Commercial real estate investors will commit to spending 14% of all CRE capital into PropTech, according to Deloitte. At this point, it’s not a matter of if your company will adapt to a particular PropTech solution, it’s when.
But, one size does not always fit all. There a lot of different products on the market that all cater to a specific solution. If you don’t watch yourself, you can easily end up in a mess of a handful of different apps that create a complicated system.
If you’re thinking about purchasing PropTech for your business there a few key questions you need to ask yourself before you start looking.
What problems do you want to solve?
What processes do you need to improve? What metrics or results do you want to see that you aren’t currently getting?
There are probably multiple answers to the questions above. Which is why an all-encompassing property management tool is ideal.
Mallcomm offers marketing, sales and connectivity solutions that connect retailers to their customers, but also to their buildings and property managers. But Mallcomm also offers so much more. Maintenance requests, special events, staff programs, and communications can all be managed from a smartphone with Mallcomm. Build as a modular platform, it enables you to choose those functionalities that are essential for your location. Once implemented, it’s easy to add different features and grow the platform over time.
What KPIs should you be setting?
Sales and tenant engagement? Tenant satisfaction and engagement? Response rates and customer satisfaction?
As managers and marketers, we have more data sources than ever at our fingertips. The right technology will tell you exactly what you want to know. Not a little bit of what you’re looking for, with a lot of extras you won’t use.
Tracking should be two dimensional. It should allow for tenants to track performance with customers, but also the shopping centers they’re housed it. For example, with Mallcomm portfolio benchmarks are enabled to understand how different locations, countries, and teams are managing their communication. This can help track KPIs, content, and usage throughout your portfolio.
It’s also vital that your team be realistic about measuring ROI. But at the same time be assured you will see a return in the long term.
Will it improve the tenant experience?
Tenants don’t just want to set up shop in a building. They want to join a community. Not only for their own experience but because their customers want it too.
Surveys and feedback are simple to send and receive for property and store managers on Mallcomm. Flash sales, special offers, and promotions can all be implemented and tracked on the app.
The tenant experience is also improved by making it possible to make requests at any time from anywhere. Things like property access, car parking, maintenance, system control, and food ordering can all be done quickly and conveniently. No more having to make multiple phone calls and trying to figure out who’s on the property and what protocols are.
Do you have the right resources?
When new technology fails to launch in an organization, it typically has more to do with there not being the appropriate infrastructure in place to support it verses there being a problem with the product itself.
It’s important to first make sure you have support from the C-level. It’s the only way to ensure that you’ll get the bodies and budget you’ll need to properly integrate your system.
Once you have the support of executive management, it’s time to take a hard look at your current team. Do you have all of the essential hires you’ll need to launch and support this software moving forward? How will training and ongoing management look?
Is this new technology flexible? Will it integrate with existing systems well?
So, Are You Really Ready for a PropTech Solution?
“Maintaining high tenant satisfaction is top priority for 97% of facility and real estate managers. 61% of property companies believe a tech investment today will positively impact their revenues for years to come.”
The format that shopping centers do business and are run is going to be completely different in the next decade.
Funding for venture capital investment into commercial real estate technology reached $108,438,923 in December 2018, according to ReTech. A number that’s only going to grow.
Having the right platforms in place now to support inevitable change and growth. Centers that implement technology now, will position themselves at the top of the pack now and in the long-term.
Have questions about PropTech?Visit our booth in the Innovation Exchange at ICSC Recon or arrange an appointment now.