PropTech, the application of digital technologies in property management and real estate sectors, is a fast-growing industry attracting billions of dollars in venture capital and private equity investments. This trend is being driven by the recent explosion in the use of technology innovations to revolutionize one of the most lucrative industries in the world – real estate.

According to a 2019 survey done by KPMG, the key objectives of property management companies investing in PropTech are improving efficiency, reducing cost, supporting decision-making, enhancing customer engagement, improving asset performance, and maximizing revenue. But are real estate and property management companies investing wisely in technology to achieve these objectives or are they just following the herd?

Here is a list of 5 technologies that can help real estate companies accomplish these goals:

  1. CRM and Customer Engagement: Driving meaningful customer relationships in a digital world is a key factor that differentiates successful real estate companies from the unsuccessful ones. Selecting a CRM that allows you to not only generate and manage leads but also drive effective customer engagements is essential.
  2. AI & Machine Learning: AI and machine learning are changing the way every industry performs. In real estate, AI is helping companies improve the relevance of property recommendations for individual customer, enhance sales, and transform customer experience. It has also made property management and maintenance more efficient and effortless.
  3. AR & VR: Imagine the power of AR and VR to enhance customer experience by allowing them to interact and visualize in a digital environment. This is more relevant in today’s world where customers are purchasing everything online. Buying or renting properties should be no different.
  4. 5G and Mobile: The launch of 5G has improved internet bandwidth, allowing enhanced mobile connectivity and improved digital workflows. Working from anywhere, on any device is now easier than ever before. This allows property managers to keep track of all operations engage with customers 24×7.
  5. Advanced Analytics: The ability to track everything with customized reports and dashboards has enhanced the way property managers operate. Further, the rise in big data has allowed capturing information in real-time has made processes like decision-making, marketing, selling, property management and maintenance much more effective.

RealForce, is an advanced property management software allowing property management companies to apply all these technologies to maximize efficiency of their operations. Built on Salesforce, world’s #1 CRM solution, RealForce offers a range of features that make it one of the most powerful property management software solutions ever built.