Despite the surplus of innovative technologies available, the rental housing industry has mostly avoided the hype—unless its PropTech.
According to Robert E. DeWitt, President and CEO of GID, much of the attraction of PropTech is due to its ability to assist with real estate operations, purchases and sales, reports Multifamily Executive.
Among property managers, venture capitalists and startups alike, the potential for PropTech growth within the multifamily housing industry is evident.
"I've never seen it more activated," DeWitt tells Multifamily Executive. "I'd say that all of the companies I'm aware of—the big public companies and the big private companies—have the same goal that we have in terms of availing themselves of new PropTech."
However, interest is not enough to make this integration successful, and all hands are needed on deck.
"Most recognize that we're real estate companies first and not technology companies," DeWitt tells Multifamily Executive. "And we could all spend a lot of time and energy trying to develop something that's proprietary, and yet we'll probably never get it right."
Cohesion is needed between PropTech providers and investors in order to ensure that things can and will go smoothly, which can be established through transparency and research into company culture on both sides.