Viewpoint posted on Mar 6, 2019

What is ‘PropTech’ exactly, and how is it related to coworking?

In real estate, technology used to mean making sure the wiring of a building is executed in a proper matter and now and again replacing some defect appliances. With the rise of IoT and therefor smarthomes, more real estate agencies realize properties and technology are a very profitable duo. The manual approach of collecting data simply doesn't cut it anymore.

Here comes in PropTech:

PropTech is the collective name for all technological applications where all property can benefit from. Also referred to as ‘CREtech’ (Commercial Real Estate Technology) or ‘Retech’ (Real Estate Technology). It is enriching real estate and changing the way we design, buy, build, sell, use and overall manage our properties. This also applies to the way we work.

Since most people around the globe nowadays rely on mobile technology it becomes more and more accessible for developers and business owners to present these new technologies to commercial property owners. The many (new) technologies that communicate with one another define PropTech: Creating innovative real estate that feels modern and digitized. Think of the smarthome of today: Equipped with gadgets like Alexa, Nest: The smart thermostat, or even a cloud-based access control solution like SALTO KS. These innovative problem solvers come with many benefits like reducing your carbon footprint by collecting data received from these smart appliances, which come in handy when you, for instance, own a coworking space.

Coworking in Proptech has become unthinkable. With the emerging demand of flexible workplaces with immediate access, no (long-term) lease and top-notch Wi-Fi connection PropTech got even bigger. By automating operational tasks with management software like our integration partner Office RnD offers, you’ll win time to build your brand and perfect your member experience. With the received data you can figure out your space’s pain points and find out where there’s more room for improvement.

Embracing technology for your building means you differentiate yourself from other spaces and are able to offer your members the best possible coworking experience. From finding a space online, onboarding, facilitating outstanding Wi-Fi connectivity, billing and invoicing: It should all be as efficient as possible. Automation is the solution.

Facility managers of coworking spaces are getting more accustomed to IoT. Where physical devices are embedded with electronics or software to, amongst other things, collect data that can reveal inefficient patterns. This has turned the old-fashioned office spaces into real estate on demand: With no long-term contracts, but pay-as-you-go and fine-tuned-to-your-wishes subscriptions.

Expensive technological investments to smarten up your building(s) can seem daunting, but these investments tend to pay for themselves within a year by reducing, for example, your energy bill. Famous examples of companies that are known for combining properties with technology are Airbnb, WeWork, Purplebricks, SALTO Systems and Nest.

PropTech has been around for some time now, but the last couple of years (since 2014) the PropTech ecosystem really is booming. It’s suspected that by 2020 there will be 20 milliard dollars invested in PropTech. That’s a serious amount, and this is only the beginning.

We highly recommend welcoming technology into your space sooner rather than later to keep ahead of the coworking game.

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SALTO KS provides a flexible access control management system that requires no software installation or the added expense of a fully-wired electronic product. Modern cloud-based, wireless access control system is easy and simple to use for businesses including Coworking Spaces, Coliving Buildings, Purpose Built Student Accommodation, Retail, Multi-Tenant Housing, Gyms and many more. Our best in class wireless access control solution and smart locks guarantee the efficiency for your business. Integrate smart locks, start easily managing wireless access control now!