Not long ago, PropTech software was considered mere hype. Traditional property developers/owners and trust-conscious buyers/tenants were reluctant to adapt to digital transformation that was becoming a force in industries like retail and banking. But as recent years have shown, the need for digital fluidity in property management is undeniable. Plus, the push for contactless experiences in the wake of unprecedented events has led to a spurt in tool adoption. For instance – the number of chat conversations with visitors on agent websites shot up by 109% in 2021 compared to 2020. This has resulted in PropTech emerging as must-have software.
Three considerations while selecting the right PropTech software
Given the demand, the market is flooded with startups leveraging technologies like AI, automation, data analytics, IoT, and blockchain to transform the property management lifecycle digitally. However, feature lists are only a part of the PropTech software selection process. So, let’s look at three key factors to be considered.
- UI-friendly & full accessibility: Unless business users, tenants, and buyers find it easy to use the software, all the features in the world cannot encourage them to adopt it. In addition, it should be fully accessible, considering the latest experiential trends. For example, 2% of visitors on agent websites prefer mobile devices like smartphones and tablets over desktops.
- Scalability: An effective PropTech software is a hyper-scalable solution with the ability to onboard and support a vast number of users. It should give property owners, developers, and brokers the ability to manage large portfolios without requiring extra costs or new resources. Furthermore, It should deliver the modularity to grow with the business.
- Interoperability: This should be a huge priority for those looking for PropTech software since it plays an essential role in smart building services. It must allow different third-party systems to smoothly, securely, and quickly connect and exchange data.
Read: Choosing the right PropTech ERP Software Provider for Real Estate, Banking & Retail Industry
In 2022, there’s no shortage of PropTech disruptors, and many are heavily VC-funded. The market, therefore, sees this as a compulsory move. What are the 10 PropTech software companies to keep an eye on in the market?
1. Aspire Systems (iEstate offering)
iEstate is a SaaS, cloud-based PropTech software developed by Aspire Systems – an Oracle Partner, for property developers and real estate/ lease management companies. As a robust and elastic platform, it helps clients, irrespective of size, sector, or geography, streamline processes like leasing and rentals. With iEstate, it becomes easy to maximize facility ROI, increase workforce productivity, and better engage customers.
Key Highlights:
- Seamless 360° property view with interactive GMAP features
- Complete billing & payment automation
- Seamless Oracle Gen 2 technology upgrade
Read Blog: iEstate – Integrated ERP Software For Real Estate
2. Locale
Locale is a cloud-powered, portal-based PropTech software that makes it easy to manage residential, commercial and mixed-use properties. Based on a bespoke content management system, it helps development and management companies drive smooth day-to-day operations. Also, it ensures employees are more productive and tenants more engaged with alerts, announcements, events and offers.
Key Highlights:
- Customized helpdesk & booking system
- Single source of building, estate & tenant data
- Customizable forms and workflow builder
3. Coadjute
Coadjute is an intelligent, lightweight, open network solution that connects different PropTech software through a single integration. Using blockchain, it simplifies the lives of real estate agents, conveyancers, mortgage brokers, and lenders. They can conveniently, quickly, and securely communicate, share documents or synchronize events from multiple property management systems with other parties.
Key Highlights:
- Multi-system synchronization – don’t rip or replace
- Intuitive dashboard with an inbuilt event tracker
- Easily follow up with parties for updates on deal statuses
4. Reggora
Reggora is a digital platform that accelerates the appraisal process – eliminating manual-heavy, time-intensive tasks involved in securing mortgages. This all-in-one, automated PropTech software empowers mortgage lenders and appraisal vendors to significantly reduce their TAT. They can also enjoy richer user experiences during payment processing, appraisal scheduling, underwriting, etc.
Key Highlights:
- Free company and order management tools
- Built to reduce revisions & ensure faster time-to-close
- Flexible order allocation & instant inspection scheduling
5. Reonomy
Reonomy is a web and data software that provides deep-dive insights about commercial real estate properties. This AI-powered, enterprise-grade platform equips brokerages, financial institutions, and commercial services providers with actionable CRE insights. Hence, they can effortlessly centralize data management, faster connect with property owners, and make informed decisions.
