The Rise of PropTech in Australia: How Technology is Transforming the Real Estate Industry

Technology has changed the way we do pretty much everything. From buying groceries to exercising, there isn’t an aspect of our lives which hasn’t been affected by technology.

But one of the slowest-moving industries for tech adoption is surely the real estate industry. Only now are we seeing the rise of PropTech (property technology) in Australia, using technology to address some of the industry’s greatest challenges.

Let’s take a closer look at real estate technology in Australia, how it’s changing the property landscape and the benefits for you as a property investor:

What is PropTech?
PropTech is a cool, edgy term for any technological innovation in the real estate industry. It includes everything from apps and programs to communication platforms to analytical tools.

How is it transforming the real estate industry?
The whole point of technology is to make life easier. Yes, we all know that sometimes this doesn’t quite hit the mark (like when your internet fridge stops working because the wifi is down… helpful). But most of the time, tech advancements result in huge leaps forward in terms of efficiency. This is true for PropTech in Australia, with advancements in the following areas:

• Streamlined maintenance requests
  Managing maintenance requests has typically been a sluggish or even convoluted process – especially when properties are managed by a third party. PropTech in Australia has this process become streamlined, thanks to online maintenance request platforms. Some platforms are as easy for tenants to access as scanning a QR code (located on a fridge magnet, for example) and popping in the details from there.




• Tenant screening and onboarding
  It has never been easier to receive high volumes of applicants and screen them thoroughly – this is also thanks to the rise of PropTech. Using screening programs, property managers can quickly and effectively verify tenants’ identities, current employment, credit history, rental history and more. This makes it easier to secure quality tenants and reduce risks of late payments and property damage.




• Lease management
  Gone are the days when the signing of a lease would take several days. Now, it’s emailed via lease signing platforms, with all details ready to go, and the only thing required being an e-signature from the tenant.




• Financial management and reporting
  PropTech has also streamlined the financial side of property management, with agencies using programs which enable automated rent collection, expense management and reporting of overall property performance.

If you’re still doing things the old school way, chances are you’re losing time and money. Patrick Leo can turn that around. We’re an experienced team of property consultants, active right across Australia. We can transform your property management experience by adopting PropTech, after helping you buy quality property that aligns with your financial plans. Our goal is to make you happier, richer and more financially free. Get in touch with our team today.