Industry buzzwords come and go. However, it is worth noting when ones have a lasting effect. Some even become part of the language used when discussing certain industries.
For instance, ‘PropTech’ has become more than just a passing term. It is now synonymous with progress in the commercial property management sector.
Before we go on, here’s a quick introduction to what PropTech for those of you who are new to the term.
What is PropTech?
In its simplest of terms, PropTech is short for property technology. As a broader term, PropTech applies to the technology that helps people buy, sell, research and market properties.
However, in commercial property management, it applies to all the technology tools that help people do the job of a commercial property manager more efficiently.
How does PropTech help commercial property management?
Change isn’t always easy, even if that change is beneficial. Thus, not every commercial property manager wants to embrace PropTech.
Those that don’t need to consider just some of the potential benefits.
For instance, with PropTech, you can streamline operations, allowing for technology to prioritize jobs based on data.
You can also improve communication systems. For instance, tenants can make requests that are directly queued to the property managers. PropTech also ensures that infrastructure is being properly used and that the associated space is being completely utilized.
Tenants are also better informed of the day-to-day going-on. That is because many of the PropTech currently being used for commercial property management have real-time notification systems built-in to their systems.
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PropTech in commercial property management
Proptech in commercial property management can optimize operations and make everyone’s lives run that little bit smoother.
When it comes to communication, both tenants and managers can PropTech it to their benefit. For instance, tenants can log repairs and maintenance needs into SaaS systems. In turn, property managers can use those systems to automatically notify tenants of updates regarding their request.
Another instance would be around lot spaces. For instance, Wayleadr is an SaaS that helps commercial property managers efficiently run their parking lot. Here, users will get notified when the lots are full, and regarding their booking of spaces.
This removes the need for endless admin hours, where commercial management teams have to individually contact those using their facilities.
As previously stated, PropTech streamlines the maintenance and repair elements of managing commercial properties. There are SaaS operators that not only queue the requests from tenants, but also appropriately contact your facility workers as needed.
They also give updates and prioritize the jobs as required.
In the past, before PropTech, property managers would have to do all of this manually. Which lead to miscommunication, inefficiencies and far too much time being spent on admin.
Make admin easier
As you can see from the above two points, PropTech is a dream when it comes to improving efficiency. It largely removes the need for individuals to take on tedious and dull admin tasks.
This frees them up to do other jobs, which in turn leads to greater productivity and more innovation from commercial property managers.
In today’s world, data is a currency. And to further that analogy, PropTech is printing that currency. It gives commercial data managers data on everything, from the amount of maintenance requests in any given month, to the average available spaces within their lots.
With this info, more informed decisions and policies can be made. And the more informed the decision, the more likely that it will be the right one.
With PropTech, you can optimize space within your commercial properties.
For instance, if the data shows that your lot is regularly half-full, you can rent out the remaining spaces to gain revenue. That is just one example though. It also allows for you to look at your current use of space overall.
Wayleadr is a software as a service provider that firmly fits into the bracket of innovative PropTech. Its potential uses for commercial property managers are endless and include space management, improved communications and more efficient and streamlined services.
If you want to hear more about how Wayleadr can help you and your commercial property portfolio, then contact us today and we would be delighted to run through a demo with you.