The PropTech revolution is re-invigorating the rental market

There’s no doubt that the property market underwent a tumultuous year in 2020, where efficiency was required more than ever.

Since the outbreak of the pandemic, forward-thinking tech has become a ‘must have’ to keep up with the changing pace of the market.

With incentives such as the stamp duty holiday and Help to Buy scheme in full swing, estate agents are now facing a property boom, with many buyers and sellers keen to make up for lost time and make the most of what is available before the end of March.

On the other hand, employee infrastructure has also changed dramatically over the past months. Changes to working hours and processes has meant that tasks can fall through the cracks, and standards can easily slip.

The transition to working remotely has been challenging in some respects and rewarding in others, but tenant experience shouldn’t take the hit.

Technology can help with each step of the property process to ensure standards are exceeded and clients buy or rent their properties in the most efficient and satisfactory way.

Leveraging PropTech to improve the tenant experience

It’s a renter’s market, and with the backlog of Covid-19 still prevalent, tenants are faced with a wealth of choice when it comes to selecting their new home. This is where PropTech comes in.

While agents were hit hard by the first lockdown back in March last year, the sluggish market has since started to get going again, meaning that agents are competing to stand out from the crowd and get properties off their books.

To make the experience slick and seamless, companies are leveraging technology to give better insights into processes, including onboarding tenants, answering queries and providing templates.

By providing insights into productivity and accuracy, technology can also help companies to make decisions which improve efficiency, such as allocating a member of staff to a particular task or group of customers based on their success to date.

It is clear to see is that agents really need to be on the ball with responding to applicants, even more so than before. Due to the sheer volume of requests coming in they might not be able to give a prompt response, resulting in the tenant going to look elsewhere.

With the help of technology, problems like this can be eradicated and the agent will get a reminder to respond to the tenant within a certain time frame, as well as another nudge if they forget to do so. All of this then converts to a lead – one that has been created quickly. The agent can then get started on their next task and the tenant is happy with their efficient experience.

Adopting a sophisticated service

PropTech isn’t as rigid as it used to be. Smart and sophisticated artificial intelligence platforms are automated processes with a sprinkle of human touch. Having the ability to mix and match different processes, in one playground-like platform, means that the human service can easily be interchanged with technology to create the best outcomes for all.

While there is a misconception that technology is taking over traditional roles, what we are seeing now is that it can actually work in harmony with traditional services and processes. This is because companies now have the flexibility to decide on which specific parts of the pre-tenancy process they would like to become automated.

Thanks to this, whatever the status of restrictions on the market, agents can make the most of PropTech to be better prepared for all circumstances. Companies that have the right infrastructure in place to work quickly and efficiently will absolutely see their business change for the better.

If you compare the traditional way of working to an automated, integrated platform, by the time a competitor has pulled up several different systems, you could have already completed a transaction with the help of technology. Using holistic software also means that platforms can be easily integrated with manual processes, alongside other systems, like Docusign, that may already be in place.

With tenants and agents continuing to face the challenges of Covid-19 this year, the adoption of clever technology will be vital in order to reinvigorate traditional processes and stay ahead of the game.

Property businesses are now facing a window of opportunity where opting to utilise technology will allow them to become even more agile, flexible and streamline their businesses like never before.

In 2021, these companies will start to realise the benefits of rolling out technology which works in harmony with their existing employees, and those employees will appreciate effective working methods as they strive for post-pandemic success.

The ability to adapt to the continually changing circumstances we’re faced with is what will really set companies apart this year and beyond.

*Chris Cole is Head of Business Development at Roby AI