The Rise of PropTech: What Property Managers Need to Know

The most in-demand PropTech solutions in the coming years include versatile, customizable property management software offered as Software as a Service (SaaS) for real estate companies, software for tenant integrity checks to cater to the growing rental property management market, and software for planning and tracking maintenance requests to enhance customer loyalty.

PropTech has great potential due to the projected 15.7% compound annual growth rate (CAGR) in the next decade, which is fueled by the increasing demand in the real estate market. PropTech solutions allow companies to expand their reach without the need for physical offices, access new locations in real-time, and offer innovative services that improve property management, customer service, and occupancy rates.

While PropTech offers numerous benefits, property managers may face certain challenges. One potential issue is that the software may be ahead of its time, making it difficult for users accustomed to older tools to adapt. Proper explanation and user-friendly design can mitigate this problem. Another challenge is the potentially high cost of development, particularly when implementing artificial intelligence. In such cases, starting with an MVP (Minimum Viable Product) and developing the AI features in stages can be a cost-effective approach.