Tech is the new cool.

In every industry, players are embracing tech like a long-lost sibling. Many regard it as the missing piece of the puzzle. Technology makes life easier for everyone. And the real estate space isn’t to be left behind.

Many innovative technologies in the real estate space are hatching to help transform the real estate industry (we loosely lump all these innovations under the term PropTech). 

And the benefits are manifold – from saving time and resources to making the process smoother, tech could be a real game-changing influence. Plus, we can’t overlook the impact of tech in the drive towards a more sustainable built environment.

While it’s normal to have some reluctance or even downright resistance with the ringing bells of whistles on offer, the many positives make tech an inevitable part of the present and future of real estate. 

And fighting against it is a lost course. Instead, here’s how to embrace PropTech, to make the most of it in real estate.

At the development stage

Even before development starts, we can always employ various aspects of technology to make the process smoother and safer. Real estate technology merges with ConTech, the latest technology in construction.

And all the various elements of professional modeling and Building Information Management (BIM) technologies are key here.

With the power of technology, we can also better measure the direction of winds, trace the sun’s path and runoff routes. Armed with that information, it becomes much easier to orient buildings to make the most of the elements of nature. 

Also, when we embrace tech at the development stage, we can better understand where to create openings and what type of windows to use for maximum daylight effects and ventilation. 

Technology can also help us determine if and where to make the most of on-site renewable energy generation – wind and solar. Paying too little attention to these points can have massive effects on the energy use of buildings.

At the operational stage

When the structure is up and functioning, PropTech can also help users interact with the property for maximum effect. Here are a few ways technology makes that possible.

Tracks resource use

At the heart of every property’s usage is resource efficiency. If it’s a commercial building, it makes economic sense to maximize promise by saving on resource consumption.

Similarly, for a residential space, it makes little sense for the cost of heating and cooling to exceed the rent. We all want our buildings to be resource efficient.

And one way to make that a reality is by embracing technology.

Whether it’s technology to regulate the energy consumption of unessential gadgets when you’re not around or smart devices to track and report a leakage, embracing technology is a sure way of staying on top of these issues with little effort.

While you can perform these checks manually, why not free up your time for more productive aspects of your work/life while you invest in technology to do that for you? 

Also, even though you can hire someone, you can just as readily invest in technology to track wastages in your resource consumption at home or work.

Improves safety

Whether it’s intruder detection systems, advanced id systems, upgraded smoke-detection systems, or air quality trackers, you need to spare no expense in ensuring the safety of visitors and users of the property.

And technology in real estate can help increase safety levels for occupants and visitors.

Again, it’s hard to monitor all these many factors as an individual. But it’s relatively easier to have technology play the role of safety, giving you the peace of mind to handle your business better.

Increases comfort

Imagine an intelligent space that reads the room’s temperature and adjusts the heating or cooling according to your taste. 

Ditto for a system that increases or decreases the brightness in a space almost on demand, even automatically.

What about one that parts the blinds to let in the early morning daylight but draws the blinds to prevent glare?

In many working spaces, temperature and lighting are crucial to productivity. And while many buildings don’t make the most of these factors, a few others try their hands at it but fall short. 

Technology can lend a massive hand in ensuring the comfort of workers. That’s one crucial factor you should consider as an investment in your workspace.

Similarly, comfort and ambiance can affect how well dwellers relax and sleep at home. Since these are non-negotiables to help anyone make the most of their time at home, embracing PropTech for comfort should rank highly on many people’s lists.

Leads to an overall more effective management

Managing an extensive portfolio of properties without modern technology is a thankless task. But thanks to PropTech, things are getting better.

Whether it’s tracking the life cycle of each building, tracking maintenance schedules, or other outgoings related to each property, tech is here to help.

With the aid of PropTech, you can also calculate how much insurance and property taxes you have to pay, the average cost of keeping a property running at its optimal, keep track of tenant complaints, etc. Frankly, 

PropTech makes almost every property management decision more seamless. And it’s so much easier than doing it manually – shuffling through papers and swapping files with people.

During the acquisition/ disposal of property

When it comes time to rent, sell, or acquire more properties, you can count on other aspects of technology to make things easier for you.

Better records keeping

Accurate information on property ownership and land tenure isn’t always available in some parts of the world. 

This scenario makes land administration more cumbersome, especially when one wishes to transfer their interest to another person. It’s easy to see how PropTech can provide a lasting solution to this problem.

It’ll lead to improved due diligence searches and faster documentation.

Easier appraisals

In many parts of the world, property appraisals are fraught with inefficiencies stemming from a lack of trusted data. 

Also, with these challenges come problems with accurately assessing the values of properties. But with Proptech, it’s easier to build a solid database of property values and all the factors that affect these values.

Over time, you can keep score of these indicators, adjusting them accordingly as the market conditions change. All these will help correct the inefficiencies in the market, leading to more scientific determinants of value.

Virtual inspections

Knowing real estate is often an immovable asset, Proptech has come in to help by eliminating the need to conduct every property inspection in person. 

While there are still a few creases to be ironed out with aspects of this technology, it’s a promising initiative for many in the commercial real estate space.

When perfected, this technology will save time, cut inspection fees, and speed up the processes involved with property changing hands on the market. Let’s face it the pace is often tortoise-like.

Smoother investments

PropTech can help lower the high barrier of entry into real estate investment, some of which results from the lack of credible information. Since real estate differs from publicly traded assets like stocks, some details aren’t always made public.

Advancements in real estate investment tools could make some of these numbers public knowledge. And that will help investors make more informed decisions. That’s necessary, considering the often huge capital outlays involved in real estate transactions.

---

To wrap up, real estate cannot be isolated from the tech (r)evolution raging across all industries. And these are only a few ways PropTech can make the game easier for players in the real estate industry. 

While the change will be slower in some sectors than others, while these developments will catch on quicker in some regions, it doesn’t hurt to put yourself in the right spot to take advantage of it.

It’s just inexcusable to stay ignorant of how the beautiful tech will simplify your role in the real estate space. And it’s impossible to fight against it. Better warm up to it and make the most of it.