Introduction 

Proptech, or property technology, is a term used to refer to the integration of real estate with technology and software. There are a number of factors to consider when choosing a proptech partner, like us at SKBM Smart Technology. Additionally, you’ll likely run into common pain points and challenges during your proptech sourcing and execution stage. We are going to discuss all of these considerations – plus how we work to eliminate these pain points.

What to Consider When Choosing a Proptech Partner 

If you’re wondering where to begin when looking for a proptech partner, here are a few key things that you should factor into your search and overall decision:

Communication    

When you are evaluating a prospective proptech partner, you want to feel like your technological needs and goals are being heard and considered. Are you trying to use tech to secure your properties? Or are you trying to improve tenant retention? By knowing your goals, you can ensure that your future proptech partner takes these into account and can deliver based on your unique set of criteria.

Timeline and Budget 

Some providers can take a long time to launch projects, or even provide a timely quote. Set expectations clearly from the start to avoid delays. If your initial deadlines during the sourcing process are not met – how can you be sure that your partner’s speed and quality will be satisfactory during the project? This is definitely a crucial factor to take into account when looking for the right partner. 

Common Challenges and Pain Points Found When Selecting a Proptech Vendor 

There is no such thing as one-size-fits-all when it comes to proptech. Engage with a proptech expert that can put together an overarching technology strategy. Most vendors will push selling unnecessary technology, instead of taking a proactive and strategic approach, so you might end up with a tech stack that does not fit your needs. Another pain point that people often come across is getting timely proposals from your short list of providers. Avoid this pain point by  setting clear timelines. If a partner can’t keep up with your sourcing deadlines, they might not be a reliable choice.

The installation process itself can be another pain point, mostly because it can be a confusing and disruptive process for both the staff and the tenants. Ensure everyone involved is communicated with effectively and knows what to expect. Having a partner with professional staff will also help to ease this process on the day of installation. 

How We Shine…

As experienced, strategic partners, SKBM Smart Tech will only provide you technology that makes sense for your business’ vision. Our experience with multifamily owners and operators means that we know how to help you achieve your goals. Our goal is to help you put technology into place strategically, not tactically. We have vetted lots of technology vendors and have solutions that can meet any need. We do our own installations for most of the tech that we deploy. Over the years we have installed over 400K smart home units, access controls and more. This means that your proptech deployment will go effortlessly on installation day and we’ll be here to support you.

•  Expert consultation to determine your needs and craft the solution for your property
• Hands-on collaboration with property team to seamlessly integrate chosen solutions
• White-glove installation using our internal installation technicians
• Testing and integration
• Quarterly systems review with your account manager to make sure you’re solution is working how you want it to