19 MAY - 2023PropTechOutlookPerhaps the best example of this is our customer app, used by around 380 residents across 315 apartments in our first build-to-rent community, LIV Indigo, located at Sydney Olympic Park. It provides valuable data informing us about how residents live and use the services and spaces available. For example, the data from LIV Indigo has shown our media room is the most booked amenity, particularly on Fridays and Saturdays, so we're using this insight to evolve the design of our future LIV developments. Our LIV Munro development in Melbourne is now set to have two media/cinema rooms when it launches later this year. In addition, there is a correlation between amenity utilization and retention of residents at LIV Indigo, so simplifying this process and access to facilities provides a clear long-term upside. PropTech is making life easier for LIV.Importantly, the app is also simplifying life admin for residents and the building management team. On any given day, up to 80 parcels arrive at LIV Indigo. The app makes it easy for residents to book a collection time and for the building management team to process the deliveries, allowing for a 24-hour pick-up through a secure system. In addition, residents are also using it to make maintenance requests, with 95 percent of service requests coming through the app. These insights show that when used effectively, PropTech has the power to influence behavioral change and ultimately make life at home easier for residents. It has the ability to build communities. Not only can it be used to book community spaces, it app provides notifications about upcoming community events, helping to create a greater sense of belonging for residents in their home environment and encouraging more social interactions.Shaping the futureThe benefits of PropTech are clear in terms of the insights it can provide and the business opportunities it opens up, but it's not just about having a `piece of digital bling' in place. The value comes from using PropTech alongside other customer contact points, such as market research, focus groups, and surveys, to get constant customer feedback and use this to shape the overall customer experience. In the same way, our net promoter score (NPS) is critical to help us understand what we're doing right and what we need to do better. We need to constantly evaluate our digital assets and ask ­ they are achieving what we set out to achieve, and if not, what do we need to do to make sure they are? Our customers are constantly evolving, and so are our business and technology solutions.The only constant is change.In a post-COVID world, home and work life are being redesigned, and the lines are being blurred. Our focus is increasingly moving towards a place where digital solutions are designed to reach every aspect of the customer lifecycle and offer a series of connected experiences. We have a saying internally that `we design for people, not postcards.' The solutions we design don't need to be pretty, they need to be functional and user-friendly, and as we continue to revisit and rework our PropTech solutions, this mantra will play an important role in the journey.
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