What to watch out for in PropTech in 2021

2020 was a volatile year in the property industry, and we should expect the unexpected in 2021. How will new technology help agents serve their customers?

PropTech is driving a digital transformation across all areas of the property industry. From residential sales to commercial investment, the landscape for investors and occupiers is changing rapidly. If you work in property, you’ll have experienced it more and more over the past few years. While much of the industry is moving relatively slowly right now, PropTech, on the other hand, is making great advancements, driven by an increasing number of new products and market disruptors.

Customer focus is everything

Coronavirus dominated the landscape in 2020 and it will undoubtedly loom over 2021 too, even as we move towards everyone getting vaccinated who needs it.

An effect of the virus and everything around it which will not go away anytime soon is the need to adopt a more customer-focused approach. Companies that serve their customers better will win more business and achieve better results.

This may mean softening your public image and even taking a financial hit now to increase revenues in the future, but it is necessary. Successful property organisations are investing more than ever in proptech in order to achieve this.

This new approach manifests itself in two critical ways, one short-term, one long-term, with regards to technology.

Real-time feedback

Property companies and their agents are implementing ways to make it much easier for customers to stay in touch, whether that’s tenants, sellers, buyers or anyone else.

In today’s fast-moving world, people will not tolerate waiting days for a response to their queries. If sellers can’t get the fast service they desire, they’ll go to a competitor. If tenants don’t feel like they’re receiving value, they’ll move.

Technology such as chatbots and social media messaging makes it easy for property agents to keep communication lines open.

Adopting a data-driven approach

Property companies can also take a long-term view by using technology to become more data-driven.

The more you know about your customers, the better you can serve them. The smartest companies are using technology to collect insights on their customers – what they like and don’t like, what methods of communication they use and how it works for them, and much more.

By learning about your customer’s needs, you can plan for the future in a way that puts them at the centre.

Innovations for 2021

As we move into 2021, companies will use technology to gain a competitive edge on more fronts. Here are some innovations that we are already seeing, which we expect to make an even bigger impact in 2021:

  • Online viewings – the ability to view a home virtually has been around a while, but Coronavirus has turned it into an essential weapon in any agent’s arsenal
  • Property passports – Digital logs of property details make it easier for homeowners to sell or let out their properties. Rather than have to fill in their details every time, a digital property passport lets a customer set it and forget it, while the agent has all the information they need at their fingertips
  • Challenger brands – Technology makes barriers to entry a lot lower in the property market. We have already seen many new online-only entrants into the market. As tech gets more effective and more affordable, expect more.

Find out more from Joshua Robert

If you’re in the property industry and looking to build a relationship with a committed, forward-looking recruitment agency, talk to the Joshua Robert team on 0121 582 0877, or visit our site today.