Key Highlights:
- Accurate property, owner, sales and debt information
- Machine Learning algorithms to interpret large data volumes
- Unlimited access to ‘off market’ opportunities
6. Enertiv
Enertiv is an operational intelligence platform for commercial real estate developers and owners to automate and streamline back-of-the-house operations. This suite of PropTech software tools helps effortlessly manage portfolios and integrate data in real-time for predictive support. It also empowers them to move from manual processes to fully paperless workflows for exceptional operational efficiency.
Key Highlights:
- Power-Ups feature to add modules with real-time data
- Complete visibility of performance & ESG metrics
- Improved tenant utility recovery – without expensive repairs
7. FlipOS
FlipOS is an investment management platform to equip investors with the tools to locate/sell properties, secure funds, and flip homes faster. This easy-to-use PropTech software streamlines the funding process while equipping members to fix-and-flip transactions. Other benefits include intelligently buying offers, assisting in complete renovations, and optimizing investments at the lowest possible time.
Key Highlights:
- Upfront cash offer for investments – interest rates as low as 7%
- Streamlined inspection process with a rent-ready checklist
- Sixty days faster than traditional renovations & resale
8. Spaceti
Spaceti is a singular full-building SaaS platform with compatible modules to smartly and safely manage real estate spaces, from single offices to campuses. This workplace analytics-enabled PropTech software helps corporate real estate managers and owners to integrate Cisco Wi-Fi/sensor data. It also enables them to use comprehensive building analytics and offers smart locker, delivery, and parking.
Key Highlights:
- Easy-to-manage hybrid workspaces
- Touchless controls for more flexibility & safety
- Maximized ROI – up to 300% in a few months
9. Fixflo
Fixflo is a reporting and maintenance management system to optimize time, expenses, and efforts of end-to-end building repairs. It looks to target commercial properties, lettings, student accommodation, social housing, etc. This PropTech software helps agents, landlords, property managers, and tenants to communicate better, improve operational efficiency, and adhere to compliance regulations.
Key Highlights:
- Integrated with 40+ property management software solutions
- Centralized customer experience hub with multilingual support
- White-label portal with a picture-based diagnosis
10. Moovshack
Moovshack is a mobile-first interactive property platform that can act as a free-to-list portal and a brandable agent app – built for on-the-go scalability. This PropTech software helps home movers, agents, and key suppliers to interact and transact hassle-free. It gives access to web features like valuation comparison, ‘my content’ access, and in-app scheduling.
Key Highlights:
- Access to 1000s of property listings
- 24×7 in-app chat to report maintenance issues
- Paperless contract management – sign, approve & store contracts
Final thoughts
Knowledge is just half the battle in the journey to select the best-fit PropTech software. The other half is the evaluation of the vendor. Do their capabilities align with your short-term and long-term software expectations? They must also be backed by expertise and experience in your property management niche. As earlier mentioned, PropTech is here to stay. That means that the software selection process is a battle that you must be prepared to face.
Aspire Systems is a global technology services firm serving as a trusted technology partner for our customers. We work with some of the world’s most innovative enterprises and independent software vendors, helping them leverage technology and outsourcing in our specific areas of expertise. Our services include Product Engineering, Enterprise Solutions, Independent Testing Services and IT Infrastructure Support services. Our core philosophy of “Attention. Always.” communicates our belief in lavishing care and attention on our customers and employees. Aspire Systems, An Oracle Partner has built iEstate, a SaaS, Proptech solutions for Real Estate, Retail, Banking & Telecom industry sector on the Oracle cloud platform. It helps lease management firms business process, property developers, real estate companies and so on. To learn more about Aspire Systems iEstate visit: https://www.aspiresys.com/real-estate-property-management-erp-software/ or more information, write to [email protected]
Great article Chenthil and much needed as adoption of PropTech may have slowed a bit. Property professionals need to be reminded of the value for them, as you mentioned, user-friendliness, scalability without extra cost, operational intelligence, centralized data, mixed use property management integration, and more. Online financial transactions integrated with bank accounts/credit cards is an important service too. I wished you might mention ManageCasa given it has most of these modern capabilities. 2023 should be an interesting year. Please do update your post with new PropTech platforms and apps as they happen.