Property Development Technology: 3 Reasons You Should be Using it
PropTech (property technology) is greatly impacting the advancement of the property development sector. These innovative technologies are helpful tools in managing risks and challenges. Not only this but they increase performance quality. Property development technology creates an opportunity to extend beyond the capabilities of competitors and receive a higher property return. Other benefits include enhancing the user experience, improving workflow and utilising intelligent digital tools. So… here are 3 significant reasons you should be using PropTech:
Increase Transparency
As technological progress continues to mold the future of the property development industry, more work becomes digitised. This transition to digital-based content means that businesses will be able to be more transparent. Each stakeholder, whether you are a property developer, builder, or buyer in the market, will have easier access to property transactions being made. The outcome from this will be a shift to more cost-effective decision-making in the development process, as well as tracking and accounting for trends in response.
Predict Trends
Artificial Intelligence (AI) technology can help predict trends in relation to beneficial locations for property developers to invest in. This optimises the profitability prospects of the market. Not only this, but AI has the ability to predict consumer needs/desires which in turn means they are easier to target. Consumer trends can then help businesses effectively manage the consumer relationship management (CRM) database.
By having the ability to predict trends, there is a lower risk associated with engaging in a property from both developer and buyer perspectives.
Enhanced Communication
PropTech has the ability to facilitate communication between tenants, landlords, maintenance, and more. Digital services like these make claims and reports (for legal or managerial issues) easier by storing all documents/forms. Not only this but property managers are able to send mass messages for important information about a property, as well as ease the process of responding to tenant requests. Not to mention, property managers/owners can visit a management dashboard to monitor building activities, meaning they can work remotely. This means that the rate of response is faster and misunderstandings are much easier to avoid.
Ultimately, PropTech facilitates a rise in property return due to the perception that they are of higher quality. The many technologies available in this sector have major benefits for stakeholders.
Evidently, PropTech has the ability to make life easier for property and land developers (amongst others). But what if you could go a step further and have your stock, sales, and marketing taken care of? Introducing PiPr, a unique software that effectively streamlines the sales management process, controls large amounts of stock, and offers automated marketing solutions. Click here to find out more.