With technology now an integral part of our lives, it was only a matter of time before real estate got in on the action. The combination of property and technology, named ‘Proptech’ for short, is taking the real estate industry by storm, and barely a day goes by that we don’t see new technologies designed to help us interact with both commercial and private properties in a totally different way. The good news? It’s only going to get bigger.
Everyday examples of Proptech
You may never have heard this buzzword, but you’ve most likely been engaging with Proptech without even realising. Home assistants like Amazon’s Alexa, automatic lights and the introduction of smart contracts are something many people are now familiar with. Students are also getting in on the action, with a range of apps available designed to make splitting rent and bills quick and easy.
Proptech at its most simple can be seen in websites like RightMove and Zoopla. Those looking for a new home to rent or buy no longer need use traditional high street estate agents. These platforms allow them to access thousands of potential homes listed with a range of agents all on one website. Now, aspiring homeowners can take a virtual tour around the homes they like the look of using an app or headset, negating the need to travel to the property at all until they are certain.
What about Commercial Property?
If there’s one place that Proptech is booming, it’s in office spaces. With shared office spaces growing in popularity in cities all over the UK, Proptech is making its mark on the commercial property sector, helping to make shared office spaces an easier place to work and manage.
Office managers now have access to a range of technology to make managing the shared workspace more efficient. From sensors that alter the heating and electricity depending on how many people are in the building, to software which enables the easy management of the workspace, Proptech is evident in virtually every shared workspace and making life easier for workers and managers alike.
But the first and most important component when it comes to Proptech in commercial property, is good connectivity. Commercial properties thrive off of a good connection, it’s an essential utility, and workspace software is only getting more advanced (speak to us about that). A good internet connection will open doors to more advanced software, as well as keeping those renting your office space happy.
What are the challenges?
Early stage Proptech startups are likely to face challenges when it comes to getting their business off the ground. Property has traditionally been seen as a more slow moving industry compared to many others, and offering something that’s too innovative may create uncertainty. While there may be some initial resistance to changes in the industry, this will subside as owners and landlords become more familiar with advanced technologies and the benefits they bring in enhancing a property portfolio.
Another challenge is that technology simply has to keep up with the new ideas. Software that makes managing properties easier, or technology to make shared workspaces more efficient will be futile if you lack good connectivity. When it comes to Proptech, good connection is paramount. Get the basics in place (a strong, fast fibre connection) and build up from there.
Need to know more?
We’re always happy to talk more about Proptech, connectivity and all things technology. We work with a number of commercial real estate providers to internet-enable their properties and provide the best workspace software for their clients. Let us do the same for you and get in contact with our friendly team to find out more.