Commercial real estate proptech buyer’s guide 2023

Proptech, or property technology, is technology that facilitates processes associated with commercial real estate and property, such as cloud-based access systems. Proptech solutions are revolutionizing the real estate industry, providing innovative tools for property managers, agents, developers, and tenants.

What are the different types of proptech?

Proptech encompasses various technologies designed to enhance various aspects of the commercial real estate industry.

• Property management software helps you automate and streamline leasing, tenant management, and maintenance tasks.
• Leasing and marketing software helps you manage and track leads, automate marketing campaigns, and facilitate the leasing process.
• Construction and development software allows stakeholders to visualize building designs and test different scenarios before construction begins. This includes tools such as project management software, building information modeling (BIM) software, and virtual reality (VR) platforms.
• Access control and security solutions help you manage access and monitor security in your properties. Proptech security solutions provide alerts for intrusion, fire detection, and more. Access control solutions provide tenants with secure and convenient access to buildings, apartments, and other spaces. These solutions can be integrated to streamline operations, enhance response times, and increase revenue.

Six essential features that a proptech solution should have

Commercial real estate proptech solutions offer a wide range of benefits, but there are certain key features that you should look for to maximize their effectiveness.

1. Data management: Proptech solutions should have a robust data management system to manage large amounts of commercial real estate data from various sources. The system should be able to store, organize, and retrieve data quickly and efficiently. The system should also have data backups and disaster recovery measures in place to ensure business continuity in the event of an outage or data loss.
2. Cloud-based functionality: A proptech solution with cloud-based functionalities provides several benefits, including increased scalability, accessibility, and reliability. Cloud-based solutions can easily accommodate changes in user demand and scale as the business grows, allowing for more efficient and effective management of resources. Additionally, cloud-based solutions can be accessed from anywhere with an internet connection, making it easier for users to work remotely or collaborate with others.
3. Reporting: Reporting features enable real-time data analysis and insights. Reporting features should be customizable, allowing users to create reports specific to their needs.
4. Automation: Automation can help reduce manual workloads and increase efficiency. Automating routine tasks such as tenant screening and maintenance can significantly improve productivity and reduce errors.
5. Security: Security is paramount for commercial proptech solutions as they deal with sensitive data such as financial and personal information. Solutions should have robust security measures in place to protect data from breaches, unauthorized access, and cyberattacks.
6. Integration: Integration with other systems is also essential for proptech solutions. Integrating with accounting, marketing, and communication tools can provide a seamless experience for users and improve overall efficiency.

What are the different pricing models in commercial proptech?

Commercial proptech vendors use a variety of pricing models to offer their services. The pricing model used by a proptech vendor will depend on the type of software they offer and their target market.

Some vendors use a subscription-based model, where users pay a recurring fee to access the software. For example, OfficeRnD, Optix, and Kisi mainly use a subscription-based model, where customers pay a recurring fee to access their services.

Others may use a pay-per-use model, where users pay only for the services they use, or vendors may offer a freemium model, where a basic version of the software is offered for free, but users pay to access more advanced features. Additionally, some vendors may offer custom pricing plans based on the specific needs of their customers. Property management software Yardi, for example, is a company that adopts the custom pricing model approach.

Which commercial proptech integrations are most important?

As with most software, more potential is realized through integrations. Proptech solutions should be interoperable with existing CRMs, accounting software, and access control systems. These proptech integrations enable commercial real estate professionals to streamline their workflow, automate processes, and reduce manual errors.

By integrating proptech solutions with CRMs, you can access real-time updates on leads, property listings, and customer interactions. This allows you to track and manage your sales pipeline more effectively. Integrating proptech solutions with accounting software can help you manage your finances more efficiently by automating manual processes, such as data entry and reconciliation. This can save you time and reduce the risk of errors.

Integrating proptech solutions with access control systems enables you to monetize your spaces by charging for usage based on time or through tiered access memberships. Access control software can also help you monitor occupancy levels, optimize space utilization, and reduce the risk of unauthorized access or other security breaches.

Proptech integrations give you a more comprehensive view of your operations, improve communication and collaboration among team members, and help you make data-driven decisions. Moreover, integrating proptech solutions with existing commercial real estate access control systems can significantly enhance the overall user experience, leading to higher adoption rates and better customer satisfaction.

What kind of support is available?

Customer support is critical to any commercial real estate proptech solution as it ensures that users can efficiently navigate and leverage the software's features. Support channels such as email, phone, or live chat provide users with a means to communicate their concerns, questions, or issues to the vendor. The support team's response time is crucial as users require timely assistance to continue their operations smoothly.

Kisi is a commercial real estate proptech security solutions vendor that places a strong emphasis on quality support. Kisi offers extended support hours, ensuring that users can receive assistance whenever required. The company provides several support channels, including email, phone, and an extensive knowledge base with articles and tutorials.

Kisi's commitment to providing quality support ensures that users can efficiently use the solution to manage their access control needs. Commercial proptech vendors that prioritize customer support can differentiate themselves in a crowded market and establish a loyal customer base.

Conclusion

This real estate proptech buyer's guide highlights the essential aspects of commercial proptech, including the different types, the top features that proptech solutions should have, pricing models, integrations with other systems, and the importance of customer support.

With so many options available, it's important to take the time to research and evaluate each solution based on your specific needs. Consider factors such as the size and complexity of your commercial real estate portfolio, your budget, and the level of technical expertise required to implement and use the solution. It's also important to look for solutions that provide flexibility, scalability, and integration with other systems. By carefully selecting the right proptech solution, you can streamline your real estate operations, increase efficiency, and drive better returns on your investments.

Kisi is a global physical security technology company specializing in real estate access control solutions. Kisi is the highest-rated access control solution on the market, with fanatical reviews on App Store and Google Play and on industry software review websites like Capterra and G2.

Learn more about how Kisi helps commercial real estate efficiently manage property portfolios.