In Part 1 of our series, we introduced the concept of
In this Part 2 of our series, we explore the benefits of
What are the Benefits of Companies Implementing PropTech?
Licensing. Consumers in both the residential and commercial real estate sectors are demanding new and innovative products, not only increasing convenience, but also their trust and ability to remain safe and secure in their homes, offices, and public spaces. Property developers, therefore, have opportunities to license-in new, innovative, and practical
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Locomobi's solutions that integrate smart technologies for daily conveniences like parking, tolling, transit and storage,1 allowing developers to introduce highly efficient and interactive
- Licensing smart home technologies to condo corporations or commercial landlords allows for remote control of building functionality (for example, temperature adjustments, door and window locking, leak/floor detection) which can provide cost savings and environmental efficiencies; and
- Managing the rental relationship (in both commercial and residential developments) through technology which allows for more efficient communications, accessibility to key tenant and leasing features (such as boardroom or games room booking), and increased functionality for invoicing, assessment charging, and related reporting.
- Large-scale residential or commercial developments integrating
PropTech focused on energy efficiency, such as smart lighting;7 - Increased accessibility and barrier removal for those experiencing a disability; for example, smart lighting allows visually impaired people to control and be aware of the lighting in their homes through their smart device;8 and
- Commercial real estate owners' ability to achieve environmental standards such as WELL and LEED Certification through the use of
PropTech , increasing the attractiveness of their assets to the highest caliber of tenants.
Better Return Through Data Collection. The ability to collect and analyze data on a real estate project, from pre-construction to post-occupancy, offers businesses the ability to improve and streamline future projects. Real estate firms are leveraging technology and data to deepen their client relationships. With information on a project gathered in a single and accessible space, whether it be information on the sale of a residential home2 or engaging with a commercial space as an office tenant,3
Environmental and Social Improvements. Many consumers continue to seek streamlined services and luxury products at reasonable prices. They are also now increasingly socially conscious; that is, more interested in the environmental and social impacts of their purchases, and willing to spend more to ensure they are lessening their global impact. As such, commercial and personal consumers are increasingly investing in ESG (Environmental, Social and Governance) initiatives, and
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Carbon Cure, inserting carbon dioxide into concrete in order to reduce its carbon footprint;6
This Part 2 of our
If you are looking for advice navigating
Footnotes
1 "Smart City Solutions" (last visited
2 "Properly" (last visited
3 "Lane" (last visited
4 "Smart thermostats" (last visited
5 "Tread" (last visited
6 "Carbon Cure" (last visited
7 See for example, "
8 Wirecutter, "These Smart Home Devices Can Enhance Independence for People with Disabilities and Mobility Needs" (last updated
Co-authored by
The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.
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