Over the last decade, there’s been an increasing number of real estate firms globally who have been focusing on identifying and incorporating digital innovations and solutions within their core business processes. Called PropTech, this technology is changing the way people buy, rent, sell, and manage homes, apartments, and commercial properties, ensuring both customer experience and increased sales remain the main goals of the property sector.

What Is PropTech?

A portmanteau of ‘property’ and ‘technology’, PropTech refers to technology that encompasses the various solutions involved in the growth of commercial real estate software. There’s no single solution or product that dominates the area of property technology. Some solutions are directed at real estate agents, while others improve the lives of renters and owners. Below are three of the most influential PropTech trends that are currently changing the game.

Property platforms and apps

One of the biggest changes in the real estate industry over the past 2 decades has been the development of rental and purchasing mobile platforms. That means people no longer need to search newspaper classifieds or web listings before scheduling an appointment to check them out in person. Multiple images of each property along with floor plans allow searchers to exclude any that do not suit their needs and requirements without wasting time by visiting each one person.

There are now a wide number of different applications enabling prospective buyers and renters to conveniently search for their new property place while on the go at their convenience. These real estate databases are frequently and instantly updated, providing the most up to date information by allowing for any pricing or availability changes for each property on the market.

Virtual and augmented reality experiences

While using VR and AR in real estate is still evolving — realtors can use these PropTech technologies to allow prospective buyers and renters to see available properties in a way that static photographs and floorplans simply cannot provide. Properties can be set up using virtual or augmented, providing them an in-depth look of any type of real estate, with the ability to instantly change furniture and fixtures to appeal to their aesthetic palettes.

Realtors are able to expand their market massively because not only will they no longer need to set up as many open homes and onsite appointments, but they can actually show multiple properties to multiple clients simultaneously. This saves time and money for both clients and agents as prospective buyers and renters can decide whether or not each property meets their specific requirements.

While most buyers will want to physically see potential properties before making their final decision, access to VR and AR PropTech allows them to view them from their home or office, even if they’re in a different city on the opposite side of the world. They can also view properties that are still in the construction, development, or even planning stages.

Real estate and blockchain technology

While some may be familiar with how blockchain technology is used in the cryptocurrency world, many may not know how this technology is connected with real estate, but it can have wide applications in this area of commerce. Blockchain technology is already being used to securely store important digital copies of documents such as deeds and property titles, and to verify encrypted transactions while ensuring there is no tampering with financial records.

Blockchain PropTech has also proven quite useful when it comes to fractional property investment such as timeshare as it allows landlords to easily sell their stake in any given holding. Yet, just as with many other market sectors, we have really only just begun to scratch the surface of the potential in using blockchain for other cases in the real estate industry.

As these new technologies continue to disrupt the real estate industry, those property service providers who implement and develop effective PropTech strategies will be the ones most likely to meet and exceed the increasing demands of today, tomorrow, and beyond. 

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Source: https://datafloq.com/read/how-proptech-is-evolving-within-the-property-industry/9975