The commercial property tech market is estimated to reach a worth of over $33.8 billion in the next three years! In our experience with the proptech market, we’ve found that optimizing processes in the real-estate business is both a very lucrative and rewarding challenge.
Although it’s already a very popular industry, getting in on it now is still definitely worth a shot. But that’s no easy task.
That’s why we have compiled the best practices and some tips to give you a head start in the right direction. If you’re looking to bring your proptech company to the next level or are just getting started, these suggestions will surely prove valuable!
How Leading PropTech Companies Work - Best Practices
As with any other industry, the biggest leaders typically stand on the shoulders of the greats. Knowing this, we took the best practices from well-established companies and compiled them into this article! Hopefully, the advice we gathered from industry experts will prove valuable to you and your business.
Focus on a Customer-Centric Approach
There are many ways you can ensure that your business keeps the client at the focal point, which ensures a long and prosperous partnership, and we’ve selected the ones that are the most popular among industry leaders. Here’s what you can do to stay on top of the game!
Conduct Customer Research
This can be done through surveys, focus groups, or interviews to gather insights about customers' pain points, preferences, and expectations. Then you’ll know exactly where to focus your efforts.
For this purpose, you should also use data analytics. This can help you track customer behavior and gather insights about all the facets of their decision-making process. It can then be used to optimize the user experience and tailor offerings to meet customer needs.
Provide Personalization
Personalization is essential for any company to meet the needs of its customers. By personalizing the user experience, proptech companies can cater to the specific needs of each customer, improving their satisfaction and loyalty.
Make the Customer Feel Heard
You can offer customer support to ensure that customers feel valued and heard. This can include a variety of support channels, such as email, phone, chat, or social media. The crucial thing is to make sure an agent is always available.
You should also implement agile development – a process that involves regular feedback and iteration. Constant communication, if it relies on honesty and transparency, will work wonders for the trust and relationship you’re building with the customer. Consistent meetings, such as weekly sprints, will ensure that both parties get a chance to voice their opinions and stay included during the entire process.
Leverage on Data and Analytics
The best and most foolproof way to lead any business is to make data-based decisions, and the pioneers and industry giants know that. Here are a few proven ways you can use hard facts and figures to your advantage!
Collect Data (Conscientiously!)
Proptech companies should collect relevant data from various sources, such as user behavior, market trends, property data, and financial data. Data can be collected through surveys, website analytics, social media, public databases, and third-party APIs.
However, you should ensure that the data collected is accurate, complete, and consistent. Data quality can be improved by implementing data validation, data cleaning, and data normalization processes.
Perhaps even more importantly, you should ensure that the data collected is secure and compliant with data privacy regulations such as GDPR, CCPA, and HIPAA. This includes implementing security protocols, access controls, and encryption to protect sensitive data.
Implement and Use Analytics
In order to identify patterns and trends, you should use advanced analytics techniques such as machine learning, predictive modeling, and data visualization. This will allow you to gain insights into valuable information and optimize opportunities.
Real-time analytics can help you respond quickly to changing market conditions and customer needs. Companies can gain insights into customer behavior, property data, and market trends as they happen without delays.
Monitor Your Own Performance
The data you collect should also be from your own company. Continuously monitoring the performance of your solutions, processes, and data analytics will help identify areas for improvement and optimize the user experience and business outcomes.
You could, for example, collect monthly or quarterly reports from different departments and optimize their work. In the long run, this will lead you to improve every aspect of your business one step at a time.
Embrace Emerging Technologies
Regardless of your industry, working in the tech world gives you access to information on the latest trends and technologies. We’re here to tell you about the best practices for getting the most out of them, following the industry leaders’ example!
Artificial Intelligence (AI) can be used to automate tasks, analyze data, and make predictions. AI can help in property management, for example, for automating maintenance requests or predicting equipment failures.
Internet of Things (IoT) sensors can be used to gather data on properties and buildings for parameters such as temperature, humidity, and air quality. This data can be used to optimize energy usage, improve comfort, and predict maintenance needs.
Augmented Reality (AR) can be used to create virtual property tours, allowing potential tenants and buyers to explore properties remotely. This technology can also be used in construction to visualize designs and identify potential issues before construction begins.
Virtual Reality (VR) can also be used in property management to train staff or simulate emergency situations.
Blockchain can be used to securely manage property transactions, such as lease agreements and property sales. It can also be used to create a transparent and secure record of property ownership.
Robotics can be used to automate routine tasks, such as cleaning, security, and maintenance. Robots can also help with construction and perform tasks that are dangerous or difficult for humans.
Big Data can be used to analyze patterns, trends, and customer behavior to inform property management, marketing, and investment decisions. This data can be gathered from various sources such as social media, public databases, and IoT sensors.
Tips and Tricks for Running a Successful PropTech Company
Focus on solving real problems → Your product or service should aim to solve a real problem or pain point for your target market. Conduct market research to identify the biggest challenges facing your target market and develop solutions that address those challenges.
Build partnerships → Collaborating with other companies in the commercial real estate industry can help you reach a wider audience and expand your business. Identify potential partners who share your vision and can help you achieve your goals.
Create a user-friendly interface → Your product or service should have a user-friendly interface that is intuitive and easy to navigate. A well-designed interface can make all the difference in attracting and retaining clients.
Be adaptable → The commercial real estate market is constantly changing, and proptech companies must be adaptable to stay relevant. Be prepared to pivot your business model or adjust your products and services as needed.
Offer customization → Offering customized products or services can help you stand out from the competition and provide added value to your customers. Consider developing customizable solutions that meet the unique needs of individual clients.
Stay informed → Finally, staying informed about the latest developments in the commercial real estate market and proptech industry is essential to success. Read industry publications, attend webinars and conferences, and stay up to date with the latest trends and innovations.
Conclusion
As the industry continues to grow, proptech companies can stay ahead of the competition by following the best practices employed by their most successful competitors.
The proptech giants of today’s market rely on a customer-centric approach, leveraging analytics and embracing emerging technologies. It is also recommended that companies focus on solving real problems, building partnerships, and creating a positive user experience. This is a way you can easily enhance offerings, improve customer satisfaction, and grow your business in the booming commercial property tech market.
Valcon can help you with that! During our years of experience with multiple proptech companies, our experts developed new and improved existing platforms and helped our proptech partners get the most out of cutting-edge technologies. Thanks to our understanding of the industry and a scalable and customizable approach to each client, we can ensure your proptech company reaches its full potential!
Ready to take your proptech company to the next level?
