Although the real estate industry had a slow integration with modern technology, it now has a better understanding of the pivotal role that it can play in maximising returns. In fact, a Deloitte survey revealed that nearly half of their real estate firm respondents are making efforts to modernise their operations.
Whether you are a multi-property investor, a property developer or a property management company, you’ll gain a lot from using proptech or property technology in managing your portfolio and real estate assets.
While the contributions of technology in the property market are impressive enough - it only gets better from here. The great thing about technology is that it constantly grows. The real estate software market, which is valued at $10.24 billion (£8.12 billion) in 2022, is expected to grow by 12.8% from 2023 to 2030.
As new technologies are introduced, it comes with various opportunities that property investors can capitalise on.
In this article, you’ll discover 3 tech-driven solutions that can help improve the value of your properties this 2024. These are not new technologies - but it’s expected that these will gain a lot of development in the future.
Role of Proptech in Improving Property Values
There are two ways that proptech helps the real estate industry thrive.
First, it provides property investors with important data that identifies opportunities to grow their portfolios. For instance, platforms with data dashboards allow a more convenient way of monitoring, gathering, analysing and comparing market information - both real-time and historical data. This gives investors the ability to find the right property investment that’s aligned with their goals. It also allows them to make informed decisions that can significantly affect their property’s value.
Second, it enhances the management of real estate assets to maximise returns. It provides technological solutions that streamline operations to increase efficiency in handling the needs of residents and guests staying in a rental property. A survey initiated by Deloitte revealed that real estate firms want to improve their technological capabilities because they believe it can streamline processes and make operations more resilient and agile. For instance, keyless locks make checking in and out convenient for guests. Platforms like Airbnb and Booking.com widen the reach of rental properties to attract more bookings from places around the world.
These two roles come with several applications that property investors, developers and real estate companies can take advantage of. Understanding the options available is the first step to magnifying the opportunities in the property market so you can increase the ROI for your portfolio.
It’s not just about knowing what is proptech. It’s about choosing the right tech solutions to invest in so you can increase the value of your properties and in effect, expedite your portfolio’s growth.
3 Proptech Solutions to Focus on this 2024
Now that you understand how important property technology is in improving the value of your property, there’s one thing that you need to know.
What are the proptech solutions that you can use to meet your portfolio and property management needs? As mentioned, technology is very quick to update and develop itself. Of all the tech that you can use, 3 proptech solutions can specifically increase your property’s value this 2024.
The Power of AI Technology
AI or Artificial Intelligence is at the forefront of the property solutions that you can benefit from. In 2024, AI will continue to improve and increase in significance, specifically when it comes to data gathering and providing property management services.
With all the properties and real estate projects being completed, it’s easy to feel overwhelmed trying to figure out what information to use when making investment decisions. The dynamic nature of the market also means trends are constantly evolving. Monitoring the rental property market can be tricky with all the factors, rates and legalities changing.
Thanks to AI, filtering data is easier and more convenient. You can go through huge amounts of information so you can make the right decisions that will improve your portfolio’s worth. Whether that decision is about what you can invest in, how to improve the guest experience in rental properties or how to remain compliant - AI plays a huge role in giving you the right data to consider.
It minimises errors and risks - which leads to better returns and maximum growth potential.
Among the specific AI tech that you should look out for include property search and analysis, virtual tours, data processing, compliance detection, customer support, tenant due diligence and property management/monitoring.
Smart Sensors and IoT
Property maintenance is crucial to improving the value of your property. As you use your real estate assets to generate income, the structural integrity of the properties will go through damage and natural wear and tear.
How can you stay ahead of these to minimise repair costs? We have the technology that successfully transformed the letting market.
Smart sensors and IoT (Internet of Things) are the proptech solutions that you should focus on. The need to maintain properties is not just a practical need - it’s a legal need. The government is getting more strict when it comes to regulating rental properties. Compliance is very important - specifically when it comes to sustainability.
By using smart sensors and IoT devices, you get to enjoy predictive maintenance solutions and real-time monitoring of every property that you own. It reduces operation costs and increases resident and guest experience while staying on your property.
Among the tech that you can invest in and install on your property include smart thermostats, security cameras, water leak and smoke sensors, smart doorbells and many more. You can install a smart home hub that can monitor all your sensors and alert you of anything that needs attention. You can even monitor the energy consumption and carbon footprint of the property.
With the data you get from smart sensors and IoT devices, you can immediately act on maintenance issues to keep the premium standard of your property.
Property Management Software
The competitive nature of the rental property market requires efficient management skills to ensure that residents and guests will have a great experience staying in the property. When there’s exceptional experience, the rental income potential of a property is maximised.
While managing multiple properties for rent can be a tedious endeavour for investors, using the right software program makes it more efficient and convenient.
Take a look at Opago as an example. The company offers a full package of property management services that’s backed by a state-of-the-art platform.
The Opago tech serves as the cornerstone of their property management services. Through the platform, they can streamline processes for unparalleled efficiency in managing residents and guests as well as marketing and maintaining properties. The platform provides real-time data and an overview of the scheduling, billing, maintenance tasks and various analytics. It has a dashboard that gives property investors access to revenue projections, guest details and the overall performance of their properties.
Through the data provided by Opago, property investors gain insight to the current state of their rental properties. At the same time, they can easily monitor and oversee property management to make it more efficient and profitable.
Explore Tech-Driven Solutions with Opago
Of all the proptech options that can elevate the value of your property, what should you focus on?
The answer to this question would depend on what your goals are. If you want to increase your monthly cash flow through rental properties, you need to consider rental property management technology. Or, you can partner with a property management company that uses sophisticated platforms to manage multiple properties. For instance, Opago uses a type of property manager software that streamlines the booking, payment, cleaning and maintenance processes. Working with Opago will give you access to this dashboard so you can monitor the performance of your properties.
Do you want to know more about the proptech solution offered by Opago? Contact us and let’s talk about the potential of your properties.
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