If you didn’t already know, property technology (PropTech) is basically the application or usage of information technology (IT) and platform economics in today’s real estate markets. The property market is highly lucrative and competitive, but it can become more so with PropTech. It can improve efficiency, flexibility, and ease in all functions and enhance the experience of all parties involved. The possibilities and opportunities with PropTech are endless -- whether it is showing potential buyers a house that has yet to be constructed, alerting property managers of an issue that has not yet occurred, or finding unexpected ways to improve the tenant's experience. Do these factors sound exciting to you? If so, East Bay PMC brings you some ways PropTech is changing the real estate game.
- More Augmented and Virtual Reality
When you're visiting a property, you want to explore every nook and corner, but while you’re physically there, you end up missing out on so much. However, thanks to PropTech, you can now easily visit any property online, analyze it deeply and engage with it. Websites like Ikea allow you to use VR to build your furniture and virtually place it around your house to see how it looks. Also, PropTech will enable you to see what is currently on the market and what the future holds.
2. Changing The Game For Property Owners
If you have several properties and are willing to earn a passive income, it would be wise to rent them out. However, it managing multiple properties can become a hassle. Don't worry; advancements in PropTech have led to the introduction of tenant tracker apps and software that allow property owners to seamlessly and effortlessly keep track of all tenants, as well as predict and monitor other factors related to property. It saves you time and energy spent making manual records and allows you to stay on top of all client information.
3. Internet Of Things
Businesses globally are using the internet of things (IoT) to streamline operations. The internet of things is a network that connects users to their devices and each other so they can interact with their surroundings. When it comes down to real estate, IoT can improve a wide variety of functions and has multiple versatile applications to eradicate all barriers between consumers and the real estate market. As a property owner, you will be able to maintain your properties before they deplete, figure out alternative energy sources for your properties, and figure out the best way to connect and communicate with different tenants.
4. It Addresses Sustainability
PropTech allows contractors and construction companies to analyze how they construct buildings and monitor the progress of different projects. It also helps identify more eco-friendly methods for supplying and using electricity, heat, and water in these structures. So, now newer buildings will not only look good, but they will also be more economical and eco-friendly because sustainable living and technology go hand in hand.
5. Better Photographs
What started as military technology has slowly evolved into something greater – drones are now being used in different sectors for various purposes. In real estate, drones have changed the way property owners take pictures of their homes to show potential buyers and tenants. Since drones are aerial vehicles that you can control remotely from a set distance, you can fly them high above your property.
Do buyers want to see the condition of your roof? Do they want to know the exact location of the property on the street? Do you want to show off your neighborhood? Drones can help you capture a better view of your establishment from every angle, which you can then post on your page or on a real estate website to entice clients. Aside from taking photographs for advertising, you can also use drones for house showings.
6. 3D Houses
We all have seen the versatile and unparalleled products created through 3D printing, so it comes as no surprise that the real estate sector wanted in on the action too. 3D printing is not only being used in creating models of homes and structures but also in actual construction. Houses built through 3D printing are sturdy, easy to make, and much more cost-effective than traditional homes. They are also far easier to develop and look after. If property owners turn to 3D printing to build homes, it can solve two significant problems. First, it can address the issue of homelessness by providing cost-effective solutions. Second, it is expected that in the near future, homeowners will be able to customize their houses through 3D printing.
7. Video Conferencing For Properties
The job of real estate agents is not easy. They need to walk through property after property and have all the information related to each property memorized to answer buyers’ questions. However, PropTech can make their life easier. Real estate agents can leverage video conferencing to make the process self-paced, allowing them to save time. You can simply take clients interested in the same property on video conference together and provide them all the necessary information. Potential buyers can also quote the price they are willing to pay and negotiate deals online instead of scheduling an in-person meeting.
8. More Websites
Many real estate agents are now using AI-powered websites. So instead of an agent answering your questions, your queries will be resolved by a chatbot. These chatbots use algorithms to collect user data and prepare answers based on clients’ responses. With the right price, real estate agents can get developers and website designers to create a responsive website with an easy interface offering high readability to improve user experience. The result would be an eye-catching website where real estate agents can categorize information, upload pictures of available properties, and provide their contact information, among other things. Websites have also made it easier for tenants and buyers to find relevant properties using filters and keywords and conduct initial inspections using augmented reality to avoid wasting time, effort, and money on properties they may not like.
Although still in its infancy, PropTech is expected to become an integral component of the real estate industry. People these days are all about efficiency and accessibility, so the traditional method of buying and selling houses has become outdated, creating a need for more effortless methods. PropTech can fill this gap. The introduction of technology in day-to-day real estate matters can make operations easier for all moving parts. Property owners can manage their properties more efficiently, real estate agents can streamline business operations, and clients can explore their options with a few clicks. Keeping all these factors in mind, it is safe to say that the real estate market is evolving, and PropTech is the actual game changer behind it.