4 Key Questions to Assess Proptech’s Long-Term Value
We have entered a new phase for property technology, commonly referred to as “proptech.” Those in multifamily, vacation rental, and commercial real estate know that the last 24 months have been an overwhelming flood of new proptech options.
Now, it’s time to get more focused and determine which solutions are best suited for long-term strategies. For real estate professionals, a diligent vetting process is invaluable as proptech stacks inevitably become more streamlined, more interoperable and more foundational to the property management business.
So what should you look for in a sea of solutions? Let’s walk through a series of questions designed to help you assess which technology solution is right for your business.
1. Will This Proptech Solution Solve Our Core Issues?
This sounds simple, but many organizations jump straight to the solutions they find appealing. That new CRM software may have a ton of functionality and deliver reams of useful data. But when you find out that you can’t customize the fields on prospect records, it doesn’t help you with the challenge of creating more personalized service.
To identify the problem, meet with all internal stakeholders to pull together all the pain points that need to be solved. It’s important that this audit is comprehensive because different departments need different things. You may not be able to solve everyone’s problem with the new technology, but it’s important to align your team before you bring in a vendor.
Then, prioritize the problem and stick to it. Be sure to ask for an interactive demo, allowing you to actually see what the technology can do and ask questions.
2. Can This Proptech Streamline Operations?
In that cluttered landscape of solutions, you’re looking for tools that improve existing processes and help teams build, foster, and retain relationships with prospective and current residents. All of that while making processes and communication simpler. So, with a critical eye ask yourself:
- What would you have to start doing again if you didn’t have the technology? Adding RemoteLock’s universal access control solution offers a great example. Property managers would have to start issuing, tracking and collecting physical keys again. They’d have to engage with a locksmith to rekey locks. And they’d have to be on-site to allow emergency access to vendors for things like fixing a plumbing leak. RemoteLock eliminates a lot of busy work and gives back much needed time in property managers’ workdays.
- What steps in your workflow does this solution replace? Sticking with the example above, smart locks empowered by RemoteLock eliminate several steps when it comes to unit turnover. Via integrations with several property management solutions like Yardi, AppFolio, and Rent Manager, RemoteLock can automate access during unit turnovers, some of a property manager’s most hectic days. Time-bound access codes can be automatically delivered to turnover staff like maintenance and contractors without piling on extra tasks. There’s no need to be on-site for every access need during turnovers, nor do managers need to track, hand off or replace physical keys. RemoteLock saves a lot of steps — literally.
3. Will This Proptech Fit Well With Our Existing Technology?
Remember, we’re in a phase of proptech where solutions should start to work together. After all, it doesn’t save any time or money to keep adding disparate solutions that force your teams to constantly pivot back and forth between systems. That’s why it’s smart to look for solutions that are built around an open API and allow integrations. Even more importantly, make sure it’s a true integration that’s designed to simplify or, even better, automate processes and take tasks off your plate.
In the above example, RemoteLock’s integrations with other property management solutions automate the time-consuming work of either tracking and handing off physical keys or working back and forth between your existing software and a stand-alone access control solution. Users continue to work within the interface they’ve always used. The integration works behind the scenes.
4. What Training and Support Options Are Available
Be sure your proptech provider offers support or training to accelerate your team’s knowledge of the platform. For example, in addition to a support line, RemoteLock offers new customers several onboarding plans, all of which include live training sessions with a customer success team member. These experts are dedicated to building flexible, lasting access solutions. They’ll partner with you to understand the details of your business and help solve your specific business needs.
Answering the above questions should help property owners and managers think more carefully about their technologic footprint. With a more rigorous and diligent vetting process, you take steps to ensure the right solution is in place, one that’s primed for long-term success. If you’re hesitant about your next step, don’t stand still. Simply request a quick chat with one of our access control experts, who can help you get started today.
RemoteLock
Universal Access Control
We provide cloud-based, access control software that empowers those in the multifamily, vacation rental, commercial and related industries to remotely manage and control access to any space from anywhere in the world.
