Today, the commercial real estate world relies on technology for day-to-day operations. Many companies conduct the majority of their work with the help of cloud-based or desktop software and smartphones. Some have even embraced the automation of key tasks such as invoicing. But overall, the commercial real estate industry could do better when it comes to utilizing technology. This is particularly true when it comes to powerful data and analytics software. Going forward, it’s going to become even more apparent why it’s essential to invest in proptech in real estate. Here’s why.
It helps you capture opportunities and mitigate risk.
First and foremost, using proptech in real estate allows you to capture a lot of information that can give you a strong competitive advantage. With good data capturing and analytics software, you can interpret data to help you make all your decisions. This can include everything from what size of units to build in your next development to how much to increase rent next year and much more. With speedy data processing, you can get unparalleled insight that helps you capture opportunities when they come along. It’ll also help avoid the risks that come with hard-to-predict market conditions.
It saves you valuable time.
There are so many helpful proptech tools out there that can help you succeed in developing, operating, and managing commercial real estate. For example – why spend hours manually calculating CAM when there’s a software that can do the same in just one click? Invoicing, tracking financials, sending reports to investors, sharing information with partners – all these things take up your valuable time, and they can all be easily automated using commercial real estate management software.
It helps you meet investor and tenant needs.
With the right proptech software, you’ll be able to provide prompt, accurate reports, invoices and more. It’ll be much easier to work with others both within your own team and outside of the company. This will help your reputation as a commercial real estate company.
Upgrading technology is important for the future of your company and the industry as a whole.
Investing in the latest CRE technology is investing in the future. Start now, and you’ll give yourself a leg up for future growth and success. Additionally, the more demand there is for commercial real estate technologies, the more innovation can occur in this area. Imagine how much our industry could transform in the next decade or two thanks to new technologies and the creative entrepreneurs and companies behind them!
Harness the benefits of data with STRATAFOLIO
If you’re not sure where to start investing in proptech, start with one simple change and go forward from there. Learn how STRATAFOLIO can help your business grow and positively impact your bottom line.