Like every other industry, the commercial real estate business experienced significant change at the onset of the pandemic. From the rapid adoption of technology and streamlining internal processes, the industry doesn’t show signs of slowing down. So, what are the next real estate technology market trends? The following are just a few of the many examples of trends that are shaping the property industry.
Technology Stays on Top
Property technology (proptech) is advancing faster than ever before. Between 2015 and 2019, proptech has grown by 1072%, and in 2018, $8.3 billion was invested in the digital field. This amount is projected to grow.
According to the same report, 56% of the industry said that the pandemic revealed vulnerabilities and shortcomings in their company’s digital capabilities and technology in the real estate industry.
COVID-19 offered a tremendous case study in how real estate companies with agile, scalable, and redundant processes in place are able to weather the storm with confidence. Whether it’s your sales team, finance team, or operations team, there are lots of fantastic software solutions out there that are purpose-built to help modernize the core processes of a given business unit.
LeasePilot, for example, is the first and only software platform engineered exclusively for commercial leasing. LeasePilot’s automation tools give lawyers, paralegals, and leasing admins the power to generate an error-free first draft in about 30 minutes.
Although the property industry remains traditional in nature, we are still seeing a massive transition toward new technologies. Because of this, we have seen the creation of large amounts of data, which is only expected to increase. This creates the new challenge of keeping all of this data secure.
From personal tenant information to sensitive property and transactional data – protection is needed all around. Government regulations on data collection and use are one way of addressing these challenges but they are not enough. Many startups are emerging that are offering software solutions to monitor cyberattacks on buildings, encrypt data collected by IoT devices, and more.
Property Management Software
Many startups are developing cloud-based customer relationship management (CRM) platforms for real estate firms and agents. These CRM platforms help agents keep track of their clients and ongoing deals as well as keep related documentation secure. Being cloud-based, these platforms are easily accessible, making important data available when needed.
For example, HqO is transforming the commercial real estate space through its tenant experience platform and mobile application. The HqO tenant experience platform centralizes tenant experience initiatives and building technologies on one application. It offers features like event scheduling for office employees, ordering takeout through the platform, giving them transportation updates, secure visitor management, and more.
The trends outlined above are just a few of the major breakthroughs we will see more of in 2022. The commercial real estate world is operating at an unprecedented speed and LeasePilot among many other innovative companies that are making a difference. Implementing emerging technologies into your business goes a long way in gaining a competitive advantage. To learn more about LeasePilot and its products visit here.
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