Proptech is hot right now. Portals know that users put convenience and efficiency above all else when it comes to hunting for a new home or selling the one they have. There are a number of new and old (though updated) technologies out there that portals are utilizing to make relevant for the real estate industry.
VTS has just launched a new tool for landlords that is doing just that. With remote work becoming the new norm, VTS Data offers property management users data on fluctuating supply and demand in real-time.
It’s basically a data-sharing tool that collects and anonymizes data from landlords and broker clients for users to do with as they will.
When it comes to real estate, this tool can keep track of how many tenants there are in a market who are currently searching for space to rent, along with their industries, space, and rent requirements.
VTS is at the forefront of proptech. Another example of this is its VTS Market, an online marketplace for listings and virtual tours. Virtual tours have continued to gain traction in the global real estate market. VTS wasn’t far behind the big names when it came to jumping on that bandwagon.
VTS Data reflects only the activity on the VTS platform as of now. But the company assures that the platform is used to manage 12 billion square feet of space, equating to 60% of Class A office buildings across North America. Even if the tool only uses the data VTS has, that’s still a sizeable amount.
This useful tool is currently for landlords and property managers within the commercial sector. It’s only a matter of time before something similar is launched for residential real estate.