to make things a lot quicker and stress free for property managers. The pros are huge for managers who have a series of tasks to complete everyday and this is where we start to see some of the benefits that PropTech gives. It allows them to be more efficient with time, which in return gives them the opportunity to spend more time with tenants as well has having the chance to cultivate new landlords to work with.

While these new technologies are certainly helping property professionals become more efficient with their day to day tasks, there seems to be a slightly slower uptake amongst the smaller businesses. With so many tasks to keep track of however, you can hardly blame them for not keeping up-to-date with every bit of new tech! This is where it comes down to companies (like us) to help educate and advise on how to make the most of this new tech.

The sheer workload has deprived property managers the important information they need about PropTech, and could be the reason behind their slow adaptation to property. With that being said, there’s a greater need for the people behind the brands to get in front of agencies and promote the products and services they have.

So we have spoken about need for PropTech, but what new tech is out there?

PropTech, being the all encompassing term that it is, covers a wide array of service providers each looking to solve different issues within the property industry. This ranges from companies like Virtual View, who create 3D bespoke models floor plans and galleries, helping buyers get a better sense of the properties they are looking to buy, through to companies such as Fixflo who have simplified reporting maintenance issues down to just a few clicks. Even app developers Splittable are getting in on the act with their app that helps renters cover their share of bills easier. Every aspect of the property industry is currently being impacted and improved by PropTech for consumers and companies alike.

PropTech is shaping the future of the property market by giving people the opportunity to do something today they couldn’t do yesterday. No longer is it necessary to walk into an estate agent office to sell your house and PropTech is a major reason for this, it’s streamlining the process for agencies and property owners alike.

As an advocate of technology and a small part of the younger generation that has grown up with tech integrated in their lives, I am intrigued to see how PropTech develops over the next few years. As data and technology continue to provide huge opportunities for professionals in our sector, I believe we should all be championing for this!

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