In general, what do we do to buy a house? We reach the site’s location and visit the sample flat, we checkout the sq. ft area, imagine the interiors to be, and then reach at a buying decision. What if we say, that information technology can now be used to facilitate the research, purchase, sale, and management of real estate transactions. Technology in real estate is something unheard of generally.
Property technology shortened to PropTech is playing a significant role in attracting millennial homebuyers to buy homes in the post-covid era. During the pandemic, the social distancing norms imposed, the businesses, education, hobby classes, and shopping quickly pivoted to virtual technologies with the real estate sector too following the suit. To remain ahead of the curve and relevant in the digital era, real estate players are transforming conventional real estate buying with digitalised methods that deliver results-driven data about their clients in real-time thereby enhancing customer experience.
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Property technology shortened to PropTech is playing a significant role in attracting millennial homebuyers to buy homes in the post-covid era.
PropTech: Technologies transforming the real estate
Here are some PropTech currently being implemented in the real estate industry.
Use of Big Data: Big data in real estate can help in cost savings and increased margins. Its predictive analysis algorithm can determine the rates of the property. In this way, the buyers can also predict the value of properties in case they want to sell in the future, compare property risks and evaluate future risks.
Virtual Reality and Augmented Reality: VR and AR technologies are enabling real estate players to boost revenues and gain more clients by providing an immersive customer experience. Integrating these technologies with the company’s website or app can send notifications to the prospective buyers to offer a customised 3D walkthrough to view a property online, resembling the real space. Such solutions also save the time of prospective homebuyers in visiting properties not present in their consideration list. Also, not just homebuyers but it saves time for people who want to rent a flat but due to lack of time are not able to visit the property locations.
Managing paperwork with blockchain: Real estate has a cumbersome paperwork trail where the agents would require all documentation between both buyer and seller or landlord and tenant. But, through blockchain, most of the documents can be digitally signed by all the stakeholders, and the records can be kept in a decentralised manner enabling transparency and efficiency.
Use of iCRM in real estate: iCRM is software that is heavily used by the real estate industry to keep track of prospective buyers. It is a good tool for the sales representatives in the real estate industry where the employee can trace back customer records in a short period and understand previous interactions with customers instantly. Keeping track of your client’s needs will develop strong relationships between them, and your company will develop strong relationships between them and your company. A better service to your customers would mean higher closing rates and improved profitability for your business.
What lies ahead for the real estate players in adopting PropTech?
According to EY, the real estate firms are realising that they need to shift to the changing technology landscape to stay relevant and gain an edge on their competitiveness. In addition to this, most millennials are now potential homebuyers who are firm believers in technology and need instant gratification, therefore adoption of technology in real estate will disrupt it to become more user-friendly, convenient, and reliable and the market more competitive in the coming years.
