How PropTech is Changing the Property Management Industry
Technology is swiftly becoming more and more a part of our every-day life. Technology offers new advancements in virtually all fields, so it’s no surprise the property management industry is experiencing this with PropTech. “PropTech”, or property technology, refers to new products or business models that revolutionize the property management industry. This can be seen in new ways of construction, innovative architecture and design and automation in the real estate industry. Here are some ways Chicago PropTech is promoting growth in our local property management industry:
One trend you will see in the property management industry is a push for more ways to live sustainably. This can be executed in eco-friendly building materials or an addition of energy efficient features within a home. An excellent example of this is the “net zero” or “passive” home. The goal of these homes is to use the same amount of renewable energy that is created by the home itself. With environmental issues becoming more prevalent and as younger people begin to buy more homes, the trajectory toward sustainable technology will continue to rise.
Virtual Reality (or VR) is an example of PropTech that is being used in many different ways in the property industry. VR has made it possible for potential buyers to take virtual tours of properties online, letting those in a different location to consider buying. This allows properties that aren’t yet constructed to be viewed by potential buyers. Drone footage allows interested clients to view the neighborhoods surrounding the property. There are even apps that allow people to see how their home would look with different paint or new furniture before they decide on making a change.
Internet of Things
Internet of Things or IoT is the connection of internet within everyday items that are able to send and receive data to make the user’s life more efficient. Examples of IoT devices within the property industry can be found in “smart homes.” There are devices to control the temperature of a home, lighting systems connected to an app on a smartphone, security systems you can check online and smart locks. An example of PropTech that uses IoT most people are familiar with is Amazon’s Alexa or Google Home. These devices act as a “personal assistant” and can be used to set alarms and reminders or activate other smart tech in the home. PropTech that uses the Internet of Things can increase energy efficiency, automatically update and even anticipate maintenance.
This article provides just a peek into the ways Chicago PropTech is causing property management services in our area to evolve. Change is an inevitable factor with technology blossoming in all industries. The rise in PropTech offers new ways to help clients and an abundance of opportunities for growth for all those who are involved in the real estate industry.