How Proptech Is Transforming Property Management

 The property management industry is embracing technologies, such as cloud services, Internet-connected devices, and automated services to ease workloads and meet clients' needs. In 2023, property technology (proptech) is transforming property management.

Proptech is any new technology that improves work in property management, rentals, and investment and contains the tools to buy, sell, research, manage, and market a property. Notable proptech companies include Airbnb, Zoopla, Purplebricks, and Causeway. These platforms run the processes of property management companies, including screening tenants and processing payments.

Many real estate websites allow users to list, buy, and lease property. Each property on the platform lists its address, floor/land specifications, amenities, photos, and videos. Visitors also have access to filters that allow them to narrow their searches. In addition, some sites have a virtual twin or a digital copy of a physical object. In this case, the digital twin allows the user to peruse the neighborhood without the need to visit the area. While some of these tools have been around for some time, they have proven invaluable in saving realtors and property managers time in avoiding no-shows.

Proptech makes it possible for property managers to oversee several properties remotely. Property managers can perform advanced tenant screenings and communicate with their tenants with apps. Furthermore, by implementing proptech, property managers do not have to leave the site to get prospective or current tenants to sign important paperwork. These platforms also allow property managers to keep track of their digital documents, inspections, and compliance records.

Internet of Things (IoT) devices and sensors can be programmed to send alerts to the appropriate personnel when accidents or other issues arise. In addition, property managers can program this technology to shut off water or power in the event of an event.

Technology also lays the groundwork for helping property managers handle compliance and safety processes. The safety of a property is a priority for all property managers. Some rental inspection software provides users with an inspection form builder, a mobile-friendly app, and automated inspection scheduling. Property managers can use this technology to ensure property compliance.

Proptech has also facilitated the integration of sustainability. Property managers can make properties more energy efficient with tech tools. For example, sensors can control lighting, temperature, and water usage.

Property managers can centralize platforms through connectivity-enabled technology. In the past, the managers had to manually oversee every process in the building, whether it was controlling the air conditioning system or programming the security system. Today, IoT connectivity allows transmitting real-time information from one centralized location.

The IoT has possibilities to help property managers build smart communities. With the prices to implement connectivity decreasing, many believe that creating smart communities is not far off in the future for both urban planners and property managers.

Finally, proptech has improved the bookkeeping part of property management. Property management software assists managers in determining property appreciation and depreciation, which helps them make timely decisions on selling, buying, and upgrading. In addition, this software offers fast-track reporting and audit operations that can reduce operational costs and increase return on investment.