Very simply, proptech refers to technology that is aimed at the real estate industry and attempts to change the way we buy, sell, finance and manage property. Urban planning, design and construction, search, sale and acquisition, leasing and management, data analytics and sustainability are identified as the areas most likely to rapidly innovate and attract capital investment. In such way, proptech is the latest trend in property market and have been building such mass and momentum that it will change the market in recent time.
There are three sub-sectors (verticals) of proptech globally:
- Real estate fintech – platforms which facilitate the trading of real estate ownership;
- The shared economy – platforms which facilitate the use of real estate assets, and;
- Smart real estate – platforms which facilitate the operation and management of real estate assets.
In this article, a closer look will be into smart real estate with a focus on how the latest technology is being used in property management.
Proptech in Property Management
No two buildings are the same, so any property management software solution must ultimately provide a degree of flexibility. This is especially important when it comes to reporting functions.
Recent years have seen a general shift towards the use of cloud based ‘Proptech’ solutions and an explosion of new software vendors entering the market, fighting for attention and lifting the bar in terms of user experience for residents, developers and property managers. We now expect to be able to access and use systems from any device in any location.
When developers and property managers looking for a management software package, there are two main options available: buy an off-the-shelf software package (ready-made and available to a wide range of demands), or have a bespoke software solution developed (especially written to meet specific management requirements). Some prefer to procure off the shelf software solutions, which can offer considerable advantages in terms of time scale and cost. Others choose to build and maintain a bespoke solution that is able to meet their exact needs. In either circumstance, it’s rare that these solutions can cover all requirements.
The explosion of new concepts has fuelled and necessitated an age of integration. It’s now essential that management tools are provided with an application programme interface (API): essentially a subset of routines, tools and protocols that allow us to knit systems together and ensure we have efficient, effective and accurate mobility of our data.
Although the business requirements associated with property management software remain largely unchanged, advances in technology mean we are now able to collect and process more data than ever before. This is creating new reporting possibilities that simply didn’t exist in the past.
More in-depth analysis of data, and the availability of this information in the palms of our hands, drives better decision making and in turn the feedback loop gets faster. With the rise of Artificial Intelligence (AI), future data analysis is likely to be able to unlock even more treasures, so it’s important that we can rely on the foundations of the technology built and data collected today. Looking ahead, AI-driven technology developments will likely augment and facilitate many property systems and processes, but also create more opportunities for human engagement with data. Property managers will have to adapt reporting solutions for the ‘on demand’ generation and be able to provide services direct and bespoke to each resident. Everything will need to be faster, and even more flexible, with technology following suit. Recognised the need for technological solutions in property management, Savills Vietnam has utilized technological advances and new consumer attitudes in order to create SPMS. This is the official and direct communication channel between to connect the Savills Property Management team, the residents and the developers. The new software is expected to set a new standard in Property Management and address the needs of residents, ensuring the integrated operation of the building.
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