The Benefits of PropTech for the London Commercial Real Estate Scene
As a landlord, property investor or commercial real estate occupier, there is a great deal you could benefit from when it comes to today’s emerging property related technologies, or ‘PropTech’. Here we take a look at why London commercial real estate consultants could be making full use of these technologies to improve the services they offer to their clients right across the board.

What is PropTech?

PropTech, or Property Technologies, combines all the latest innovative technologies and applied solutions from the real estate world, including construction and design, development, maintenance, buying, selling and investing.

PropTech significantly simplifies the process of acquiring, selling, letting and managing residential and/or commercial real estate. Key technologies include:

  • Virtual reality (VR), used to provide remote viewings
  • Artificial intelligence (AI), used for a multitude of tasks including improving the relevance of property search results through to automating tasks such as arranging a maintenance visit
  • Machine learning, used to power future property value forecasting
  • Internet of Things (IoT), making use of a huge variety of internet generated data for everything from property investment forecasting, to the smart management of HVAC and lighting systems and building energy usage monitoring.

PropTech for automated real estate management

Today’s property technologies make it possible to automate real estate management, in the process saving an enormous amount of time and taking the pressure off valuable resources. 

From tracking lease agreements through to arranging maintenance visits and inventory reports, managing bills and monitoring income and expenses there is little that today’s PropTech cannot automate, providing numerous benefits for real estate agents, landlords, premises owners and building managers alike. 

What’s more, with enhanced management efficiency and the insight delivered via the valuable business intelligence provided by the various different PropTech platforms, comes the major advantage of foresight and planning; and there is little more known to boost competitive edge.

What’s more, with enhanced management efficiency and the insight delivered via the valuable business intelligence provided by the various different PropTech platforms, comes the major advantage of foresight and planning; and there is little more known to boost competitive edge.

Improving occupiers’ experience with PropTech

Improving occupiers’ experience and satisfaction levels is, of course, of equal benefit to the commercial premises owner or landlord seeking to maintain good occupiers. 

PropTech such as Smart Spaces combines the benefits of AI and IoT to streamline the control of HVAC and lighting systems for the best possible occupier experience in terms of workspace comfort, ease of control, and of course, cost savings and energy waste reduction.

PropTech for sellers, buyers, landlords and tenants

For businesses looking to source commercial premises, and premises owners on the other side looking to sell or let, there are now much easier and time efficient ways to do so thanks to a range of technologies. These include:

Artificial intelligence-powered chatbots that effectively match tenants or buyers with available properties based on set preferences, so that the final viewing list is much more accurate.

Virtual reality viewings using video link technology. These viewings allow tenants or buyers to view potential properties remotely so unsuitable contenders are quickly ruled out without having to physically visit them. More viewings can be achieved this way, and viewings can be offered to non-local and overseas prospects.

Self-guided tours using smart locks are already popular in America. The likes of Tour24 Rently are designed to open up viewing opportunities outside of agent office hours and at the same time make viewings much more personalised and convenient.

Freelance viewings courtesy of viewing services technology like Viewber or Sprift. These provide the ability for agents, landlords and investors to extend outside their existing locations so that out of hours viewings can be managed effortlessly and opportunities are not missed just because the agent, landlord or investor cannot make it to the viewing in person. 

All of these technologies again save valuable time and make processes so much more streamlined and successful for buyers and sellers, and landlords and tenants. Integrating proptech can even attract talented employees, making it a worthwhile investment. We can expect more benefits to come as the real estate sector adopts more proptech and further develops such technologies. 

Mellersh & Harding London Commercial Real Estate Consultants

If you are looking to source office space either to rent, buy or for investment purposes, make London commercial real estate consultants Mellersh & Harding your first port of call. Our expert team is equipped with the knowledge and experience to offer you all the guidance you need to secure your ideal commercial property. To discuss your individual requirements, please get in touch or call 020 7522 8500.

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