Why this Neighborhood OS is Leading the PropTech Revolution

Historically speaking, the real estate industry is notorious for its resistance to adopting technologies. Despite the emergence of the latest breakthroughs that have been disrupting a myriad of sectors left and right, real estate leaders still have a substantial catch-up to do.

And while the advantages of employing SaaS, ML, and AI are apparent, the reluctance to embrace innovation holds back the property ecosystem from reaching its full potential. What’s more, it also affects renters, property owners, managers, and brokers from getting the optimal benefits that other industries are already enjoying.

This anti-technology mindset roots in several factors. From cost and ROI, and data privacy concerns, to conflict of traditional systems. But as startups emerge intending to overhaul obsolete practices, progressive leaders are coming to terms with employing cutting-edge solutions to stay ahead of the curve.

The Epicenter of the PropTech Revolution

The property technology revolution has been the catalyst for revamping the real estate industry’s outdated practices. ‘PropTech’ can enhance the efficiency and transparency of property transactions, such as buying, selling, and renting, while also introducing fresh opportunities for the utilization and occupation of space. In fact, research shows that the global proptech market has the potential to experience substantial growth, with experts predicting its value to increase from $18.2 billion in 2022 to $86.5 billion by 2032.

As digitalization further ingrains itself in the fabric of the real estate industry, leveraging big data will also become increasingly influential in property management. The demand for smart homes equipped with IoT-enabled devices is on the rise, primarily driven by the tech-savvy millennial generation, which now accounts for 43% of the housing market. Furthermore, ML and AI will play a significant role in analyzing vast amounts of real estate data and personalizing customer experiences online, particularly as virtual house hunts become the predominant method for searching and researching properties.

Fundamentally, these innovative systems revolve around leveraging technology to address the sector’s challenges and customer’s pains. Whether it involves simplifying the search for an ideal residence or streamlining the construction procedures, proptech is reshaping everyone’s perspectives on and utilization of properties. At the epicenter of this revolution is MyTower, an Israel-based startup that offers an all-in-one platform and operating system for next-gen property intelligence management.

Real Estate Meets IoT and AI

Also known as Neighborhood OS, MyTower utilizes IoT and AI advancements to assist various clients, including real estate developers, property managers, and tenants. The company’s solution facilitates improved connectivity and management of properties and services, with features like on-demand concierge services, rent collection, a tenant loyalty program, and a marketplace of local and Israeli IoB (Internet of Buildings) solutions to cater to the needs of both landlords and property owners.

MyTower provides a wide range of customizable solutions that seamlessly integrate into the user’s current workflow and cater to their specific requirements. These solutions encompass various aspects, including facility and personnel management, a business intelligence (BI) platform for predicting needs, proactive and preventive maintenance, a unified property dashboard, finance and lease management, employee and attendance supervision, suppliers and contractors management, and platform synergy.

Through MyTower’s platform, automated innovations are implemented to ensure a seamless connection between different stages of the process, eliminating the need for human intervention. This results in a smooth operational flow, substantial cost reduction, and improved efficiency.

Today, MyTower oversees a portfolio of more than 40,000 residential units and 300 towers across the globe. The company integrates 15 management solutions and 20 solutions focused on buildings and tenants, ensuring comprehensive connectivity and functionality.