TECHNOLOGY
4 Key Proptech trends on the rise
1 . Leasing and Tenant Management Platforms
On the rental side of Proptech trends , digital tenant management and leasing platforms are streamlining processes and improving the experience for tenants and industry professionals alike . These platforms often include features for tenant onboarding and screening processes as well as for signing digital lease agreements .
Tenants can also use these portals to log maintenance requests , pay their rent and as a direct communication channel with property managers , with a documented conversation history ensuring transparency and accountability for all parties .
2 . Secure Online Transaction Platforms
The property sector frequently involves substantial electronic money transfers , often lacking sufficient security measures . Consequently , it ’ s become highly susceptible to cybercrime , making some buyers hesitant to entrust their deposits to third parties like conveyancers or estate agents .
“ The financial aspect of real estate remains largely unchanged from two decades ago when electronic banking became mainstream .,” says Smith . “ This means that it is ripe for innovation and game-changing technology to make transacting online more secure , transparent and a better experience for all parties involved .”
One such game-changing Proptech tool is the Buyers Trust platform , a web-based application that gives homebuyers an alternative proposition for the investment of their property deposit . It issues a free bank guarantee and protects buyers from having to transfer the funds to a third party who may not have adequate cybersecurity measures in place . The secure platform gives the homebuyer full transparency of their deposit investment as opposed to their money sitting with the seller ’ s attorney .
63 OCT / NOV 2023 Real Estate Investor Magazine