Property Collective
8 min read
Why investing in property technology is crucial to the success of your real estate or property development business
With the capabilities of PropTech continuing to grow exponentially, there’s no question it’s an essential tool for those in the property industry.
With real-time analytics that allow users to access on-the-spot data and insights, it means smarter property decisions can be made faster. And in a sector where accurate information is critical to development, strategy and growth, PropTech is able to play a lead role for those who integrate it into their systems and processes.
But if you’re still on the sidelines, wondering how the benefits of investing in PropTech can be tangibly seen and felt by your real estate brand and/or property development company, here’s what you need to know.
The reality is, whether or not you choose to invest in PropTech, it’s highly likely that your competitors and others in the industry have. Which means you will be competing against businesses who have a considerable edge when it comes to sourcing data and information.
This could enable them to move quicker, provide significant findings to back strategy or simply offer clients the solutions they need to move forward.
The value of PropTech lies in the immediate access of data that previously used to be held in paper forms and/or behind lengthy processes at various entities. By essentially wiping out the lead times that used to be associated with gathering this information, decisions can be made without delays or hesitation.
It’s also data that may not have previously been considered, when cost and time was involved in accessing it - giving the end user the benefit of greater insights to apply, fill gaps in knowledge and allow for ease of comparison between data sets.
Along with the instant impact of using PropTech, it also opens up additional opportunities for growth when the systems and applications are updated and redefined.
Technology must move fast to keep pace with consumer demand and for businesses to stay ahead of competitors, meaning your PropTech provider is likely working on greater functionalities and enhancements on a regular basis. Who knows what could be in the next release of the platform? It could be the very thing that will mean your business can build on what it does, and amplify it in the marketplace.
Allocating budget to PropTech might seem like just another expense for your business, but there are plenty of ways in which to capitalise on the investment and gain a ROI.
According to a 2020 CRE Innovation Report by Altus Group, nearly half of construction and real estate teams are spending around 15-25% of their time on managing and organising data - that’s equivalent to three months of the year! So if you’re able to find a solution that helps to optimise manual and time-consuming workflows in your business, there’s already a cost saving to be realised.
There are also plenty of efficiencies that come from cloud-based technology and being able to use mobile devices, on the go, to combine actions and outputs.
When previously siloed information is captured in one platform, there are many advantages for those looking to work together on projects. PropTech provides developers and other property professionals the opportunity to take a comprehensive view of potential projects and challenges, to discover solutions that are unencumbered by misinformation or isolated data.
It’s important to remember that not all PropTech platforms are created equal, so to ensure you get the most benefits out of your provider, check their scope before you sign up.
Here at Relab, our value lies in taking a market-wide approach to uncover and understand the challenges and roadblocks faced by real estate professionals and property owners/developers.
From site development to subdivisions and buying and selling property - our PropTech platform has been designed to streamline vital processes which relate to other stages of the property lifecycle. It’s absolutely essential that our PropTech service assists people to manage workflows more efficiently, see faster turnaround times and reduce the reliance on siloed systems and networks.
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PropTech is a continually evolving space that shows no signs of slowing, and those who adopt it will not only be able to benefit from its initial quick wins, but perhaps discover ways in which to further develop their own business along with it.
With real-time analytics that allow users to access on-the-spot data and insights, it means smarter property decisions can be made faster. And in a sector where accurate information is critical to development, strategy and growth, PropTech is able to play a lead role for those who integrate it into their systems and processes.
But if you’re still on the sidelines, wondering how the benefits of investing in PropTech can be tangibly seen and felt by your real estate brand and/or property development company, here’s what you need to know.
Even if you aren’t - your competitors are
The reality is, whether or not you choose to invest in PropTech, it’s highly likely that your competitors and others in the industry have. Which means you will be competing against businesses who have a considerable edge when it comes to sourcing data and information.
This could enable them to move quicker, provide significant findings to back strategy or simply offer clients the solutions they need to move forward.
Access to live data and insights
The value of PropTech lies in the immediate access of data that previously used to be held in paper forms and/or behind lengthy processes at various entities. By essentially wiping out the lead times that used to be associated with gathering this information, decisions can be made without delays or hesitation.
It’s also data that may not have previously been considered, when cost and time was involved in accessing it - giving the end user the benefit of greater insights to apply, fill gaps in knowledge and allow for ease of comparison between data sets.
Benefit from regular updates and advances
Along with the instant impact of using PropTech, it also opens up additional opportunities for growth when the systems and applications are updated and redefined.
Technology must move fast to keep pace with consumer demand and for businesses to stay ahead of competitors, meaning your PropTech provider is likely working on greater functionalities and enhancements on a regular basis. Who knows what could be in the next release of the platform? It could be the very thing that will mean your business can build on what it does, and amplify it in the marketplace.
Minimise outgoings, maximise efficiencies
Allocating budget to PropTech might seem like just another expense for your business, but there are plenty of ways in which to capitalise on the investment and gain a ROI.
According to a 2020 CRE Innovation Report by Altus Group, nearly half of construction and real estate teams are spending around 15-25% of their time on managing and organising data - that’s equivalent to three months of the year! So if you’re able to find a solution that helps to optimise manual and time-consuming workflows in your business, there’s already a cost saving to be realised.
There are also plenty of efficiencies that come from cloud-based technology and being able to use mobile devices, on the go, to combine actions and outputs.
Collaborate and create solutions
When previously siloed information is captured in one platform, there are many advantages for those looking to work together on projects. PropTech provides developers and other property professionals the opportunity to take a comprehensive view of potential projects and challenges, to discover solutions that are unencumbered by misinformation or isolated data.
They aren’t all created equal
It’s important to remember that not all PropTech platforms are created equal, so to ensure you get the most benefits out of your provider, check their scope before you sign up.
Here at Relab, our value lies in taking a market-wide approach to uncover and understand the challenges and roadblocks faced by real estate professionals and property owners/developers.
From site development to subdivisions and buying and selling property - our PropTech platform has been designed to streamline vital processes which relate to other stages of the property lifecycle. It’s absolutely essential that our PropTech service assists people to manage workflows more efficiently, see faster turnaround times and reduce the reliance on siloed systems and networks.
—
PropTech is a continually evolving space that shows no signs of slowing, and those who adopt it will not only be able to benefit from its initial quick wins, but perhaps discover ways in which to further develop their own business along with it.
