BLOG POST Proptech-digitalization of property management and real estate
For a long time, the field of property management has stagnated around the development of technology, with many companies becoming prisoners of their old habits. In recent years, however, the field of property management has gained a growth spurt with different property technology (Proptech) firms innovating solutions for the real estate sector with the exclusion of commercial real estate.Published: Wednesday, 1 December 2021
For a long time, the field of property management has stagnated around the development of technology, with many companies becoming prisoners of their old habits. In recent years, however, the field of property management has gained a growth spurt with different property technology (Proptech) firms innovating solutions for the real estate sector with the exclusion of commercial real estate.
But before we continue with what proptech has to offer, we first need to understand who it is going to be for and why. There are three different elements that together form the whole field that proptech serves in the real estate section. First is the property manager, who has a lot of responsibilities, as they make sure that everything goes according to the plan in the property. They arrange things from board meetings to hiring a service company to fix pipes to arranging huge repair projects around the property. They also manage all sorts of financial related things related to the property. Next is the housing company, this consists of all the stakeholders that own a stake in the company. The property managers hold meetings with the stakeholders, where they decide the direction of the housing company and what happens around the property. Last is the actual tenant and as you can guess, they live there.
Now that we know the three sides of property management, we can actually dive into what proptech in the real estate section does for each of these participants. Proptech platforms such as Resimator are heavily focused on making the operational efficiency of property management companies. For a long time, they have been and most still are today, heavily reliant on paper and more traditional forms of managing their operations. The focus of Resimator is to transform these operations into digital. The process of digitization will heavily increase the efficiency and convenience of these daily operations. How is it done then? For example, the big part of a property manager’s daily life is handling documents and checking them for repairs and other relevant information. When all these documents are digital, the search for information becomes a lot faster. Another example is the communication between property managers, tenants and stakeholders in the housing company. Property managers receive lots of messages every day from different sources, like the tenants, service companies and stakeholders. When this communication is centralized to one location, where the communication is also saved, is the whole process of communication a lot more efficient and effective for all the parties involved. Proptech platforms are heavily focused on the financial side as well, so all the platforms have accounting modules that serve multiple functions to the property managers.
On the housing company side, these proptech platforms provide a lot of information about the different apartments, documentation about repairs that have been done, fire safety plans and other legal documents. The stakeholders can also gain some access to the financial side of things. Lastly, the tenants also receive their own platform on the proptech platforms, where they can see the current announcements done by property managers, see the details about their apartment and the apartment building or they can reserve different services through the platform, such as sauna slots, parking spaces or warehouse space. They can also make complaints to the property managers about issues around the house, such as broken water pipes or noise complaints related to their neighbours. The digitalization of this communication makes the tenant’s life easier and living more enjoyable and convenient.
If you want to find out more about the Resimator platform or proptech in general, feel free to contact us at firstname.lastname@example.org and we can discuss your future proptech platform.
Written by Ville Pekkarinen, Resimator Oy