The Real Estate is undergoing through a digital transformation and this revolution has been possible only because of PropTech. In simple terms, PropTech is the digitization of the property sector including residential and commercial building models. While this is just a small part of the wider technology transformation in the real estate sector, it includes a shift in both the digital and mental aspect of the industry. At its core, PropTech brings the focus to the consumer experience as compared to the traditional location-focus property market. The fundamental question is of how a customer experiences the property and how the property developers can extract value from this data. Furthermore, the decision-making is not derived from the consumer insights but also depends upon the integration of retailer, building, location, market, etc.
What is PropTech?
It is an innovative approach to the property industry in which digitization optimizes the way people search, rent-out, buy, sell, and manage a property land/unit. Proptech technology benefits all the parties involved from developers, investors to the property management companies, especially in the commercial real estate. The technology is empowering the developers to create energy self-sufficient building structures. The commercial property architectures and integration of modern technology help to improve the air quality by encouraging electric equipment to reduce emissions. Along with this, the digitalization has proved a boon to the property agents and consumers as it helps in crime prevention and security. The technology helps combat fraud and money laundering and also has strict identity checks.
Transforming Real Estate:
The companies which are using are creating PropTech are utilizing the innovative cutting-edge technology in their processes. These technologies allow the businesses to improve efficiency in the property industry, to make the leasing process better and data insights to create a customer experience. Major markets have been disrupted by technology like AirBnB, Uber, Opendoor etc. The Proptech focuses to bring similar disruption in the real estate industry. To offer streamlined efficiency, simpler processes, and better consumer experience is few of the changes witnessed in the property market. Also, not just limited to the above the technology in real estate has brought Affordability, Automation in processes, more Flexibility and high-end secure transactions, etc.
The builders have started to invest in modern equipment, marketing tools and taking the best use of technology.
Following are 2 major trending technology interventions –
Property Development Software – this helps to connect and centralize all aspects of the real estate project. This adds tremendous value to the property development companies. All the paperwork, progress, and collaboration of teams help greatly in speeding up project delivery.
Augmented Reality (AR) and Virtual Reality (VR) – this provides the power to visually display a new property to the end-users without actually visiting the property location. Its integration with sales tools has offered reduced risks and more efficiency in the development phases.
The PropTech companies are committed to bringing change for the betterment of the real estate industry. The real estate professionals are upgrading themselves with the technology and integrating their projects with it.