Technology has transformed almost every industry in the market. Real estate is no exception, with 58% of companies using one or more digital solutions, as per KPMG. However, not every business realized the need to transform digitally.
In 2019, 40% of real estate companies did not view digitization as a priority. They were still doing business in the old ways and losing out on productivity and cost savings.
Then COVID happened and brought with it a long period of unprecedented times. Businesses had to look for new ways to cut costs, save resources, and improve operational efficiency. As a result, real estate agencies started investing more in technology. However, just implementing a few tools or using a property management solution is not the way ahead.
Instead, entrepreneurs have to invest in proptech wisely and create a connected ecosystem. Let’s find out how you can unleash digital transformation in your company the smart way for more benefits.
How to Invest in Real Estate Technology like an Expert
Proptech is a wide field with a range of solutions for property owners and managers. From artificial intelligence (AI) to the Internet of Things (IoT), you have a lot to choose from. Additionally, you also have a plethora of platforms, tools, websites, and apps for implementation.
No wonder the proptech market attracts so many investors and has grown at a CAGR of 45% since 2014.
The scale of proptech often lands realtors and property managers in confusion. They are not able to choose the right technology for their business needs. Or, they might implement multiple tools without understanding how everything works together.
Therefore, you need to be careful while investing in real estate technology. Follow the tips below to ensure you emerge as a tech leader and not a laggard.
Tie your technology strategy with your business objectives
Many real estate businesses develop a technological strategy focusing on high-level elements. However, you must first find out the “why” to walk in the right direction.
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As a result, you should first establish what you want to achieve. Focus on your business objectives and then select the right technology to fulfill your goals.
In other words, you should create an actionable strategy that you can put in place with ease. Seek to redefine your management approaches and develop a business case for each implementation.
Additionally, consider your long-term goals and think about how technology can help attain them. Moreover, make sure your strategy is scalable to account for any change in demand.
Tips for creating a fitting technological strategy:
Align your technological strategy with your business’s strategic direction
Focus on business results
Try to create an integrated system to improve visibility and interoperability
Try to take advantage of predictive analysis and forecasting
Plan how you want to roll out the new technologies
Create your implementation roadmap at the earliest
Many real estate agencies falter to implement proptech. According to KPMG, the foremost reason is a lack of in-house expertise and understanding of real estate technologies.
Therefore, ensure you have the right people by your side for successful implementations. If not, you can work with adept tech partners and utilize their expertise to your advantage.
Additionally, think of how you can create a single source of truth for your entire property or building lifecycle. This is crucial, as the proptech market is still fragmented and presents many separate data sources.
For example, property managers may use a tool to conduct maintenance tasks. In addition, they may rely on another construction management solution and even another marketing tool.
The situation can restrict the free flow of data and hamper insight generation. According to one survey, 55% of data collected by businesses remains untapped and unused. As a result, companies cannot develop an understanding of customers or spot trends.
In addition, the process may introduce more manual tasks, like entering data in several places.
Therefore, look for solutions that support integration or go for end-to-end solutions for better interoperability. Else, work with a tech partner to create custom integrations to create your single source of truth.
Plan your sourcing for generating most returns
Finding the right partner to help you attain business success is not an easy task. There are so many options that it’s easy to get lost in the features and payment plans. As a result, determine what you want in your partner before you join hands. Additionally, evaluate your partner’s experience and exposure to make sure you can get desired returns. Proptech is a vast field, and not many players make the mark.
Additionally, find a provider that views the relationship as a collaborative effort. Fortunately, industry leaders are realizing the need to work together and taking a more collaborative approach. Last year in Berlin, 23 organizations came together to create Europe PropTech House to work for common goals. Therefore, selecting the right partner is crucial to make the most of your tech investments.
Transform Digitally with Assetsoft
Assetsoft is a leading proptech consultant and technology provider. We can help you choose the right solutions for your needs and create an integrated architecture. In addition, we can help you leverage cutting-edge platforms to take advantage of robotic process automation, artificial intelligence, IoT, and more. Therefore, don’t worry if you lack the in-house expertise to implement the latest tech. Get in touch with us today so that we can schedule an interview and work on a plan.
We can help you make informed decisions and generate the best returns on your investments. Additionally, you can expect to become a tech leader in your region and win a competitive edge. Any investment should be backed up by viable business cases. The same applies to technology, be it your marketing tool or Proptech. Create an actionable strategy and tie all your investments to create a single source of truth. In addition, choose your partners carefully to attain business success and make a name for yourself. You can always consider working with Assetsoft to leverage cutting-edge tech and the best advice to grow your business today.