Only a lazy person has never heard or asked about Proptech. This word is highly used in the modern world, especially when it comes to real estate. However, if you are not an expert in that field, you can hardly understand that notion and why it is so significant for the whole industry.
Thankfully, https://jatapp.com/blog/top-trends-in-proptech-technology/ knows how to explain to people every unknown word. Learn everything about Proptech right now, why it is crucial, and how it, actually, affected the modern real estate sphere. Stop wondering — start learning right now.
Table of Contents
What is Proptech?
Proptech real estate (property technology) is a set of tools used by real estate experts to improve the way of buying, selling, managing properties, marketing, and researching. In other words, these are real estate technology tools optimizing the industry and its processes.
In some aspects, Proptech runs into a few other real estate areas, such as:
- Smart real estate: Proptech relates to the construction of smart buildings, smart heating systems, etc.
- Shared economy real estate: is used by such companies as WeWork and AirBnB where shared use of the property is applied.
- Financial technology: both business and customers access their financial services easily.
The effect of Proptech on The Real Estate Industry
Real estate technology influenced the industry a lot, especially in the latest years. Experts collect and process data and make their decisions based on it. Those decisions have become more conscious. All administrative processes became more automatic. The process of buying a property is not easy. Thanks to Proptech, many difficulties can be overcome. Closing the deal is much easier now.
Advanced algorithms are widely used to facilitate complex trends related to price performance, investment, annual supplies, currency vulnerability, gross profit, etc. So, how is reshaping real estate? Let’s have a closer look at the most crucial changes in the real estate industry.
Envisioning a future build is much easier with large-scale models. Various graphic design software creates 3D models and virtual tours. 3D printed houses are just a breakthrough in the industry. Printing large-scale 3D houses and apartments is not a big deal nowadays. People purchase them. The Proptech landscape makes housing more affordable. Why is that? To print some homes, around $4k is required. The savings are huge in that case. Just 3D printing allows them to design whole neighborhoods.
Drones were not created for entertainment or spying on your neighbors solely. Thanks to drones, real estate agents can take incredible pictures of the property and its views. Drones are a breakthrough in the real estate industry. They can make 360-degree photos of all properties. None of the professional photographers can do that. Think of it — when you are told about amazing views or acres, these are just words and you do not have a clear picture in your head.
Once you see those picturesque views, it totally turns your image upside down. You can see how big the territory, actually, is with your own eyes. You are free to see the mountains, hills, and other surroundings yourself. This feature is widely used in the real estate niche, especially for international sellers and buyers. Drones capture not only the exteriors though. Experts create real maps of interiors and exciting virtual tours.
Making smart and wise decisions is much easier when you are more cognizant. The way real estate agents and specialists collect data has also been influenced by technologies. Now, they can do it more efficiently and deeply. All experts in the field can access predictions, trends, history, and mortgage rates. All of that facilitates decision-making and investment.
Information is now collected, processed, and stored differently, as well. The results are prompt and accurate. It is much easier to build businesses and clientele nowadays.
The Way Agents Lead Their Business
Real estate agents have to catch up with the times and progress. The market is developing fast and non-stop. When they neglect commercial real estate tech, multiple opportunities are missed. Successful real estate agents cannot afford that, otherwise, they are far behind their competitors.
All routine tasks are much facilitated by technology. The agents and experts can access more information, reach their target audiences much faster, boost their opportunities, and last but not least, their income.
Blockchain has entered all spheres of our lives and real estate is not an exception. When talking about money, we cannot forget about blockchain. Online banking, e-transfers, buying and selling, and closing deals are much-facilitated thanks to blockchain. All these deals are taken to the next level now.
It is a fast, effective, and really safe way to make things faster and easier. Viewing and dealing with financial documentation at a time is also now possible thanks to that technology. One of the platforms making it possible is Facebook Libra.
AR and VR (Augmented and Virtual Reality)
These are probably the most well-known ways of using Proptech in the real estate industry. In this niche, both technologies are still something new and not so widely used. However, this is changing very quickly. You do not have to leave your comfort zone to see the home of your dreams or make a closing deal.
Everything is very fast and convenient for both sellers and buyers. It is especially applicable for international deals. During the development phase, investors can visualize property using virtual reality. Different user-friendly apps created thanks to augmented reality help buyers have an interactive experience. Even before the building appears, buyers can have a clear vision of what it will be like.
You can face technology in the real estate industry in every aspect of it. Agents are widely using the latest trends and features to facilitate the process of buying and selling houses and apartments. Proptech is an integral part of today’s real estate market. Although you might have never heard of this notion, you have faced it many times. No field today cannot do without technology. Why not make the real estate market even more pleasant then!