The secret to effective PropTech is we need to be ready to respond

There is a saying that ‘digital is the new black. Given technology’s ability to adapt to the latest trend and be a trusty staple of any business strategy, its versatility goes without saying. And that versatility is providing significant opportunities for us at Mirvac – and our customers.

Having a high level of digital capability means we can respond to the evolving needs of our customers while accessing data we can turn into meaningful insights, shaping every aspect of our customers’ journeys. It also influences the planning of our future developments. PropTech isn’t just about having the latest shiny toys or even a technology solution; it’s about embedding the insight it delivers into the customer experience strategy, building functionality that meets customers’ needs, and then continuously reviewing your strategy to achieve that.

Breaking down barriers at scale

Mirvac has a unique position in the Australian property industry. We operate using an integrated model, meaning that we have removed the limitations of working in asset class silos, which has unlocked significant opportunities for our business and, most importantly, our customers. It means we are designing technology solutions to be integrated across the different asset classes, creating efficiencies and providing us the ability to gain valuable learnings that can be applied business-wide.

While having an intuitive and user-friendly interface is critical for our customers, having the right platform behind that means it can be scaled up across other assets over time. As a business built around the customer, the value and potential of PropTech is embedded into the responsibilities of each team and not only the remit of the digital team, making it at the forefront of our business strategy.

People at the core

Human-centered design is at the core of everything we do, and our integrated approach means we have a ‘whole of customer’ view allowing us to develop our technology solutions accordingly. It means we think about our customer as a resident who lives in a LIV build to rent community, shop in one of our retail centers, or work in one of the offices we have built and continue to manage.

As a people-first organization, it also means that rather than being tech-first, we build functionality in collaboration with our users and take into consideration their environments, building technology to support the way people live, work and play. This allows us to provide seamless solutions which take the bumps and friction out of the customer journey. It’s a process that’s constantly iterative and is informing the future development strategy of our places and precincts.

Perhaps the best example of this is our customer app, used by around 380residents 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.

"The solutions we design don’t need to be pretty, they need to be functional and user-friendly"

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 future

The 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.