This article is the first of a series of insights about The Potential of PropTech and how this type of technology is enriching customer experience and the quality of living.
We are living in an era where technology is rapidly changing the way we experience our everyday lives. Different sectors have begun to evolve and take advantage of the potential that technology can offer to improve the quality of the customer experience. A striking example developed in recent years is represented by FinTech. FinTech uses innovative technologies to distribute financial services and has already changed the approach with which consumers save, pay, borrow and invest.
In more recent times the technological revolution has slowly arrived also in the real estate industry. This revolution is called PropTech and according to the most it will certainly represent a point of no return for the sector as it is already gaining momentum and emerging as one of the biggest trends in real estate.
But what is PropTech?
The term PropTech derives from the union of the words property and technology. The most used and common way to define it is “a collective term used to define startups offering technologically innovative products or new business models for real estate markets”.
Since resident experience became the core of real estate, the aim of PropTech is to empower the end-user through the use of technology-enabled services in order to guarantee a better overall accommodation experience. The new connected customers are now characterised by a stronger decision-making power and are asking for a complete involvement in every aspect of living: from booking, to parking, to controlling the temperature and utilities, to the way they access of the building. And they expect all this comfortably within their fingertips.
PropTech companies and their solutions are blossoming, transforming the behaviour of both customers and investors. In 2019 alone $16 billions in venture capital has flowed into PropTech startups and this number is expected to continue to rise in the near future (source: TechCrunch).
Property technology permeates every bit of the customer experience and new innovative solutions are being launched daily. One of the most developed services and hottest topics in this industry is surely smart living, and in particular smart security systems. Smart safety systems enables you to control, manage and monitor the security of your property efficiently just by using an app on your smartphone.
We decided to understand more about PropTech and security, so we approached one of the biggest players in the sector as SALTO KS.
What is SALTO KS and what are they offering?
SALTO Keys as a Service is a cloud-based access control management system, bringing smart electronic locks into businesses. SALTO KS offers a flexible management system that requires no software installation nor the cost of a fully-wired electronic product, all you need is an online device with an Internet connection.
Thanks to their solutions you can remotely control who enters your property and when. You can also say goodbye to mechanical keys and collect all your access rights on a single Tag (contactless key fob). You will never need to replace a lock ever again since you can just block Tags and assign new ones easily. All of that not to mention that these technologies allow you to monitor real-time an unlimited number of doors. SALTO KS in fact can provide the right solution for both privates and large companies.
What really defines SALTO KS and caught our attention it’s their effort to provide these solutions especially to the shared living industry: Coliving, Coworking and Purpose-Built Student Accommodation.
We asked some questions to the SALTO KS team about their projects, what made them interested in these alternative forms of living and where the PropTech industry will be headed.
What were your first project in the Coliving, Coworking and Student Housing industry?
Our first big customer in the Coworking industry was IWG, which is the mother company of Regus and SPACES. We are their sole supplier of access control and that makes us extremely proud. The first memorable project in the Coliving/Student Housing industry is the work for the Medici – Quarters Group, which is now able to provide a full and entire embedded customer experience flow thanks to the KS Core technology.
What is the project you are most proud of?
We are extremely proud of all our projects and we are always on the lookout for projects that are making a difference. A good example of this is EDGE Technologies, which is a smart building in Amsterdam which is developing innovative, healthy and sustainable buildings. Their goal is to reinvent the modern workplace as a driver for health, sustainability and innovation. We are proud to be a part of this new movement!
How did your offerings evolved over time?
After establishing a solid and reliable product foundation we started looking into the holistic side of the software. Besides continuously working on the product, to make it better, faster, smarter, we are shining a light on how the product actually changes lives.
Ways to unlock
Where do you think your industry is heading?
The industry of cloud-based access control is headed into touching many different verticals such as Coworking, Coliving and Hospitality for example. Integrating existing management tools has never been easier via cloud and this will literally open doors to many more industries.
What is your company’s superpower and what makes you special from other smart lock providers?
We tend to look beyond the lock (which, by the way, can fit any door worldwide). That holistic approach is definitely our superpower and what makes SALTO KS stand out. At the end of the day, we unlock solutions to fight off loneliness in Coliving and we enable awesome collaborations in the Coworking segment.
What is the added value of your ‘holistic approach’ for the industry (f.e. Coliving one)?
Since SALTO KS focuses on Coliving as a vertical on corporate level we learn about the overall needs of the sector and try to personalise solutions based on business cases by developing an MVP and crafting a solution according to measurements.
Additionally, every few months SALTO KS hosts the so-called #colivingmeetup in their Amsterdam office, inviting our Think-Tank partners: admirable people from the industry and anyone who wants to know more about Coliving. These meetings are meant to share thoughts and news about the Coliving sector and how to make it even bigger around the globe.
Interested to learn more about cloud-based access control solutions and SALTO KS? Click here.
Images courtesy of SALTO KS.
Being a frontrunner in the development of the shared living industry we were glad to partner up with SALTO KS and share their willingness and efforts to make a positive impact in the Coliving, PBSA and Coworking segment. Together it’s easier to develop a better, smarter future for our cities and buildings propelled by technology and innovation.
Real estate used to be a conservative industry, but it seems that things are changing fast, mainly thanks to the impact of PropTech solutions, such as SALTO KS’s smart security systems. These emerging tech-enabled services are already making a difference within the real estate business by enhancing existing assets and minimising traditional costs, but most importantly by improving the living experience of modern tenants globally.
Stay tuned for more articles for our The Potential of PropTech series that will come out soon. Feel free to take a look at our other SPX Lab articles and make sure to subscribe to our newsletter to be the first to receive insights straight to your inbox.