Self Storage

What is PropTech? (How To Leverage Property Technology)

December 7, 2022
5 minutes

Property technology, otherwise known as proptech, is a broad term used to describe the application of technology in the real estate industry. Proptech covers a range of applications and solutions, from online platforms that help people find and buy homes, to apps that make it easier for landlords and property managers to screen tenants or handle maintenance requests.

This guide will explore what proptech is and how it is impacting customer experiences across the real estate industry. If you are curious about how you can leverage proptech in your property business or portfolio, this guide is for you. Many self-storage operators are already using proptech solutions to streamline operations and improve customer experiences.

What is PropTech?

Proptech is an umbrella term that refers to the use of technology in the real estate industry. While the real estate industry has historically been slow to adopt new technologies, this is starting to change. Today, there are a growing number of innovative startups offering proptech solutions that can help real estate professionals improve the quality of their services.

In the case of self-storage facilities, proptech solutions can help operators automate key processes, such as rental payments, unit reservations, and facility access. In fact, proptech can play a role at every stage of the customer journey. From the moment a prospective customer lands on your website, proptech can take the lead in delivering better customer experiences.

Automation is at the core of many proptech solutions. By automating key processes, proptech can help you free up time and resources so you can focus on other areas of your business. For example, if you are using a proptech solution to manage self-storage units, this can reduce the burden of customer-facing tasks on team members and enable them to optimize their time.

If you are actively managing self-storage facilities, it’s possible you are already using multiple tools that are considered proptech solutions, such as facility management solutions. With more thoughtful integration, you can bake proptech solutions into your workflows and allow these tools to play a central role in eliminating the need for on-site personnel working 50 hours a week.

Why does PropTech matter in 2022?

56% of real estate decision-makers rate their business five out of ten or lower for digital and technological innovation maturity. Technology can play a pivotal role in delivering exceptional customer experiences. As more businesses begin to embrace innovative technology and bake automation into their processes, customer expectations are rising accordingly.

To stay competitive in today’s market, it’s important to leverage proptech solutions that can help you deliver the quality of service your customers expect. By automating key processes and utilizing the latest technologies, you can position your business for success in the years ahead.

How can PropTech drive operational excellence?

There are a number of ways in which proptech can help drive operational excellence. By automating key processes, proptech can help you unlock higher levels of customer satisfaction and retention. For example, if you are using a proptech solution to manage your self-storage units, you can streamline the booking process using a trained AI chatbot to deliver faster experiences.

Small changes to your workflows can have a big impact on your customers. By leveraging proptech solutions, you can optimize your workflows to drive operational excellence. If you do not know where to begin, you can start by identifying weaknesses in your existing workflows and consider whether automation could help you address issues, such as bottlenecks.

How can self-storage businesses leverage PropTech?

Fully automated self-storage facilities sell and book themselves. With all the right systems in place, you can have a self-storage business running on autopilot. While this may sound like a far-off future, the truth is that many self-storage businesses are already using proptech solutions to automate key processes. Let’s consider just a few examples and use cases.

Those managing self-storage facilities can use automation solutions to radically accelerate and streamline a range of processes, including new tenant move-ins, the delivery of post-move-out feedback, and the delivery of automatic gate codes for current tenants. The automation of just a few essential processes can have a big impact on how you utilize on-site personnel.

To stay ahead of the curve, it’s important to leverage proptech solutions that can have a material impact on your ability to execute and deliver for customers. This is where swivl comes in. Customers can receive genuinely insightful responses from a trained AI chatbot. This infinitely scalable – and “always-on” solution can dramatically accelerate conversions.

swivl is best described as an AI assistant for self-storage businesses. With the support of a built-in self-storage natural language library, swivl is well-equipped to serve your customers and deliver exceptional experiences. If you receive a sudden rush of inbound leads, an AI chatbot can instantly respond to an unlimited number of prospects, day and night.

Interested in learning more? Download the Use Case below to learn how Extra Space Storage leveraged swivl to modernize their tenant’s experience.

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