Technology is taking a centre stage in all business processes associated with residential real estate property and rental management. It is also ensuring owners, tenants, and service providers leverage it efficiently to communicate, deliver services, and transact
Marketplaces for discovery and finding homes
Over the years, several developers created marketplaces with the details of ongoing and completed projects and associated contents, enabling online selling. However, their biggest challenge was to monetise this technology with ad revenue. Although, with Google and Facebook, there were more real-time, faster search results available with laser-guided ad solutions. Secondly, these marketplaces were unable to validate the quality and accurateness of the data
Property management marketplaces for managing homes
Home-centric property management services platforms created marketplaces for home-owners to provide them with their maintenance services. At present, these platforms face severe challenges from local players, including plumbers, carpenters, etc., who are just a call away from the owner’s apartments. Of course, these marketplaces did not create any intelligence for owners on their asset conditions, etc. — an unaddressed space left behind
Community management platforms: apartment complex management and facility management
With the weak performances of several residential welfare associations (RWAs), several community management platforms emerged to facilitate the service by controlling real estate processes around visitor access management, common area maintenance, apartment complex communications, etc. These platforms, to a large extent, created a strong ecosystem for apartment complexes to run smoothly. What was missed here was the interest of an individual home-owner, who not only wanted to be aligned to the society’s processes and activities, but wanted a professional rental and management solution, higher rental yields, and continuous cash flow
Rise of rental and property management prop-tech platforms
These rental and property management proptech companies work on tenant and owner engagement smoothly by consuming a modern asset management process built around data analytics, artificial intelligence, and machine learning. The platform’s centricity around tenant delight has led to digitising end-to-end rental and property management processes. The entire tenant, asset, and owner lifecycle, as well as accounting, and the financial process, must be automated. The platform brings both owners and tenants under the same umbrella to draw intelligence from each other’s actions. At present, tenants look forward to leveraging technologies to discover properties, sign digital agreements, and pay rent online. They also want to avoid engagement with the owners. With multi-city real estate investment owners, who are physically not residing on the property, prefer to manage tenants digitally
https://yourstory.com/2021/01/challenges-residential-real-estate-proptech
