The Emergence of PropTech Solutions
The ever-evolving changes that the PropTech industry is experiencing come with myriad benefits. It keeps companies competitive, all whilst supplementing the lives of residential developers and homebuyers alike. Here are a few examples of SaaS being implemented across real estate.
The rapid emergent growth of technology is producing extremely varied societal effects. With special reference to property management technology, it continues to be deployed at different stages of the customer journey, serving to enhance the existing efforts of humans. Change in the PropTech space is inevitable, and it’s clear that entrepreneurs are profiting from offering digital services to support communities comprising tenants, landlords and residential developers. As different types of property technology evolve and their relations to AI and VR strengthen, the future of customer service is thought to latently shift towards an AI-human collaboration. Thus, it is imperative that SaaS providers stay on top of the digital transformations the Real Estate industry is undergoing and strive towards continually meeting the needs of clients through trust, accuracy and reliability. Consumers are using digital products and channels to acquire products. They expect providers to know their habits and understand their demands.
• How exactly has PropTech changed the Real Estate industry?
Well, just like most features that were radically altered as a result of the digital revolution – it made things simpler. Many applications provided by PropTech solutions are highly cost-effective and user-friendly. For example, most modern, digital solutions offer the customer an inviting, intuitive interface that allows for the storing of important data. This degree of accessibility encourages transparent agreements and a stress-free morning prior to heading into work! Prior to the introduction of advanced technology, accessing property information was tedious. Accessing management portfolios and the accounting and stats involved with that required a lot of time and a significant level of paper consumption. As a result, software companies felt they could step up and streamline these daily tasks, making the storage of sensitive information more secure in the process. The platforms developed highly protected audit trails that successfully complied with ‘golden thread’ requirements.
• Any specific examples of SaaS being implemented in Real Estate?
In order to answer this question, we must explore relevant trends within this space. Despite its longer lifespan in the market, the continual use of Virtual Reality cannot be ignored. It is deployed to showcase the design of properties to prospective buyers; therefore companies can leverage these features to expand their clientele, reaching new, distal customers. Real estate agents are now able to personalise these applications based on individual tastes by differentiating the layout of the furniture. This not only adheres to the preferences of customers, but its benefits have been proven to quickly convert leads into more sales. This immersive feature ties in with Spaciable’s 3D walkthrough technology, Octagon, which is a part of the online homeowner portal. Read more about Octagon in our blog here.
Another ever-growing trend within the property sphere has to be AI – human or humanoid? Supplement or replacement? However your opinions may sway on this topic, it is indisputable that AI and Big Data analytics are experiencing higher extents of interactivity, thus augmenting human task performance. In the field of PropTech, it can allow clients to filter and navigate information swiftly. Decision-making can also be enhanced through the reliance of AI Agents and Chatbots, seen on most modern business websites today. These agents can drive insights and trends by auditing the every-day behaviours of users and past purchases they have made. This function provides real estate firms meaningful suggestions that meet the requirements of their clients. Overall, as this knowledge becomes vaster, developers are going to be relying on the algorithmic brainpower of AI to provide prospective clients with distinctive data on their future homes. Employing this technology can help developers dramatically. It can provide geolocational data on certain demographics, understanding the context of a residential area and, for example, the possible security risks surrounding that area.
The last trend, which consequentially relates the most to Spaciable’s platform, is an efficient, user-friendly cloud-based customer relationship management (CRM) platform for residential developers and landlords. These CRM platforms keep handover documents secure and all in one place. This function can also be enabled as a property as a service? platform, which empowers clients with high quality services at lower costs. This diverse, nimble self-service system can be scaled to enable widespread growth in the property market as it increases in popularity.
Read more about Spaciable's VR feature here: www.classicfolios.com/cf-products/virtual-reality-home-tours
• How Spaciable ties in with the demands of the PropTech market
Spaciable is a pioneering real estate company which offers a one-stop-shop approach for developers and home users, facilitating the complete homebuyer journey from a single login. It provides a seamless homebuyer journey in the real estate market. With separate dashboards for sales and customer care admins and the residents they are supporting, Spaciable sits in the under-served populace between B2B and B2C, ensuring all parties are aligned. PropTech solutions are part of a fast-moving marketplace, which is why Spaciable has been designed with flexibility and evolution integral to the technology behind it, enabling it to adapt to the changing trends and needs of developers and home users. An example is the pandemic, which forced many businesses and consumers onto a digital platform – Spaciable provided an essential method for uploading documents to a secure library, while also allowing developers to on-board residents remotely, as we introduced a turnkey digital handholding tool to support buyers through the reservation process, for example. Unlike a number of PropTech solutions, Spaciable is white-labelled and plot specific, ensuring consistency and relevance for the end user, who is only presented with information specific to their home, presented in the developer’s branding. As a result, queries are minimised and brand reputation is enhanced, while admins can effortlessly streamline tasks that previously left a long paper trail or room for human error.
The importance of ‘playing nicely’ cannot be understated when it comes to the integration of various PropTech solutions. Ultimately, neither admins or home users want to juggle multiple logins and platforms to gain full access to the information about their home. Spaciable is accommodating of APIs and has integrated with defect reporting software, such as Fixflo, so home users can flag issues with their home and create a digital audit to keep everyone accountable.
Looking to the future, the continual evolution of PropTech startups and management software, such as that offered by Spaciable, promises to bring together a myriad of solutions to create comprehensive user experiences. This evolution stands to improve services offered by real estate companies, benefiting everyone involved - from the CEO to the resident, and even the environment.