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Proptech Insights from Property Managers

Making sense of all the brand new applied sciences out there to actual property managers can really feel like wading by means of terminology and guarantees relatively than choosing options to issues and boosting operational effectivity.

That is why IREM’s Expertise Advisory Board conducts an annual survey to find out how actual property managers are choosing and utilizing expertise. This yr’s survey targeted on how respondents are utilizing proptech to enhance their properties’ operations. Most survey respondents have been IREM members, with practically equal numbers managing standard residences (24.7%) and workplace buildings (24.1%).

Prime Considerations and Insights

Respondents stated automating repetitive duties is a high purpose for adopting proptech. Excessive-priority considerations they cited embody tenant-related points, integration of present methods, and safety.

Listed below are extra insights and findings from the survey:

  1. Property administration groups usually make proptech selections independently, which limits information of dangers related to implementation.
  2. Most individuals and corporations are pragmatists, which can hinder adoption. Nevertheless, many product choices can be found to resolve the issues that respondents’ recognized.
  3. Respondents based mostly the return on implementation for pandemic-driven investments in proptech on non-tangible outcomes (tenant satisfaction, elevated security) versus ROI (lowered price, added worth).
  4. Respondent familiarity with every proptech within the survey is 3.1 out of 5 or decrease, demonstrating the necessity for broader coaching and schooling.
  5. Drone/photogrammetry is probably the most extensively used proptech amongst respondents. Actual property managers are utilizing drones for upkeep inspections, to investigate prospect visitors at multifamily communities, and as a part of property excursions.

Proptech selections ought to stem from a workforce evaluation of how a tech answer will have an effect on the corporate from a number of angles, together with how the product will play with present IT infrastructure and have an effect on property operations and the underside line.

Editor’s be aware: This text was tailored from “Placing the tech puzzle collectively,” revealed within the March/April 2022 situation of the Journal of Property Administration.

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