Property Technology is quickly becoming a key player in property management around the globe. Its cutting-edge software and innovative service make it easier for everyone involved in the real estate industry.
Malaysia is no exception, the rapid development of property technology has made this country an excellent “hotspot” to set up this business. Further, property technology in Malaysia has become a trend and rapidly growing during the pandemic. Proptech startups could support the industry's survival and growth by using a wide range of technologies.
Proptech helps customers access property online such as buying, renting, booking online, and more easily.
What is property technology?
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The term Property Technology or simply PropTech refers to the application of Information Technology and economic platforms to the real estate industry. Economic platforms allow users to see how social and economic factors influence the industry by providing access to a digital interface. Proptech is another name for Real estate technology.
Proptech was started with (dot-com), and now the real estate industry is growing rapidly, shifting from print media to digital media. The pioneers in this field were businesses like Rightmove in the U.K. and Zillow in the U.S.
Are you familiar with Airbnb? Well, Airbnb is also one of the most popular proptech in 2008 that started offering homes or other real estate owners to rent out their properties for a portion of the year.
Proptech is supported by cutting-edge technology like big data and artificial intelligence (AI). With the help of extensive data collection and analysis, research, and new technology, businesses can now interact with customers in more relevant ways as well as through web apps and mobile apps.
In the last few years, we have seen an increase in funding for PropTech businesses. Investors contributed up to $9.2 billion to the business between 2010 and 2020.
Because the property technology industry is on the rise worldwide, let's take a look at the best six proptech startups in Malaysia.
1. Together Living
Together Living is a co-living platform from Malaysia that uses technology and design to transform room leasing for customers. It offers a constructed high-quality living space that encourages individuals to live and grow together.
Further, Together Living collaboration with real estate investors transforms the way tenants live by digitising manual processes and creating solutions that are specifically suited to meet all of their demands.
Customers can find homes that are personally designed, fully furnished, and include comprehensive cleaning, maintenance, community activities, and lifestyle services to fit every personality and lifestyle.
2. SPEEDHOME
SPEEDHOME (previously known as Speedrent in 2019) was built by Speedrent Technology SDN BHD, a licensed insurance firm founded in 2015, aims to improve the efficiency of renting while enhancing home rental protection.
Further, It gives tenants and landlords access to a platform for renting that is more dependable and safe with rental protection and intensifies. Landlords may protect their properties using Allianz General Insurance, which has served as its official rental insurance provider since 2017. Tenants can rent with no security deposit.
3. Didian
Didian is a B2B real estate platform that connects real estate agents and negotiators with basically completed developer offerings.
By matching agents to the correct projects based on their experience and offering complete backend support for administrative work, the Didian platform uses technology to make selling real estate easier. With its special Marketplace Rewards and 7-day Express Commission, Didian claims additional acknowledgement of successful sales efforts.
Over 600 agents and negotiators have received assistance from Didian to date, and they have been paired with projects with a Gross Development Value of nearly RM1 billion.
4. iProperty
iProperty is an online marketplace specialising in Malaysian real estate properties for sale and rent. iProperty is a partnership with PropertyGuru, a property technology company in Southeast Asia.
Customers can access property tools and info such as loan care, transaction data, property guide, and advertising in iProperty. As one of the pioneers of proptech startups in Malaysia, iProperty has survived amidst the Covid-19 impact on the economy.
5. MHub
MHub is the end-to-end property transaction platform in Malaysia, accounting for 28.3% of all primary residential transactions in the country in 2020, according to its official website.
Further, MHub offers real-time data visibility of listing available units, credit available, and financial choice. Also, it provides services and client software that connect all parties and streamline the entire real estate transaction process.
6. PropSocial
PropSocial was established in 2014. It’s a real estate listing and review website. Users can see reviews of properties as well as list the property information. Users receive reviews of actual feedback on communities and homes straight from end users to assist buyers in making objective decisions.
Further, users can find agent property on the PropSocial website. It fills the gap with customer reviews of locations and properties, enhancing the value of real estate searches. Also, through data, suggestions, and user reviews, it offers viewers a comprehensive insight into any Malaysian location.
How PropTech improves property management
Property management is an important part of the real estate business. By using technology to improve the property management process, you can reduce time and money spent on administrative tasks, help increase efficiency, and make your property more accessible and responsive.
Technology can be used in a number of ways to improve property management, including below.
- Recording and tracking property ownership
- Automation of security processes
- Streamlining the communication between landlords, tenants, and other stakeholders
- Enhancing marketing efforts
- Making it easier for tenants to find their units
- Automation repairs and maintenance
The key to improving property management
In order to improve property management, innovation is the key. By exploring new ways to improve the process, you can make it more efficient and easier for everyone involved. Some ideas include:
- Developing web app and mobile apps
- Improving the accuracy of property ownership data
- Enhancing the user experience with interactive apps
To sum up
Property Technology helps property management be more affordable, robust, and user-friendly. By improving the efficiency and user experience of property management, property technology can help improve the overall quality of life for residents in Malaysia and other nearby communities.
In the modern digital era, technology and real estate go hand in hand. Thanks to technological improvements, realtors now have additional ways to convince potential buyers to buy properties.
Do you need help in building a proptech company? With highly skilled professionals, VirtualSpirit can assure you get the best technology improvement to help you build your proptech company. Book us a call now!
