Property technology is a very new concept for many real estate businesses. Even with the advancement of the digital age, many real estate companies are yet to update their business processes. Why did this happen? Real estate has always been an industry that believed in direct human communication and old-school methods for business growth. But the PropTech market is growing. Market reports say it was US $18.2 billion in 2022 and is all set to reach the US $86.5 billion mark in 2032.
Experts and industry insiders also believe that the real estate industry and its innovation will be driven by multiple different new techs. But the number of techs and their providers is endless. How will you know which PropTech is best for your business? How do you plan to invest in them and make the smart choice?
The market is saturated with options, and it can be very overwhelming to figure out the right technology selection for project management. This results in many businesses making the wrong choices. Many a time, this comes from blindly following industry trends.
Do you want to make smarter PropTech investments in 2023 to positively impact your business and help it grow? To help you make wise PropTech investments this new year, the Assetsoft team of tech and real estate experts is here. Read this article to get the best industry expert tips for the best PropTech investments.
The 5 best tips for PropTech investments during the new year
Want to know what the real estate tech experts think about PropTech investments? Here is a list of the top 5 tips to make the right investments for your business and keep it relevant in the market.
Decide and define your real estate business needs
Business process automation is one of the most trending things in the real estate market. But one technology and one software selection do not work for all businesses. There are multiple options, like Yardi, MRI software, Procore, SAP Concur, CRM software options, and more. Some manage assets, some manage business processes, some manage your customer relations, and some look at your construction work.
You need to define and point out your business needs and goals. Ask yourself and other stakeholders what they want from the business and the tech solutions. Once you have figured out your goals, it will be much easier to select the technology. In case you are struggling to decide your business growth plans and set concrete goals, talk to our strategy and leadership advisory team. We can help you concretize your plans and help you materialize your digitalization plans.
Invest in tech that works for you
Market reports by NAR have pointed out that more than 97% of homebuyers now look for properties online. This means that old-school people have also joined the digital bandwagon. So, if you thought that you could continue running your real estate business without upgrading to PropTech, you are wrong.
But every real estate company uses the same technology. People who are new to the digital world may find it difficult to choose which technology works best for them. This leads to many real estate businesses making bad tech investments. They end up subscribing to or buying any PropTech that is trending. But one shoe does not fit everybody in the real estate business. You must make smarter decisions and only invest in tech that works for you.
If you have construction automation needs, invest in Procore. If you have CRM needs, invest in Salesforce or Zoho. Or if you simply want to automate all property management plans, subscribe to Yardi or MRI software.
Compare multiple PropTech solutions
Each specific niche under real estate technology has multiple options. Before you finalize one option, make sure you check out the features of each. You can also get free demos and consultations from your outsourced IT service provider.
Leverage the most affordable and efficient tech
Technology can sometimes be costly, but make sure you find the most affordable yet efficient option. When you work with a PropTech provider like AssetSoft, you get some of the best deals in the market. We ensure that our services are affordable and holistic to help real estate businesses achieve their goals and make their company grow. We also provide all kinds of PropTech advisory help to make our services wholesome.
Always ask for PropTech customizations
All businesses in the real estate market use the same or similar technology to grow. So, what sets them apart? It is the software customization and personalization that can change the game. Ask your software provider to ensure that there is feature customization as per your demand. You should not be left with a generic solution when most software options offer personalizations at minimal extra costs. Scale the tech as your business grows and keep changing the features to keep it in sync with your company’s goals.
Which are the PropTech solutions that you should invest in in 2023
So, what are the most innovative PropTech solutions in which you can invest in 2023? With the above-mentioned tips in hand, you can invest in some of the following PropTech options. But, make sure you collaborate with a tech expert team to ensure that the technology selection is right for you.
Real estate drones
AI and ML
Virtual reality
Cloud computing
Real estate CRM
Big data
IoT
Robotic Process Automation (RPA)
Parting Thoughts
Choosing the right tech and investing in it at the right time can be a challenging task. Companies either end up choosing the wrong tech, or the wrong SaaS integration partners. Both can be equally damaging and redundant for your business needs. Need help and suggestions on which technology you should implement? Talk to our team of technology implementation and selection experts to get the best solutions.
2023 is going to be the year of recovery and stability for the real estate business. It is time for you to invest in the right PropTech to make a comeback from all the negative impacts of the two-year-long pandemic. So, make sure you get the much-needed help from our experts for the best results. Get in touch with our team for a one-hour free consultation call.