Property technology, also known as proptech, had a stellar 2021. “Venture-backed companies in the real estate and property tech space raised nearly $21 billion,” Crunchbase claims. With that much capital being pumped into the ecosystem, what can be expected in 2022 and beyond?
Big data will rule the world’s largest asset class.
The multifamily digital transformation started long before virtual management took over during the pandemic. But to move forward this decade, proptech designed specifically for multifamily owners and operators, like Elevated Living's property management platform, will offer the best data.
As the industry shifts from testing to practical use of apps, multifamily management teams have the opportunity to guide proptech optimization. “Leasing automation, providing customer service through bots, using mapping technology to replace spreadsheets are among the forward steps the apartment industry has been taking to handle data since the pandemic,” says Globest.com. But where do we go as the days of pandemic data diminish?
Analysis of data sets from multiple markets is a critical component of real estate business, especially in the multifamily sector. Forbes.com says property technology systems offer multifamily operators an organized way to store data and provide automatic insights for decision-making needs. Spreadsheets and mundane reports are on the way out. Visual graphics and pattern recognition are here to stay.
Deriving useful patterns, relationships, and trends are the new uses of proptech.
“Real estate industry professionals can improve their operations using PropTech and data to do things like better personalize marketing efforts, mitigate risk using predictive analytics, and process applications faster and more efficiently,” says Wiss & Associates. Teams are no longer basing decisions on manually collected data or years of industry insight - even if adoption in the multifamily industry isn’t as fast as other industries.
“The real estate industry’s adoption of new property-specific technologies has been slow, even as the new technologies’ promises — cleaner buildings, more convenience and efficiency, more customer engagement — have multiplied,” says Propmodo.com.
Owners and asset managers are poised to win big if their use of data sets evolves fast enough to keep up with resident use. Swiftlane.com explains that proptech works to create a better experience for buildings and tenants. SaaS solutions allow decision-makers to collect data and analyze how to decrease operational costs and overhead.
The right SaaS can evaluate growth opportunities and improve business efficiency.
And with the multiplication of services available for residents and management teams, deeper metrics are also available. It all comes down to how your organization uses proptech to collect data and help management teams predict future success. Each case is different and complicated at the same time.
The performance and value of real estate, optimizing the use of space, improving tenant experience and satisfaction, among other opportunities, are part of the disruption proptech is bringing according to Matthews Real Estate Investments. Leaning on vendor relationships may be the easiest way to move the needle forward post-acquisition and in daily operations.
No need to be able to do it all in order to succeed.
Relying on solid partnerships means finding the right fit for your business needs, not just as many apps as you can get your hands on. Simplifying a tech stack so management teams have the flexibility to collect information from app use can be as easy as using an all-in-one SaaS like Elevated Living's platform.
From acquisition to resident retention, finding the right partner for your business ecosystem is necessary. Successful teams need an app that stretches to fit current progress, and adapts as needs change. Elevated Living’s platform works seamlessly with Yardi, RealPage, and Entrata, ensuring flexibility as business needs evolve. And evolution in the real estate ecosystem is happening right now with the push of proptech investors.
Combine technology with human powered hospitality to elevate the multifamily experience.
According to Yardi.com, the real estate leaders who will ride the next wave of disruption understand that their buildings are more than bricks and mortar. Yardi claims “A building is a device” – one that, with the help of technology, can create a stellar experience for people, no matter which side of big data they are on.