Proptech has been the buzz word in the realty world for quite some time now, and its prominence surged in the year 2020 when the novel coronavirus hit the world leading to our increased dependence on technology. If one begins tracing the genesis of technology integrating with the property sector, some industry experts claim that the waves of digitisation began in the 1980s. But what exactly is Proptech, and how it has impacted our industry?
Proptech, or as some would call it property technology, is an umbrella term used to describe various innovative and advanced technological tools that provide new business models for the real estate market. In simpler terms, Forbes defines it as, the acronym used to describe any technology for the real estate space.
The process of the introduction of technology in the property sector was an inevitable occurrence. This wave has already left other sectors admiring its benefits in the form of improved efficiency, simpler processes and better customer experience. Although real estate was late to embrace this change in the beginning, with everyday improvements, it has now succeeded in gaining the trust of the sector.
Following are some ways in which Proptech is reshaping the real estate industry:
AR and VR - Augmented reality and Virtual Reality have gained more traction during the pandemic as realtors are using them for property staging, virtual tours and the visual representation of properties under the development phase. Although this technology is still evolving, the advantage of added convenience in the home buying process is persuading every real estate organisation to invest in this technology.
IoT - Organisations in the realty sector are adopting the Internet of Things to streamline everyday operations and improve customer experience. It can be as basic as interacting with a client using an online platform or as complex as closing a deal virtually using digitised documents. In simple terms, IoT is any process that is digitised to improve efficiency. With IoT, every vital information is recorded and saved safely, and one can access it easily using the fingers. One can search and compare developers, agencies, insurance companies, banks and property managers conveniently with the help of IoT.
3D printing - You might have come across tiny models of buildings and homes placed elegantly in the lobbies of the sales offices, that are placed there to help customers envision the projects that are under development in an accurate fashion. This technology is widely used nowadays by every developer. In fact, the 3D printing trend has been taken to a whole new level by some developers, who are actually printing largescale 3D model of homes that can be inhabited and used for day to day living purposes. This new take on 3D printing is set to transform the landscape of affordable housing for good. Stay tuned to witness the evolution of this proptech feature in the near future.
Data - Proptech has changed the way data was collected, stored, analysed and accessed. Realtors now use technology to collect and access reliable data conveniently and for further analysing it, to arrive at lucrative decisions and accurate predictions. Furnished with this information, developers and agents, property managers, and investors can make strategic plans to build their clientele and businesses smartly.
That time has now elapsed where one could survive and thrive in the market without technology. It is now better to embrace technology in order to survive in a fast-paced and dynamic world to achieve the desired success.