What is proptech, and how can it help my co-op or condo building?

Proptech stands for property technology, and defines the segment of technology that serves real estate. Depending on your role in the real estate ecosystem, it can look like lots of different things.

For a condo or co-op, the most relevant proptech focuses on the management and maintenance of a property. A few examples of proptech categories that serves condos and co-ops include:

• Building access controls, such as intercom systems, package rooms, and overall access management technology.
• Maintenance systems, such as sensors for monitoring leaks or mechanical health, or maintenance request and work order management software.
• Financial management software for overseeing accounting, invoicing, and payments.
• Sustainability technology, such as energy monitoring and analytics solutions.
• Productivity software, covering communication, contact relationship management (CRM), and file storage and sharing.
• With so many new technologies solving real estate-specific problems, it can be difficult to distinguish the hype from the helpful. There are so-called “point solutions” that solve specific issues, verticalized platforms (specific to a niche, such as real estate) that solve issues for your industry, and horizontal technologies that can be applied across multiple industries that can be adapted to your needs.

To help you demystify all of these options, here is an overview of the benefits proptech can bestow:

Automate repetitive tasks

There are many repetitive, manual activities that go into maintaining a building. From scheduling routine maintenance to tracking down monthly payments, there are ample opportunities for technology to help automate these tasks so that managers can save time and apply their energy towards more arduous tasks.

Produce data-driven insights

Technology enables your building to gather new data points you may not have previously had access to. That can include things like who has been in/out of the building (and when), how much energy is being used in common areas, or how long it takes to address maintenance requests. 

You don’t necessarily have to bring in technology whose sole purpose is data collection alone—the data collected can be an ancillary benefit of bringing technology into the building. For example: productivity software’s primary benefit is to save time and streamline workflows, but it may also help you more easily spot patterns in common types of requests or problems.

Improve resident satisfaction

These days, people can enter their offices with the tap of a phone; track the progress of their grocery delivery in real-time; and request IKEA furniture assembly in a few taps. Why wouldn’t they expect a similar level of ease-of-use and transparency within their homes? 

From keyless entry solutions and package delivery tracking to better work order request software, there are countless opportunities to modernize the resident experience.

Increased safety and compliance

Staying up-to-date with safety and local regulations can be a challenge. This is where proptech can help. Sensor-enabled technology can monitor for leaks or mechanical issues. Software can notify you of compliance requirements and deadlines. Proptech can take the guesswork out of maintaining a healthier building. 

Another example: a good CRM (customer relationship management software, which centralizes customer interactions and history) can support a good safety plan. It acts like an “insurance policy” in case of emergency, ensuring you know who currently resides in the building, their emergency contacts, and making it easy to get in touch with them.

Identify time and money-saving efficiencies

Once your building is equipped with data and automations, you can find new efficiencies. One major opportunity is to reduce energy usage and monitor mechanicals to extend long-term function. Another is saving time on common activities, enabling you to better utilize or reallocate resources.

By now, you may be thinking about all of the opportunities for proptech solutions to improve your building’s value, operations, and bottom line. The next step? Identify how to evaluate proptech and select the right technology for you.