Is the UK residential market driving proptech trends?

Typically, real estate has been slow to adapt in terms of technology. Research conducted in 2016 indicated that 88% of residential managers in the UK felt unprepared to meet the requirements of their tech-savvy renters. For the sector to truly thrive, the market had to shift.

Now, property investors, operators and managers are passing on their technology needs to the providers, driving an unprecedented level of innovation. Those providers who have tracked, understood and predicted these trends are in a position to deliver.

But what are the factors behind this proptech boom?

In recent weeks, the British Property Federation reported that there are now more build-to-rent homes in the UK regions than in London, demonstrating the diversity present in the sector.

This growth means the market is increasingly aware and open to implementing technology to overcome challenges such as complex accounting requirements or lack of analytical insight. The increased number of renters and the varying demographics are also influential. No longer are property managers providing just accommodation, but an attractive community for which resident engagement capability is critical.

In truth, there is no single vendor that can deliver all of this. But, by taking an open and connected approach, industry-leaders are able to offer end-to-end solutions.

A recent survey of European property professionals suggested the industry is still lagging behind in its digital journey; but did reveal that many view new technologies as having a significant impact on their day-to-day operations.

If trends such as these continue in the residential market, it surely won’t be long before the real estate sector achieves digital parity – and potentially even surges ahead.