PropTech - The Game-Changer Technology for Real Estate Leaders

Integrating technology into almost all aspects of our lives is now an essential drive. We are experiencing transformation everywhere, from our individual lives to SMEs and well-established businesses. Technology was introduced to the functioning of companies when they felt the need for efficiency, accuracy, and reduction of tiresome human labour. Today, here we are: thousands of B2B and B2C companies are providing tech services, helping businesses and industries grow more efficiently day by day, real estate being one of them.

What is PropTech?

Proptech is an abbreviation of property technology. It is also known as CREtech (commercial real estate technology) or REtech (real estate technology). The name says everything; it talks about the technology used to update real estate industries and make them more suitable to survive in today's digital world. There are three mainstream technologies that are proven effective in doing so.

1.   Digital Presence

Even if having our website for property listing is very common nowadays, it is still challenging to ensure the quality mentioned on the platforms. Reducing the gap between what is claimed and what is provided can often be done by digitising every process, from contacting the partners and listing the property to developing applications for mobile devices and having an engaging user interface for all the websites and applications. This factor proves that real estate is an interdisciplinary field, unlike the common misconceptions of many people.

2.   Introducing Virtual Reality

We are way past just dreaming about virtual experiences. Apart from the cinematic fascination virtual reality provides, it is a valuable tool for real estate today. The applications of VR can be seen from the start, from assisting civil engineers and architects in visualising the property to providing a detailed tour to the customers. It also helps the property managers and dealers keep an eye on the property from time to time for any discrepancies. The uses of VR are endless; you can virtually paint your rooms, attract customers online, and a lot more, which will help you manage even the transactions online.

VR truly spells advancement for real estate companies as it reduces many logistic hassles and adds efficiency to marketing and selling.

3.   Applying Big Data in Inventory Management

It used to be a tedious task to keep an eye on real estate prices, given its dynamic nature. Big Data is a technology to store vast amounts of data and use them to optimise and segregate new data that keeps adding on. It helps property managers set an optimum price for properties and eventually automate their pricing. It will also help both companies and buyers evaluate their investment and plan strategies effectively. Big Data will not only provide them with information that will decide the real-time value of the property, but also help analyse the overall market and predict the future values accordingly.

There are several real-world use cases of technology in real estate, and with time, businesses are combining even humble, impractical inventions creatively with traditional systems. It is only the best that we can expect in technological applications in real estate and property that will help the industry flourish, especially after the two-year slack in the recent past.