The Impact And Importance Of PropTech On The Multifamily Real Estate Industry
For people wondering what proptech is, it is a technology-driven solution that is used to transact design and oversee the real estate. These solutions could relate to any part of real estate, as long as they are generating solutions and modifying how the real estate business is done for the better – a positive disruption.
Proptech is a diversified range of real estate solutions that could apply to every aspect of real estate activity such as investing, leasing, buying, building, selling, appraising, managing, renovating, etc.
Unlike other industries, proptech is a new terminology in the real estate industry. But now many property investors and managers are looking forward to proptech solutions to make things easier for their clients.
According to a survey in 2022, the investment in proptech has increased from 14 billion in 2019 to 18.2 billion in 2022. It’s expected to grow further in the upcoming years.
The growing interest in proptech for multi-family real estate is helping property managers deliver better and more precise services. However, for impact and importance, smart apartment technology is one of the most important solutions in the multifamily real estate industry as it allows property managers to automate processes and streamline operations.
Some great characteristics of Smart PropTech solutions are involved in activities around cost minimization, security, convenience, and utility optimization.
There are smart systems available for the security of occupants. These systems include fire, visual, and motion systems, smart lightning scheduling, and full-proof locks offering remote unlocking and locking.
These smart systems are incorporated into all aspects of a house, making it smart all over.
- Cost minimization, convenience, and utility optimization
Smart Proptech helps users to save resources through the early identification of problems and settles them before they create bigger and more expensive problems. One such example could be the shutting off of water leaks, thus eliminating manpower and overconsumption of water.
Furthermore, a recent study in Dubai shows that many buyers and investors are looking for smart homes. With the implementation of smart tech in multifamily real estate, the chances of your property getting attention increase exponentially. Also, smart amenities alert property managers of security concerns and maintenance requirements.
Ending note: Implementation of smart technology in homes not only allows the residents, investors, and property managers to save money but also to keep the property safe from any potential hazards. Furthermore, smart homes are a new hype in Dubai. Usage of proptech can increase your property’s value. So property owners what are you waiting for?