IMPROVING THE TENANT EXPERIENCE IN PROPTECH
The PropTech sector has seen progress recently with a focus on elevating the tenant experience. As reported by CRETI global investment in real estate tech hit $23.8 billion in 2020 showcasing growth and promise despite the challenges brought on by the COVID 19. By 2021 this investment figure soared to $32 billion indicating growth and investor trust in the field. This uptick is fueled by the rising need for property management solutions and first interactions among tenants. Projections suggest that the market will expand at a compound growth rate (CAGR) of 16.8% from 2022 to 2028 mirroring the evolution within the real estate landscape.
This piece delves into the innovations propelling this evolution and highlights CapitalLiving as a standout example of how these technologies are being successfully integrated.
KEY ADVANCEMENTS IN ENHANCING TENANT EXPERIENCE
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Early Notification Subscriptions
Description: A system that alerts tenants about properties ahead of time coupled with payment options such as PayPal.
Benefits: Minimizes vacant. Gives tenants an edge, in securing desirable living spaces promptly.
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Comprehensive Property Management Platforms
Description: Systems that oversee contractor tasks monitor maintenance histories. Streamline property maintenance.
Benefits: Ensuring upkeep of properties, timely response to tenant needs and overall improvement in living conditions.
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Incorporating Advanced Notification Systems
Description: Systems designed to send email and SMS alerts regarding occurrences like maintenance tasks, rent deadlines and community updates.
Benefits: Keeping residents informed and engaged minimizing communication gaps and fostering a sense of community living.
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Providing Tenant Tech Support
Description: Designated channels for tenants to report issues and suggest enhancements.
Benefits: Establishing a direct feedback mechanism for resolution of tenant concerns leading to service enhancement.
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Implementing Data and Content Management Solutions
Description: Systems tailored for managing data sets such as contractor information, property checklists and communication templates.
Benefits: Enhancing efficiency and resource utilization for service delivery to tenants.
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Utilizing Performance Metrics and Reporting Tools
Description: Tools for monitoring performance indicators (KPIs) and generating reports on sales figures and job statistics.
Benefits: Facilitating data backed decision making processes that enhance strategies and boost tenant satisfaction.
- Integrating with Google Services
Description: Leveraging Google’s suite of services like YouTube, Calendar and Analytics, for video content creation, event organization and performance analysis. Improving user satisfaction by integrating services and utilizing real time analytics for an experience.
Benefits: Enhances user experience through seamless service integration and real-time analytics.
- Mobile App Integration
Description: Utilizing APIs to smoothly integrate with apps for access, on the go.
Benefits: Offers tenants access to services enhancing engagement and satisfaction.
- Automated Generation of PDF Documents
Description: Implementing automated systems for creating documents.
Benefits: Streamlining tasks, reducing costs and enhancing tenant onboarding processes.
CAPITALLIVING: A SUCCESS STORY
CapitalLiving in partnership with Forma Pro has successfully implemented these solutions setting a standard in the PropTech industry. Here’s how they accomplished this;
System Improvement: our team enhanced CapitalLivings existing systems by introducing features and improving usability.
Digital Transformation: over a four year period they digitized operations to create a platform for landlords and tenants to handle essential tasks online.
User Friendly Interfaces: we ensured navigation and operation, significantly enhancing tenant interactions with the system.
CapitalLivings thinking approach showcases the potential of PropTech innovations in revolutionizing the tenant experience. By incorporating technologies and prioritizing enhancements they have established a modern efficient living environment centered around tenants.
CONCLUSION
Innovations within the PropTech sector are reshaping and elevating the management of tenant experiences.
Capital Livings case study showcases how technology has significantly impacted property management and tenant satisfaction. The focus on enhancing living environments for tenants through PropTech advancements remains a priority as technology continues to advance. Looking into the future, artificial intelligence (AI) will play a significant role in shaping the PropTech industry. AI innovations will improve various facets of property management and tenant engagement in the coming years. JLL predicts that AI will streamline decision making processes by analyzing datasets enhancing efficiency and offering valuable data driven insights. The integration of AI into estate is forecasted to bring value additions ranging from $110 billion to $180 billion annually (as per McKinsey & Company).
Additionally the global market for AI in estate is poised for growth with a projected compound annual growth rate (CAGR) of 35% reaching an estimated value of $1,335.89 billion by 2029. This growth trajectory is attributed to AIs capabilities in optimizing investment opportunities automating tenant support through chatbots and facilitating maintenance for building systems (according to SelectHub). As AI technologies progress further their application is expected to lead to efficient and personalized experiences, for tenants as highlighted by JLL and SelectHub.