Is PropTech Transforming the Real Estate Market?

With the evolution of technology, almost every industry is moving along with it in order to embrace a digital future. With the kind of potential it offers, real estate is no exception.

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Property technology fondly called prop-tech is bringing in a new wave of radical changes that will alter the dynamics of the real estate landscape. With the current generation of internet savvy users, it is obvious that the integral mode of communicating with them is through technology; and sooner the realtors understand that they better they can leverage it to transform their business and the market. 

Prop tech is an incredibly powerful driver of change for the real estate marketplace. There is a huge appetite to streamline this ecosystem which is buzzing with traditional and incumbent structures. It won’t be crazy to imagine the plethora of opportunities and alternative solutions that are soon going to enter the mainstream in the form of innovations and technological inventions. And if you are gearing up to deliver an experiential customer journey, improved property service and a positive shift towards the real estate market then the below-mentioned trends will certainly revolutionalise you to engage and convert better. 

Adoption of AR/ VR-

The entire process of buying a space has always been the most cumbersome task one has to undertake. Right from visiting several buildings and apartments in order to get a basic idea of the place, to haggling with dealers and estate agents on getting things done your way, and less than we mention the uncertainties, inconsistency and obscurity in deals that are added to the process. There is indeed a burgeoning need for us to accelerate technological consumption for the sake of our customers. With augmented reality and virtual reality penetrating our lives, adopting the same into the realty market will do more wonders now than ever to the real estate sector. The ability to give your customers an immersive walkthrough experience by letting them actually see how the interiors of a space look like even before its ready is one of the best ways to hone the potential of this innovative technique. 

Adding another feather to their cap is their ability to allow you to not be physically present while inspecting places. AR/VR provides you with the most comfortable and convenient edge of allowing potential customers to enjoy the view from the comfort of their home. The high definition display that is accessible through smartphones enhances every bit of property feature that is relevant to the customer’s decision-making process. With the use of tech-enabled apps and tools, the real estate industry will not only become way more transparent than before, but the time taken on purchase decisions, and project completions will be faster than ever. In addition to that virtual reality can save a lot of money that goes into designing and development of individual spaces.

Big Data:

The ability to connect prospective buyers to a relevant property is a great transformation that will dismantle the traditional way of buying and selling properties. Apart from connecting a potential customer with the most relevant and appropriate property, it is also enabling realtors to predict real estate trends, build a customer profile, analyse market trends and development, evaluate risks and approaches, as well as understand possibilities and necessities that can drive change. There is an entire influx of information that is available to the realtors, and utilization of Big Data streamlines the valuable potential the industry has for further development. Big data techniques and analysis is an innovation that is not only beneficial to the property owners but also to the stakeholders associated with it. 

Block Chain:

Things are not just efficient in the way we interact but also how we transact. The most integral disruption that prop-tech did chaperone into the real estate industry, blocks chain. Considered to be a game changer in the industry, Block Chain has taken away the most tedious task involved with property buying and selling – documentation and transaction. The integration of smart contracts has not just done away with meaningless discrepancies that arose with burdensome documentation, lack of transparency, problems with loan mitigation, superfluous broker commission, monetary integrity and transactional friction; it has instead streamlined the entire business process in the real estate sector. Thanks to the power of the internet, Block Chain can verify and authenticate all sale and purchase processes. This not only speeds up the sale but also provides seamless ownership. However, it is still in its neonate mode and will take a while to become a reality. But it is a new beginning to eagerly look forward to. 

The combination of AR/ VR technologies along with Big Data and Block Chain has the power to transform decision making in real-estate sector like never before! The magic is waiting to happen at the intersection of these technologies which empower virtual experiences powered by data insights.

It is hence, proven that the potential that prop tech holds is undeniable. With its correct application, the real estate sector is poised for a technological explosion. Whether it is trends like the internet of things- sensors that translate into action, geolocation tagging for property evaluations, usage of drones for a panoramic property view or even integration of chatbots; there is just so much to begin with. Prop tech is transforming the Real Estate Market for good. It is influencing smart buildings, initiating migration of new customers and providing a better social infrastructure that is not only effective and efficient but brings a myriad of possibilities and propositions along with it. This is the next wave of change, you just need to ride it soon enough.


Tags assigned to this article:
PropTech real estate AR/VR big data Blockchain

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