Proptech is the newest catchphrase in the real estate industry. It’s commonly known as the industry’s innovation driver and disruption power.
Property technology is the modern solution for real estate marketers and specialists struggling with paperwork piles or looking for better ways to meet their customer’s needs.
What is proptech, and how has it changed the real estate industry?
What Is Proptech?
Property technology or proptech refers to the digital tools real estate marketers use to improve the way individuals research, buy, market, sell, and manage a real estate property.
These innovative digital tools are Retech, Real Estate Tech, or Realtech. They provide a powerful configuration between the real estate industry and technology.
Ways in Which Proptech Has Changed the Real Estate Industry
Proptech has brought innovation into the daily operations of nearly every participant in the real estate industry. These participants include:
- Brokers
- Tenants
- Investors
- Landlords
Real Estate Brokers
For brokers, the implementation of property tech solutions means:
Paperwork Automation and Cost Reduction
Proptech entails artificial intelligence solutions that help real estate brokers automate and simplify their paperwork handling.
This helps streamline the brokerage back-office processes, saving time, cost, and resources for use on more important tasks. Such tasks include market research, closing deals, and communicating with customers.
Effortless Data Collection
The ever-growing PropTech big data analytics helps structure and document large data sets. These analytics make it easier for brokers to collect useful data relating to the industry to help improve their operations. Brokers will always find themselves well-equipped to conquer more deals.
AI-Driven Marketing
Proptech solutions allow AI-driven real estate marketing by screening and assessing the investment, development, buying, selling, and leasing processes.
This makes it easy for Real estate marketers and brokers to spot more deals and acquire more customers. These digital tools screen and track tenants buying behavior and leasing processes across the industry to find potential customers.
Secure Digital Transactions
Real estate technologies facilitate digital contracting and secure online transactions. They offer a highly encrypted platform that helps generate online contract writing forms for tenants and brokers to sign.
The platform lets tenants pay their rents, and realtors settle property repair and maintenance costs through a secure platform. This allows for a faster and effortless buying experience.
Direct Digital Engagement
Proptech contactless solutions such as facial and touch recognition have become more normal in the real estate industry since the Covid-19 outbreak. They have reduced physical contact, interactions with people, and high-use surfaces for extra safety.
Landlords and Tenants
Property solutions have changed landlord-tenant interactions. Here’s what property technology has brought for these two parties:
Quality Communication
Property technology facilitates instant and seamless communication between landlords and tenants, maintenance teams, repair workers, and other parties involved.
It provides a portal that allows tenants and landlords to communicate with one another or staff, send maintenance requests, and pay fees and rents. The technology offers information coaching and dedicated data storage systems, so there is no loss of details from past conversations.
Detailed 24/7 Insights
Proptech allows landlords to network their smart sensors and devices (IoT). This gives them real-time and detailed insights into how tenants use their spaces.
Landlords no longer need to visit and check their properties by themselves. Property security and maintenance information are accessible on their mobile devices.
Reduced Geographical Boundaries
Real estate tech provides excellent virtual reality for easy house tours, home inspections, and viewings. Tenants can access these services from the comfort of their homes. This makes it easy for property owners to oversee all operations on their properties virtually.
Real Estate Investors
Here’s how proptech has positively brought change to real estate investors:
Accurate Construction Planning
Property tech solutions provide real estate investors with accurate construction plans by scheduling property construction operations. This reduces the risk of crucial mistakes or failure to meet deadlines, saving investors from costly losses.
The tech solutions provide data insights and analysis to help investors forecast apt places to build a new property. Real estate investors determine the best amenities that suit prospective residents.
Data-Driven Risk Forecasting
Proptech solutions have become a critical standpoint for real estate investors. The tool examines past property projects and analyzes their success trends.
This develops a precise predictive analysis of the potential risks of investing in some properties and projects. The data-driven risk forecasting allows investors to make correct property construction or buying decisions, saving them from huge losses.
Secure Contracts
Proptech solutions generate innovative contract forms that bind realtors and tenants together. This eliminates intermediaries with misaligned interests in the building construction, purchase, and sale processes. So, real estate investors enjoy all the profits and returns from their investments.
Better Market Research
Property technology solutions enhance market research by tracking customer home buying trends and leasing processes.
Investors benefit from these tools as they help refine their audience and target the right buyers, allowing them to create proper advertisements for their real estate properties. They formulate better offers to attract more property buyers and increase sales.
Get Started with Proptech Today
While the Proptech space is still relatively new, innovation-driven property tech companies are present in over 64 countries.
Property tech startups continue to pop up, bridging the gap between the real estate industry and technology.
Real estate owners who don’t want to lag behind property digitalization must work with reputable, experienced solution providers.
They provide high-quality services to provide seamless operations for better returns. Property owners easily reach their customers in their home buying journey.
