Whether you're a residential or commercial real estate professional, a business looking to lease a commercial space, a home buyer or a home seller, proptech-short for property technology-is changing the way we look at the spaces where people live and work.
The proptech of today is Industry 4.0, real estate edition, and it encompasses all of the technology that makes buying and selling real estate, as well as working and living in it easier and more efficient.
How Proptech is Driving the Evolution of the Real Estate Business
Proptech has become a bona fide presence in the real estate sector. From home buying databases like Zillow to smart-home solutions like Homelink-and even solutions especially developed for commercial spaces like Zonifero - proptech is changing the real estate game by enlarging societal expectations to include tech conveniences in home and work spaces.
As we move further into the 2020s, it will be increasingly taken for granted that features like wireless systems that control locks and lights, or turn appliances and security on and off remotely will be amenities included with any property-be it a single home, a multifamily property or a commercial space. Home sellers and real estate agents will be expected to step up their games and make sure these features are available to entice buyers.
Proptech Adds Value to Both Commercial and Residential Real Estate
Since property technologies are becoming the expected norm, it clearly pays for property owners to upgrade by installing proptech systems at their properties.
The use of proptech in commercial offices not only increases their appeal to businesses-which brings property owners better financial returns when leasing spaces-they increase productivity and profits for the businesses leasing the spaces. Part of the increase in productivity and profit may be due to the fact that top job candidates tend to favor workplaces that facilitate work processes with proptech amenities.
In the same way that proptech enhances the value of commercial properties, it adds to the value of residential properties. Millennial home buyers want the same kinds of time and effort saving tech systems in their homes that they enjoy at the office. Sellers who update their homes with proptech conveniences before putting them up for sale can gain a real competitive edge in the marketplace.
More Ways That Proptech Benefits Homes and Commercial Spaces
Adding monetary value to properties is one great reason to invest in proptech solutions but the benefits don't stop there.
Maintenance: Proptech makes it easier to maintain properties. Tech solutions can help with routine maintenance to central air systems, elevators and boilers. They can facilitate the hiring and scheduling of maintenance professionals like electricians, plumbers, gutter cleaners and tree surgeons.
Intelligent systems can also-amazingly-monitor light, motion, temperature and humidity in the home and predict and prevent issues like mold or burst pipes. Systems like these can also help identify issues that are causing high electric or gas bills.
Security: Proptech keeps homes and commercial properties safe and secure. Homeowners and businesses can use proptech solutions to screen visitors, monitor properties and remotely control security and alarm systems. In commercial spaces, digital systems can make it easier to identify workers, as well as clear visitors to enter buildings.
Digital solutions can also enable homeowners to grant remote access to their homes to let in deliveries, guests, maintenance professionals or kids. These systems automatically generate pins that can be used for access for a limited time.
Proptech in the workplace: Digital systems make the workplace more pleasant. With proptech applications downloaded to their smartphones, workers can reserve parking spaces that will be waiting for them once they get to work. After an employee parks her car, the app updates the system to show that the spot is taken.
With the same smartphone app, employees who are sometimes remote, sometimes on-site can reserve "hot desks" so that they know there will be space for them when they happen to be in the office. Workers can also book conference rooms that save energy and money by switching off the air and lights automatically when the meeting is through-amenities that are especially valuable in this era of space-as-a-service.
Proptech for property management: There are time-saving apps that let building managers quickly and easily notify tenants about issues like elevator outages or hot water being turned off. Whether it's a building issue or a city issue, these apps also make it easy to notify authorities or maintenance professionals to get the problem fixed fast.
Proptech Solutions are So Much Better than a Key Under the Flowerpot
Advanced, intelligent digital help that assists in securing property and keeping families safe is invaluable to households with two working adults-a majority of households today-who can't always be there to let in the electrician and secure the property afterwards.
Proptech bestows many practical and financial benefits that will only continue to evolve throughout the 2020s. It's a smart investment that provides a good, solid return on your investment-and it is becoming standard in the real estate space. People simply expect it. And more and more they are coming to need it.
* This is a contributed article and this content does not necessarily represent the views of realtytoday.com
