getty For most industries, innovation is driven by a combination of technological advances and larger global trends, and this is particularly true of the residential property management industry. The rental market continues to be shaped by economic, social and technological trends, both in terms of business challenges and resident demand. As property management teams lean on new technology to improve operational efficiency, grow their businesses and meet customer expectations, three major trends are acting as driving forces: the Internet of Things (IoT), consumer fintech and remote work. As these trends force significant change upon a variety of industries, there’s a lot that business leaders can learn from their impact on the real estate space and, ultimately, how property technology (proptech) innovation is helping property managers meet these changes. 1. The Internet Of Things The increase in cellular and wireless connectivity of everyday objects, otherwise known as the Internet of Things (IoT), has enabled new services and real-time, always-on communication. Worldwide, IoT devices are predicted to triple from 9.7 billion in 2020 to over 29 billion by 2030. Within real estate, the emergence of IoT has significantly escalated resident demand for smart home technology and provided an opportunity for property […]
Three Trends Driving Proptech Innovation—And What Other Businesses Can Learn
You may also like...
