COVID-19 culminating in opportunity for developers to capitalize on PropTech

Kishan Thakkar K

Introduction

You must have used applications like Amazon for shopping or Uber for Travelling or Swiggy for food. Then you are part of the phenomenon of rising technology.

Technology has spread into almost all industries, and the real estate sector is no exception. The real estate industry has been quick to the adoption of technology. The government is also has been coming up with various initiatives like, Digital India, Global Housing Technology Challenge, Smart Cities, IndiaChain, etc., that are making the technology more holistic.

The real estate industry has incorporated technology in a way that has given it a vibrant dynamism. The PropTech is influencing in constructive manner.

But first, let us decode what does this term means.

What is PropTech?

Well, I have found that there are many ways to define PropTech. Here is one of the most widely accepted definitions of PropTech after research on it, 

PropTech is a shorter form of Property Technology, it refers to the use of information and use of technology in the management of real estate projects.

PropTech assists buyers, investors, and stakeholders of real estate projects. It is an aiding factor in project management, sales, research, and overseeing their assets. It helps the homeowners in numerous ways. It stands for all the companies that are making real estate industry by the use of technology. It will surely evolve as time goes.

For more knowledge on this topic, you can read the blog written by Christina Yoh, from clicking on this link, What is “PropTech” and why companies are developing it

Benefits of PropTech

PropTech has made the real estate journey smoother and more advantageous for buyers, sellers, developers, agents, landlords, with exceptional tools. Proptech has been an aiding factor from the provision of information to assist in sales and advertisement. Here is how technology benefits the real estate industry.

1. Making informed Decisions

Proptech offers the collection and analysis of the data to the agents, developers, consultants, etc. This provides insights on market trends, understanding buyers’ inclinations, and competitions. It helps in making informed decisions within a limited time and resources.

2. Data Storage

Real estate companies were relying on physical data room to decide before cloud computing came into the picture. The companies can now store their documents and access the data over the internet from any corner of the earth. This also allows transparent transactions.

3. Better Advertisement

Proptech has opened a new pathway for advertising and marketing. From lead generation to funnel optimization, proptech is providing multiple tools for helping real estate companies. It also helps in creating brand awareness.

Proptech is a helping factor in publishing listings, offering 3D virtual tours, etc. This has made the process convenient for both, buyers and sellers.

Anarock, a real estate brokerage, announced that it will soon launch a new artificial intelligence and machine learning proptech solution that might increase residential property sales by up to 15%. Click here to read about it more, Anarock to launch AI-based proptech solution to boost housing sales of builders

4. Improved Communication

Communication has been improved throughout the real estate sector. Real estate companies and customers can stay connected with the help of apps and chatbots. This also keeps them updated on the progress of projects.

While there are benefits that are helpings resolve user queries, there are other advanced tools that have improved the functioning of the real estate industry.

We have discussed various applications and its feature for Finding home for sale using technology.

How PropTech Will Impact the Real Estate Sector?

The Revolution of technology is affecting the real estate sector in more ways than one can imagine. The Proptech has evolved since the lockdown started, as the buyers are in search of the discovery of the properties. The platform has been a helping factor in property-buying from the convenience of their home. Proptech has been maturing constantly for the last few years. the pandemic has not made a significant impact on the real estate sector as the Proptech industry is growing and has become a shield for the real estate sector.

We have discussed the Play of technology in real estate industry, read the blog to know more. 

Proptech is likely to see enormous growth in the near future. The home purchase process will also witness the new dimensions with virtual reality, artificial intelligence in the home-buying process. The real estate sector is expected to reach a market size of USD 1 trillion by 2030 said to NITI Aayog CEO Amitabh Kant. 

News: Anarock looking to raise $100 million to acquire tech startups in the realty sector

PropTech has had and will continue to have a significant impact on the real estate business. It has altered the way we buy and sell real estate. Here are a few examples of how this technology is changing the real estate sector.

1. Simplified process for buying and selling

The property buying and selling process has been simplified due to PropTech. Buyers can find and compare properties from the multiple available options, while sellers can list their properties. In addition, the financial transaction has become much more transparent.

2. Increased Transparency and more liquidity

PropTech has made a positive impact on increasing transparency by the data-driven valuation of properties, the liquidity of real estate is likely to improve. As the chances of incorrect valuation decreases and the easier buying process, properties can become more liquid.

3. Better Research & Analysis

Research and analysis of the demand by the customers will lead to the construction of the demanded spaces. This will ultimately increase the advertising practices and better sales.

Conclusion

It’s crucial not to get caught up in the shiny technologies and fail to deliver. Promises and flashy marketing will attract customers, but satisfaction will keep them. Are you following through on your promises? It all comes down to client satisfaction at the end of the day. None of the innovations will help unless you make it a better experience for them through technology. Technology is there to just make things easier!

This dimension is causing a paradigm shift in the real estate sector! If you want to use this opportunity for your benefit, consider contacting us and getting the insights.

Staying informed and discussing with experienced & experts while making a decision is an ideal way of making a great deal. All you have to do is contact Roodland, which provides the best real estate services. For any queries and suggestions, contact us at info@roodland.com and discuss all of your options with us! For more such content, subscribe to The Real Talks.

Consider sharing with your friends, family, and relatives, if you have found it useful.

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