PropTech Post COVID-19 | Nine Four Ventures
“So, the question of the month (for us at Nine Four, at least) remains – how will COVID-19 change the real estate world moving forward? What shifts will we see not only now, but also when this is all over? I think we are bound to see a more hygienic and sanitized real estate world. There are many ways this could play out, but the main theme here will be that people will turn to technology even more than usual – transactions will still need to take place, but people will care less and less about the so-called “human touch”. Less human interaction means more automation, more computer vision, essentially, more technology.”
“It seems that all of the big tech companies today are introducing their own version of a digital voice assistant. They are investing in new technology, all vying to be the smart tech in your home. While companies like Apple, Amazon, and Google would love to sell you a home speaker, they also realize the bigger incentive is to integrate their software into other everyday products like your home appliances. To do this they have joined together to create a new connectivity standard that lets anyone build hardware that is compatible with each company’s digital assistant software.”
“Ultimately, OpenSpace improves cross-functional coordination by enabling complete documentation of job sites, making it easier to resolve issues when they arise.”
“The parties should consider using cameras to photograph and video the work. Photographic and video documentation of work in place will not only help visualize current progress for future planning, but may also reduce any future dispute over the status of any particular element of the work, especially if there is a discrepancy with records such as daily reports or project logs.”
Multifamily Redefined | Multifamily Executive
“To be sure, COVID-19 is disrupting our multifamily world in more ways than we can count. But this new environment has exposed our weaknesses and forced us all to get a little creative and accelerate the process for finding solutions.
Fortunately, technology is providing us with new solutions in the critical areas of health, renter finance and customer experience—all of which will remain essential in the post-COVID-19 world. Hopefully we can come out of this crisis a stronger, smarter and more high-tech version of ourselves.”
“Building design is also likely to see a surge of touchless and sensor technology and features in the future, which will also reduce the transmission of disease, Heinly said. The use of touchless technology could extend beyond just the entry doors to a building. An app on a phone could enable touchless entry to elevators, tenant suite doors and even bathrooms.”
“For some, a recession can even be an opportunity to get ahead. As competitors scramble to recover, a well-run, fully functioning property or portfolio full of satisfied occupants will be better positioned to drive rent and occupancy higher.
But there is no need to wait for a downturn to invest in technology. To reap the full benefits of optimized operations, the time to adopt is always now. For proactive building owners and operators, the value of high-functioning technology will start accruing immediately. As a bonus, their properties will become more resilient — ready to safeguard value when the economic tide recedes.”