What is PropTech?

This month Belinda Thorpe from Residentsline introduces PropTech and what this could potentially mean for block management.

In recent years a massive technological evolution has taken place, one which has extended to the corners of every industry. From self-checkouts in shops to using your smartphone to pay contactlessly, technology has come a long way in making our day-to-day lives more convenient. And, as expected, this evolution has had tremendous effects within the property industry.

You may have heard of PropTech before. If not, not to worry – it’s not a term very well-known outside of the property industry. According to Forbes, PropTech is defined as “technological solutions that solves problems”. Whilst this sounds a tad niche, it’s not. It’s simply a term to label the emergence of recent technology designed to make the property industry more accessible. As discussed at the 2018 ARMA conference, PropTech has been making massive strides in block management – which is a promising statement for the future of all involved in the property market.

According to Estate Agent Today, Oxford University Professor Andrew Baum has compartmentalised this new era of PropTech in a few major stages – the first of which started with the emergence of limited technology as early as 1995. The second stage has seen the advancement of technology over the past decade, especially regarding how the Internet has affected property marketing and communication. Baum, in his analysis of PropTech, has estimated that we are currently facing the third stage, in which technological advancements will effectively dominate the entire industry. He predicts that this will come to a head in 2025/2030. He details the developments that we can expect in his essay ‘PropTech 3.0’; incidentally, the first essay to be published on PropTech, so it’s well worth a read.

If FinTech (the bigger brother to PropTech) is anything to go by, then Baum will be correct in his estimation that technology will be the staple of the property market. Thus, as Baum advises, the first step is to be prepared. As intimidating as it sounds, this is a fantastic opportunity for property companies. The potential of growth that technology will bring to the industry will be momentous – but only if we make the effort to keep up-to-date with recent developments. Having investments of up to £39 billion to date, as well as providing opportunity for 8,000 new start-ups, PropTech has already taken massive strides in creating a more convenient and accessible property industry.

How can this help you?

In terms of property technology closer to home, here at Residentsline we have certainly been keeping up-to-date with technological developments. In recent years we have worked hard in developing our own software, tailoring it specifically to our customers’ needs to make their lives more convenient. Our technology is designed for all types of clients - from agents and landlords to Residents’ Management Companies and freeholders.

What is Property Management Portal?

Our Property Management Portal has been designed specifically for landlords, property managers and freeholders – we know that these can be challenging roles, and so we wanted to create a platform to make it easier to manage documentation. It is a Cloud-based system exclusively accessible to our customers, and entirely free of charge.

How can Property Management Portal help me?

Property Management Portal is incredibly convenient way of helping you to handle your records. It will provide a safe and secure place for you to store, add and view all of your insurance documentation, as well as keeping a register of your suppliers (such as gardeners and electricians) so you can access contact information with ease and even request quotes from your preferred suppliers for each block. Through the Portal, you will also be able to communicate with your residents and suppliers and keep them posted with any important news regarding the property. What could be more convenient?

What is Manage Your Block?

Manage Your Block is a web-based portal designed specifically for Residents’ Management Companies. This is an exclusive system where we keep all your insurance documentation, to ensure they are kept safe and sound and copies can be obtained whenever you need them. Like our Property Management Portal, Manage Your Block is a completely free service, entirely exclusive to our clients.

How can Manage Your Block help me?

Here at Residentsline, we know how challenging it can be for a Residents’ Management Company to maintain a block of flats. Manage Your Block is an up-to-date system that will allow you to store important documentation such as health and safety assessments, insurance claims or tradesmen details. As well as this, it will keep details of the people living in your block, so that all of your documentation is kept together in one easy-to-use, secure and practical place. It’s just another way we can save you time. For more information, view our 'Manage Your Block' brochure.

We’re always searching for ways to be the best, and that applies to our property technology too. Residentsline are constantly developing so that we can ensure you have the best service and the most convenient experience when you choose to work with us.

Belinda Thorpe is Managing Director of Residentsline, providing flats insurance for over 22 years.

To trial our Property Management Portal or Manage Your Block, please don’t hesitate to give us a call on 0800 281 235.

Reviewed: July 2019