2018 was something of a breakthrough year for proptech - more solutions and providers are jostling for space in an increasingly crowded marketplace and, as a consequence (and/or a recognition that the needs of tenants have developed in the past couple of years), more letting and estate agents are using property management software than ever before.
This is hugely encouraging as a sign that the industry is realising that they need to begin tailoring their offerings to the needs of their customers - after all, if the customers can get what they need from a competitor, then they’ll sign up with them. The number of people using digital solutions like repair reporting software (yes, like Fixflo) is only going to rise over the coming years, if the numbers in the Fixflo Report 2018 were anything to go by (and we think they were).
This embracing of tech will develop in the adoption of cloud-based technologies that are designed to bridge the gap between internal staff and external users. This will take on increasing importance in light of the widespread desire to both increase service levels and to deliver those services more efficiently.
While we’re unlikely to see a seismic change in proptech next year on the level of the first smartphone being released, the current landscape will continue to develop in other ways. The other significant development will likely be the increasing adoption of “property stacks”, a development which could herald the arrival of the fourth wave of proptech as we explained in our blog a few months ago.
Property stacks are the natural evolution of the disparate systems that many agencies use at the moment. While these systems are very good at performing the one or two functions they were designed to perform, they do not cover everything that an agency or its customers might need. Property stacks incorporate several solutions which, though they have been developed by different companies, are able to work in tandem with each other via integration partnerships. This will give consumers a one-stop shop for everything they and their customers might need to communicate and work together to solve. As a cost-effective and efficient service to offer new customers, property stacks should be seen as the next stage in proptech’s ongoing evolution throughout 2019 and beyond.
Those who want to get ahead of the curve next year should look at adopting property stacks now - for more of our predictions for 2018, download our free eBook by clicking on the image below.