by Don Halliwell

What is Proptech? It is short for property technology, is a broad term that encompasses any technology that is used to improve the real estate industry. This includes everything from online property listings to virtual tours to AI-powered home valuation tools.

Proptech is a rapidly growing industry, with venture capitalists investing billions of dollars in proptech startups every year. The industry is being driven by a number of factors, including the increasing demand for real estate, the growing popularity of online transactions, and the need for more efficient and effective ways to manage real estate assets.

Proptech has the potential to revolutionize the real estate industry. By making it easier for people to find and buy homes, and by providing more efficient ways to manage real estate assets, proptech can make the real estate market more accessible and affordable for everyone.

How Proptech Can Help With Building Management

Proptech can help with building management in a number of ways. For example, proptech can be used to:

• Track maintenance requests: Proptech can be used to track maintenance requests from tenants. This can help to ensure that maintenance issues are addressed promptly and efficiently.
• Manage inventory: Proptech can be used to manage inventory of building supplies. This can help to ensure that the building has the necessary supplies on hand and that supplies are not wasted.
• Communicate with tenants: Proptech can be used to communicate with tenants about important building information, such as maintenance notices and upcoming events. This can help to keep tenants informed and engaged.
• Automate tasks: Proptech can be used to automate tasks, such as sending out rent reminders and collecting rent payments. This can help to save time and improve efficiency.

Here are some specific examples of how proptech can help with building management:

• Track maintenance requests: A proptech solution can help you to track maintenance requests from tenants. This can help to ensure that maintenance issues are addressed promptly and efficiently. For example, a proptech solution can allow tenants to submit maintenance requests online or through a mobile app. The solution can then send notifications to the appropriate staff members, who can then schedule the work and track its progress.
• Manage inventory: A proptech solution can help you to manage inventory of building supplies. This can help to ensure that the building has the necessary supplies on hand and that supplies are not wasted. For example, a proptech solution can track the quantity of supplies on hand, generate reports on usage, and send alerts when supplies are running low.
• Communicate with tenants: A proptech solution can help you to communicate with tenants about important building information, such as maintenance notices and upcoming events. This can help to keep tenants informed and engaged. For example, a proptech solution can send out email or text messages to tenants with important updates. It can also create a tenant portal where tenants can access information about the building, such as their lease agreement, maintenance history, and upcoming events.
• Automate tasks: A proptech solution can help you to automate tasks, such as sending out rent reminders and collecting rent payments. This can help to save time and improve efficiency. For example, a proptech solution can automatically generate rent reminders and send them to tenants. It can also automatically collect rent payments through a variety of methods, such as online payments or ACH transfers.

Overall, proptech can be a valuable tool for building managers. By using proptech, building managers can improve efficiency, save time, and improve communication with tenants.