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The Need for a Culture Shift to Realise the potential of Property Technology (Proptech)

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More recently, there has been a rising tide of interest around Proptech and how this can help to support an industry which has largely been outshone by Proptech’s more mature siblings ‘Fintech’ and ‘Insurtech’. Regardless of whether you are an investor, manager, developer, or financier, there are many upsides to embracing technological advancements in the property sector.

Much of Proptech does not necessarily come from technology specialists, and many of the solutions have not yet come close to realising the full potential of technology in property management.

According to a recent Institute of Residential Property Managers study, 80% of managers are excited about Proptech’s impact. From building management systems to repair reporting, there are a myriad of ways technology can improve the pace and quality of service.

If property managers can use Proptech to drive innovative customer-facing products and services, this will differentiate between technical competence and excellence, said the institute.

But, while three-quarters of its members think technology will change the way they work, they do not feel prepared for it. Nearly all think their technology skills and understanding could be better.

The sector needs a cultural shift to reap the benefits of digitisation and deliver value for customers. This needs to happen quickly because, as with all consumers, property purchasers’ and tenants’ expectations around digital experiences are rising rapidly.

Seamless solutions

The good news is that dedicated new Proptech platforms are making the job increasingly easy for property managers, investors, and developers by providing seamless, intuitive solutions that improve customer experience dramatically.

Currently, property owners and tenants residential and commercial sectors often get lost in their engagement journey due to inefficient, disjointed and confusing technology and processes.

But a new generation of solutions are removing these inefficiencies and increasing process speed significantly — from booking services to property sales and lettings, including contracts, terms and conditions, and tenant complaints.

These platforms can now automate tasks and manage human interactions much better via video chats that combine impressively with image and document sharing, e-signatures and payment systems in one uninterrupted journey and also offer enhancement to self-serve journeys such as Visual IVR.

In this way, the new generation of Proptech turns traditional phone or email-based journeys into fast, smooth, guided remote experiences that feel much more like sitting across a table.

New platforms’ potential

Proptech platforms can help managers reduce the time and energy spent identifying tenants’ problems, and find solutions quickly.

The customer does not need to download an app or software but connects securely to an online collaboration session. The technology can easily work with and enhance existing systems, serving as a single front end for the customer.

Find out more

Want to see if such a platform could work for you? Klarion is an end-to-end digital customer engagement platform. It is state-of-the-art, fully compliant, easy-to-use, and customisable to your business needs.

Schedule a demonstration to see how you can enhance your customer experience rapidly.