The Covid-19 pandemic put a pause on funding to many new technological developments in the property technology (proptech) game. Fortunately, however, that funding is back at pre-pandemic levels, and property managers are winning because of it.
Real estate companies backed by venture capital have now raised $10.6 billion dollars this year as they develop the systems needed to streamline property management and construction processes.
But what has empowered this financial shift, and how do property managers like you stand to benefit?
The Rental Market Transformation
The new real estate era is defined by the high relative demand for rental units compared to home purchases.
A number of factors make this the case. For example, home prices are on the rise across the nation, making rental units a more affordable option for millions of families. Then, there are the changes wrought by the pandemic.
We’ve opened Pandora’s Box when it comes to work-from-home and geographic freedom. Now, workers are traveling, seeking out their ideal communities now that they can check in with the office remotely.
The single-family rental market in particular is experiencing a burst of activity. Driven by new flexibility and competitive homebuying, investors are buying up these properties as they look to lucratively serve flexible housing needs.
But managing a portfolio of single-family rental units can be incredibly complex. Many homeowners and landlords operate from a distance and therefore need additional real-time insights into their investment. That’s where proptech comes in.
The right proptech platforms can make any and every real estate management task simpler. For construction management, the benefits are similar. That’s why the new funding and development situation is empowering a brighter future for real estate investors the world over.
Proptech Empowers Property Management
The national real estate market is hot. With 20.6% more sales activity than in 2020, this year is positioned to break some sales records. The result is an environment of high competition for builders, homebuyers, and property management alike.
But the competition has also driven the funding and development of new tech platforms that streamline data accessibility and communication of facts to property managers. In fact, construction and real estate have garnered investor attention because of their high performance even in a recession market.
The capital available of late in proptech guarantees that property and construction managers have a bright future ahead of them. Here are some of the developments you should be aware of in the field of proptech:
1. ServiceTitan
Leading provider of home and commercial service software ServiceTitan has recently received $500 million in growth financing for its Series F project. This will empower the tech company to create new mobile-focused solutions for all kinds of property management jobs.
ServiceTitan software is already capable of accumulating data across booking and dispatch screens to provide investors will all kinds of information. In the future, ServiceTitan will provide property managers new predictive marketing and targeting opportunities that only data-driven software can create.
2. Loft
The Loft company offers a marketplace for residential real estate that streamlines the entire home buying and selling process. Now, an additional $425 million in funding to its Series D growth will empower new e-commerce real estate solutions.
Loft currently is expanding within and without Latin America to offer new streamlined digital experiences for real estate investors of all types. The new growth will empower the market with simpler experiences designed for the flexibility renters and investors want.
3. Procore
Procore specializes in construction software, and the implications of its new funding could have weight across the larger housing market. With $634.5 million in capital, Procore can build new innovative features for contractors, owners, and architects to all communicate across the same platform and streamline their own potential.
With better dashboards for all kinds of metrics and financial data, real estate can be bought, sold, and managed with more precision and convenience. For property managers, this means a transformation can occur across business practices that will provide owners and renters with an ideal experience.
Winning with Proptech
In property management, your tech stack means everything to your success. By integrating emerging new platforms with your workflow, you can take communication and data analysis to levels never before possible. It all depends on integrating the right tools, however.
These developments in the world of proptech should all be taken into consideration by property managers looking to streamline their processes for a lucrative future. While we might never know what the future holds, platforms to assist us in communication and predictive decision-making can only help.
So explore the proptech innovations and developments available to you as you build your competitive edge.
For more information on property management and real estate investment, contact 208.properties or find us on social media.
