The real estate industry has much to gain from technology – property management in particular. Letting a property involves time-consuming tasks. Marketing, managing and maintaining the property are only a few of the tasks that landlords have to deal with. Add to that the stressful task of vetting tenants and keeping residents satisfied – it all feels quite overwhelming.
What makes all these tasks even more complicated is the need to base decisions on a very volatile housing market. To maximise rental yields, it’s crucial to stay updated on the rental market movement and all the economic and social factors that influence it. Adding all these tasks and responsibilities can be too much for landlords and property managers.
Fortunately, technology is here to streamline everything and make it all efficient.
Armed with the right platforms and innovative applications, property owners can find better solutions to deal with the time-consuming tasks associated with managing rental properties.
In this article, we’ll dig deeper into the role of technology in revolutionising the real estate industry. We’ll also share the 6 Proptech trends that City Relay is using and how it’s helping us provide high-quality property management services.
The Proptech Industry
Proptech, or property technology, is the integration between the real estate industry and advancements in technology. Other references include CREtech (commercial real estate technology) or REtech (real estate technology).
If you want to know what proptech is, think about Airbnb. It represents exactly what it means to integrate technology with property management services. This all-in-one platform allows property hosts and guests to transact with each other despite the lack of face-to-face interaction. Property owners use Airbnb to showcase their units, schedule bookings, and monitor rental income. At the same time, guests use it to find the right short-term property to rent even if they come from far away.
This is just one of the many ways that proptech has revolutionised the real estate industry. Without a doubt, the tech industry showing no signs of slowing down. Property management companies have to adapt to the latest trends – if they want to stay competitive.
6 Proptechs Integrated in Property Management
The UK property market is familiar with the benefits of using proptech. In fact, next to the US, we’re one of the most active in using proptech to advance and sustain the growth of the real estate market.
Proptech is evident in several areas of real estate like selling, buying, renting, building and moving. However, according to Unissu.com, the majority of the tech solutions are created to streamline property management tasks.
City Relay is well aware of the seamless and efficient solutions that technology can provide. Our passion is to provide exceptional property management services and we know this is easier to achieve with the right applications and technological developments.
Over the years, we’ve implemented 6 proptech trends that allowed us to maintain our high trust rating in London.
Data-driven decisions are the key to our success in the property management industry. It allows us to function in a volatile housing market without compromising the rental yields of our partners.
But with all the data available online, how do we know which data to use? Through state-of-the-art data management technology. It allows us to analyse market trends, guest reviews, and various information to ensure we’re using the right pricing and letting strategy for every property.
We’re able to apply data-driven initiatives to implement our flexible letting strategy that combines the earning potential of short-term lets and the stability of long-term lets. Through flexible letting, we’re able to maximise the rental income of our partners in accordance with their unique portfolio goals.
Smart Property Solutions (Maintenance and Monitoring)
Technology made it easier to monitor the upkeep of properties. Sensors, automated thermostats, and various IoT devices make it easier for City Relay to stay on top of every property we manage.
We use a comprehensive platform called Opago to keep track of properties and their respective maintenance schedules. For instance, when was the last time a property went through a deep clean? When were the lights, fixtures, HVAC and other features checked?
Our tech stays on top of all these. Through this platform, City Relay can monitor booking calendars and provide on-demand services or immediate guest assistance. This improves the overall experience of guests during their stay on the property – leading to positive ratings and reviews.
VR and 3D Tours
Virtual reality and 3D tours are transforming long-distance bookings and property showings. It allows people to see and get a feel of what it’s like to walk through properties even if they’re miles away. Guests can make informed decisions and form the right expectations about the property – which is crucial to improving guest satisfaction.
This is one of the services that City Relay provides. It’s part of the onboarding process that every property goes through. It includes a professional and 3D photoshoot to set up properties for virtual walk-throughs using Matterport technology. It leads to booking convenience and the promotion of the property’s premium quality.
Having an effective communication platform is part of a successful property management company. This is what City Relay is proud to possess.
We’ve opened communications 24/7 to ensure that guests have a way of reaching out and airing their concerns. Our Customer Experience Team is available round-the-clock and can respond to inquiries and bookings immediately.
We also have dedicated account managers for every partner (property owner). This ensures a smooth flow of information and updates – which is vital to maintaining the property’s premium state.
Our property platform, Opago, is a cloud-based system that provides real-time updates about properties and booking schedules. City Relay partners gain complete visibility of their property’s booking calendar and overall performance.
Since the Opago platform is cloud-based, it can be accessed anytime and anywhere by authorised users. It makes monitoring convenient and avoids double bookings that could lead to problems with guests.
Sustainability may not seem like a part of proptech but you might be surprised by the role that technology plays in solving our environmental issues. Implementing green technology like smart energy systems can reduce energy consumption. It’s one of the ways that we can practise sustainability and reduce our carbon footprint.
At City Relay, we take sustainability seriously. During the onboarding process, we guide our partners in lowering their property’s carbon footprint through energy-efficient solutions. It doesn’t just make their property sustainable, it also helps them save on energy costs.
Another way that we practise sustainability is through our partnership with Ecologi. It’s an organisation focused on empowering businesses to support eco-friendly initiatives. This partnership allowed us to support multiple tree-planting and carbon avoidance projects. You can witness our journey here: https://ecologi.com/cityrelay.
Embracing the Innovative Solutions in Real Estate…
The property management landscape is rapidly changing. At City Relay, we are determined to stay ahead of the curve through the multiple proptech solutions that we implement.
The way we leverage technology allows us to set a standard that upholds the value of the properties we manage. Through the right systems and applications, we are able to provide excellent property management services that lead to 5-star reviews and higher occupancy rates.
Find out more about our innovative property management solutions. Talk to one of our experts.