One of the key factors that real estate firms are considering when it comes to investing in technology is the need to adapt to the changes brought about by the global economy. For example, according to a survey by PricewaterhouseCoopers, only a third of real estate firms have a digital strategy.
Now more than ever, firms need to implement a residential proptech solution. According to MRI Software, real estate investors need “An open and flexible proptech solution designed to help manage and scale your residential properties.”
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There are plenty of proven solutions that can help real estate firms solve their most critical problems. However, before implementing a technology strategy, it’s essential that the firm thoroughly studies the various options and makes an informed decision.
- Don’t Disrupt Your Operations For the Sake of It
Before a real estate firm decides to partner with a tech company, it must have an established innovation process. This will help it find the ideal solution that fits its needs.
As more real estate firms look to partner with tech companies, they’re likely to be approached by various sexy and innovative startups. However, before they commit to a particular solution, the company should thoroughly study the pros and cons of the various options.
- Carefully Consider the Value
According to a survey by KPMG, over 60% of real estate firms believe that investing in tech will positively impact their revenues for the next couple of years. While it’s essential to consider the cost savings and efficiency of implementing tech, it’s also important to consider the various factors that will affect the company’s bottom line.
One of these is the value that the solution can provide. This might be as simple as providing a service that helps tenants find a place to live or as complex as it involves managing a property.
- Find a Fit for the Products and Market
The rise of the tech-enabled era has drastically changed the way consumers look for and use services. This is why real estate firms must keep up with the changes and find the best solutions to meet their needs.
Real estate is shifting from the product to a more customer-centric approach. According to Steve Jobs, the customer should be first. This means that real estate firms should consider tech as a service.
The goal of a proptech solution is to deliver a compelling and profitable experience for the company’s customers while also improving the efficiency of its operations. If a sexy tech company can do this, then that’s great. If they cannot, then don’t waste your time and money.
- Use Data to Your Benefit
One of the biggest challenges real estate firms face is the lack of data. This is why a tech company should provide them with the necessary tools and resources to collect and analyze this valuable data. For example, the right tech company can help real estate firms collect and analyze data to create a personalized and practical customer experience, which businesses can use to improve the efficiency of their operations and increase the number of tenants.
A proptech solution is a powerful tool that can help real estate firms improve their operations and increase efficiency. Companies can use it to solve various pain points for all users. The value comes from how it was built in real estate for real estate.
