The Proptech market is booming, with investors pouring billions of dollars into new and innovative technologies. But what exactly is Proptech, and why is it so popular? Proptech, or property technology, is a term used to describe the use of technology in the real estate industry. Proptech solutions can be used to improve the efficiency, sustainability, and security of buildings, as well as to enhance the resident experience.

Despite the growing market of Proptech, the industry faces various challenges. One of the biggest challenges is data security. Proptech companies collect a lot of data about their customers, which can be a target for hackers. It is important for Proptech companies to have strong security measures in place to protect their customers’ data. Although faced with some challenges, the Proptech industry has the potential to revolutionize the real estate industry. By using technology, Proptech companies can make the process of buying, selling, and renting property more efficient and more transparent. Proptech can also help to improve the quality of life for residents by providing them with access to new services and improved security.

Business value: improve efficiency and increase safety

The key to success with Proptech is starting with building security, and moving up the hierarchy, to future-proof property. One might think of this as moving through a hierarchy of needs. At the end of the day, residential businesses want to motivate more people to come and stay at their properties. By starting at the base of residents’ needs with building security and integrating technology on the way to offering other amenities, the right experience will be created for the property. This ultimately leads to increasing retention, filling new units more quickly, and improving ROI with higher rental rates.

Some of the most desired, beneficial Proptech solutions include:

Business outcome: improve operations and enhance resident experience

The opportunity to control and improve the experience for residents has never been greater. Potential residents are looking for a new, versatile space that complements their lifestyles, while current residents want to enhance their living experience without worrying about the security of the property.

Convergint, in partnership with Brivo, provides Proptech solutions for the real estate industry with the goal of streamlining operations so property managers can save time, reduce costs, improve efficiency, and better attract and retain tenants. Some of the ways that Brivo’s Proptech solutions can help improve property management include:

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Convergint, partnered with Brivo, has the expertise needed to deploy Proptech solutions to keep real estate businesses operating smoothly and safely. Contact a security expert today to learn more about this comprehensive solution.