Management companies and their teams are often showered with pitches from vendors as the increase in investment keeps pouring into proptech
FREMONT, CA: For a successful and widespread adoption of any new proptech, equipping with information is essential. The management companies are often divided and face a lot of difficulties when it comes to the decision making for adopting new tech. Consequently, this proves to be a challenge in implementing new technology in real estate.
Below are four ways to apply new technology in the real estate sector successfully:
Focus on Incorporating the Technology
When pitching a new technology, one of the main obstacles faced is the possible increase in administrative burden for the team at corporate or on-site. Make sure the tech seller has a level of incorporation with platforms the teams are already using or familiar with.
Involve On-site Teams
The level of adoption at the property level determines the success of the new technology. When the corporate level decides on the pilot, communication with the on-site team must be clear and a proper introduction to the vendor's implementation staff is important.
Stay On the Loop
It is crucial to be on the loop during the implementation of technology and throughout the pilot period, after the buy-in from all appropriate parties is achieved. Ask for all the applicable performance indicators and metrics, necessary to gauge whether the pilot has been successful or not. In any case, if the results are not as expected, find out if it is an internal or external issue. The seller or service provider can take up internal issues, and often come up with a simple solution.
Set appropriate expectations with the vendor at the beginning of the relationship, and as the goals meet, prepare batches of communities where the technology will roll out. Returns reduce as land prices continue to rise, and more apartment supply enters the market. Advancements in technology will lead to innovative returns and to close a deal, the skill to marginally increase a community's net operating income is important.
See Also: Top Proptech Solution Companies