A technology-driven recovery: You may be sick of hearing about COVID-19, its impact, and its consequences, but let’s face it: this virus isn’t going away anytime soon. As a result, it is critical to understand the accomplishments of companies that are both overcoming the challenges it presents and adapting to the new dynamics.
If you work in the Real Estate industry, it is critical to stay on top of the trends and tools that can help you succeed, and one of the most important of these is technology. Technology has proven to be an unavoidable mechanism that assists businesses in recovering from COVID-19 and making Property and Technology a winning combination.
Property + Technology = Proptech
Proptech is a term that refers to any real estate-related technology. This can include software (property portals such as Rightmove and Zoopla are examples of Proptech software! ), hardware (such as sensors), materials (a recent news item discussed how special bricks are being developed to act as batteries for solar panels), or manufacturing (3D printing and offsite manufacturing).
A group of companies is actually trying to change the way real estate is consumed and distributed.
According to a KPMG report, a real estate company hires a tech company 65 percent of the time to help improve its speed and operational efficiencies. If technology can handle some of your workloads, your employees will be able to focus on other tasks. This simplifies your company’s workload for everyone’s benefit.
According to CBRE, there are several key areas in which your property business can use technology to address some of the challenges posed by COVID-19, including:
- Monitoring space usage
- Occupier experience
- Health and sustainability
- End-to-end online transactions
- Mobility of the future
Monitoring space usage
Recently, we have seen a significant shift in what users expect from properties, forcing owners to step up by gaining an understanding of — and insight into — user trends and needs. The use of new digital solutions and tools based on the Internet of Things (IoT), Computer Vision, or Location Analytics will be critical in advancing this understanding and ensuring social distancing in crowded places like offices, shopping malls, and public places.
Users of spaces must have a strong sense of responsibility because they must not only look out for their own health, but also the health of those around them. Landlords can make a significant difference by providing tools that assist users in regaining a sense of normalcy, while also increasing engagement and gaining a better understanding.
Health and sustainability
As businesses gradually reopen and spaces begin to reopen, there is a greater demand for systems and devices that can eliminate the virus from the environment, guarantee air quality and purity, reduce the risk of infection, and improve ventilation, in order to achieve a sustainable, healthy environment.
End-to-end online transactions
When combined with an efficient data room, these solutions can be used to enable a fully digital transaction. Virtual tools such as client acquisition or marketing to listing platforms or digital signatures may all fit under this heading. Many businesses have been forced to implement these solutions as a result of the COVID-19 crisis.
Mobility of the future
In recent years, the mobility sector has undoubtedly seen significant growth and disruption, particularly in the area of urban micro-mobility. Mobility is progressing toward a more flexible, sustainable, and shared future as a result of the use of multimodal models. As a result, we must reconsider promoting public transportation rather than promoting private transportation in order to reduce infections.
Real estate advising and brokering firms, on the other hand, are among the most competitive in the real estate industry. They are also among the most common early adopters of cutting-edge technology. In a competitive market, technology allows them to differentiate themselves from their competitors and win clients. These professionals frequently invest in the following:
- Cloud-based solution.
- Smart-building technology
- Integrated systems
Automation of repetitive tasks can reduce the burden on employees so they can concentrate on creating value for the company. It also allows brokers and advisors to spend more time with clients one-on-one. That is something that technology cannot do.
ALSO READ: The Best Apps To Look While Buying Property
Proptech can help you save money on business expenses while also increasing efficiency. You should also remember that it needs to be sold to your clients rather than imposed on them.
If your real estate company isn’t already utilizing technology, now is a great time to get going. A cloud-based asset management system or improvements to your current technology stack are some simple ways to get rolling. It’s time to find new ways to grow your business – there are some really innovative options!