Click here to get this post in PDF
What is PropTech?
PropTech is among the new industries such as FinTech (financial technology), ConTech (construction technology, and Smart Real Estate which helps build technology that communicates with each other in smart homes and cities. Proptech stands for property technology that is looking to transform the real estate industry and make it more efficient for both customers and business owners.
There is a push for companies that are still using outdated systems that rely solely on paper records and paper-based reporting systems, to integrate their information over to PropTech. PropTech makes information more accessible and allows for the data to work together.
What Types of PropTech are Out There?
In the Commercial Real Estate (CRE) industry, property management is one of the crucial jobs for companies to always improve efficiency in. PropTech can help with that! Excel sheets are no longer going to allow companies to be competitive since more automated systems are being introduced. Technologies such as Maintenance, repair, and operations (MRO) intelligence systems and modern lease intelligence solutions exist to access details through technology rather than going to the property instead.
Potential Roadblocks to Maneuver When Integrating
For CRE companies, it can be a big task to allocate resources in order to move old systems and data over to the new systems. It may take too much time, employees the company doesn’t have, or technical skills not yet introduced to the company. If you are a decision leader for your CRE company, start thinking now about how you can gain these resources so that you can help your company stay competitive. Typically, a company’s IT department will take on these tasks and accomplish them over the course of several months.
Along with having your own resources, there are also resources like Synatic that can help you make the transition from your legacy systems to a more SaaS-based system.
Synatic is a Great Integration Resource!
If transferring your CRE systems has sounded like a daunting task, that is what a data automation platform like Synatic is meant for. We will help you manage your data transfer, consolidate data, and help your systems communicate with each other. Making your business more efficient and able to compete in your industry is what we do. See how Synatic can help you by trying out our services!
You may also like: Reasons why property management services are thriving
Image source: Shutterstock.com
