Almost every aspect of our lives has been impacted by technology, from the way we communicate to how we turn on the lights. Technology innovation is also changing the way businesses operate regardless of industry.
At first, the commercial real estate industry was slower than others to embrace the digital transformation, but that is changing fast. More and more businesses recognise the profound effects technology brings to their portfolios.
Thanks to PropTech, real estate practitioners can harness the significant value of data collection – get better financing, manage energy performance and perform remote property management, and things are only just getting started.
What is PropTech?
PropTech, or property technology, is defined as the usage of technology and software tailored to the real estate industry with an emphasis on innovation. PropTech can be used in a range of functions such as planning, renting, construction, management, buying or selling.
In other words, businesses can use PropTech to streamline their operations, gain deeper insights and cut costs.
How do Real Estate Practitioners use Proptech?
PropTech is bringing efficiency and innovation into the commercial real estate industry. Real estate practitioners are using PropTech to:
Capture and use real-time data effectively
Increase efficiencies and cut costs
Access new revenue and increase income
Access new metrics, including ESG data
Automate and expedite a host of administrative processes
Focus more on client-facing work
Improve market research
How can PropTech help the Commercial Real Estate Industry?
Now, more than ever, sustainable buildings are essential. We can no longer avoid the urgency of implementing sustainable and energy-efficient features, especially with the Government’s clear intention to achieve the 2050 Net Zero goals.
PropTech can help to improve efficiency and sustainability. Digital temperature control or sensor-activated lighting are just a few examples that can help reduce carbon emissions and energy costs in commercial buildings.
At the same time, PropTech is providing powerful insights on building efficiency, tenant interaction, and much more. Moreover, businesses can better serve their goals and obtain customer satisfaction. Property technology is helping decision-makers by delivering powerful data analytics to identify growth areas and reduce guesswork in the process.
The investment in technology made by the commercial real estate industry resulted in seamless connection across all functions. With the tools PropTech provides, investors, owners and occupiers can harness the data that already exists to better inform desicions. Additionally, integration of data analytics and sustainability are gaining momentum in property technology.
Looking forward, every business needs to embrace the digital transformation and keep an eye on further developments to avoid falling behind. More and more companies are working to develop and implement strategies to meet the demands of today and tomorrow.
How can we help?
It is no longer enough to be aware of the need to engage with technology. Real Estate practitioners need to take action, backed up by a meaningful strategy.
We have created a series of mini online courses designed for real estate practitioners who wish to use PropTech to gather and interpret data.
If you are ready to take the first step, join our online courses.
If your company needs blended learning and tailored training programmes, please get in touch with us.