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Property technology deals are expected to accelerate this year as Covid-19 forces the digital transformation of an industry historically resistant to change, executives and others say.
This week, flexible workspace operator (and one-time unicorn) Knotel announced it had filed for bankruptcy and that its assets were being acquired by investor and commercial real estate brokerage Newmark for a reported $70 million. Knotel designed, built and ran custom headquarters for companies. It then managed the spaces with “flexible” terms. In March 2020, it was reportedly valued at $1.6 billion.
Realty portal Housing.com on Tuesday said it has tied up with Gurugram-based property and rental management technology firm Propdial to strengthen its rent services business. The tie-up will help the company to provide property management services such as renting/leasing, tenant background verification, rental agreement and rent collection/bill payment, Housing.com said in a statement.
Technology has entered almost every aspect of life from education and healthcare to the construction and automotive industry. Designed to make life easier and streamline almost every task we encounter, it was only a matter of time before the real estate market saw the integration of technology as well. Agents and investors are now seeing first hand how tech is transforming the way they do business. By definition, PropTech (or property technology) is the application of technology and economics in the real estate industry. In order to stay ahead of the times, you need to understand what tech options are available and how to apply them.
When it comes to running a multifamily property, you’ve got to juggle a lot of moving parts. So when it comes to taking advantage of the “new way of doing things,” you’ve got to be committed to “firing” the status quo. That can be scary, risky and difficult. Doing nothing often seems like the safer bet. That’s why many multifamily operators stay with legacy processes in their maintenance operations rather than shifting to new technologies.
The company’s platform serves connected homes, delivering features like optimum Wi-Fi, parental controls and motion sensing to smart home residents while giving communication service providers back-end applications to provide support. The cloud platform essentially helps curate services throughout the home, according to CEO Fahri Diner.