Technology, the lifeboat of a plethora of industries and businesses, is also making its way into the deep layers of real estate. This vast industry which provides an abode for every family has now fastened the seat belt of technology to fly higher. The technology that is used in real estate is known as Proptech.
1. The Buzzword ‘Proptech’
As the global industry takes a paradigm shift due to the technological disruption, our Indian real estate is also striving to fly higher with the help of technology. Among these digital and technological innovations, Proptech is a word that is buzzing around in the real estate of India. It stands for property and technology and signifies the importance of technology in real estate. In today’s real estate, we find that technology has barged in every sector and giving higher and better results. Today, Real estate advances with Proptech.
2. Proptech Transforms Real Estate
Proptech began to gain strength after the pandemic. The competition for online real estate has increased since then. Use of technology has been welcomed with open arms by all the players like developers, brokers, investors and consumers. Proptech provides complete lifecycle support in property management and also gives information on buying and selling data to make long term decisions with accuracy. Various sectors are sprouting out from Proptech like the Consumer Tech, where technology helps the potential customers to reach real estate marketing and sales cycles. The technology which is being used in the construction is said to be the Construction Tech and this includes AI, drone surveillance, and BIM etc. The Home Tech is also gaining grounds as this technology is available for the customer and includes smart homes, security features etc. The following are some of the main avenues of Proptech where real estate is advancing rapidly.
2.1. Cloud Computing
This real estate Proptech favours both consumers and developers. It helps the developers by providing access to supporting software and data without spending anything on the hardware. Large amounts of data can be stored on Cloud. This technology helps the consumers with integrated solutions such as payment gateways, chatbots, customised search, etc.
2.2. Blockchain
This technology is bringing in transparency in the real estate industry. It helps the developers with digital land records by reducing time and improving transactions and asset liquidity. With the help of this technology, consumers also enjoy a seamless process of ownership of assets.
2.3. Artificial Intelligence and IoT
Artificial Intelligence or AI is taking care of real estate since a long period but the intensity of its use has increased now. It is bringing a revolution in all the sectors of real estate. It is a major tool of Proptech and it is true that real estate advances with Proptech because of such strong technologies.
Iot is the reason for smart homes and with the help of sensors, it is playing an important role in the construction sector too. The sensors which are embedded under the subsurface layers of a structure and then connected to the computers, help to monitor the health of the structures. Who is not aware of the smart homes which help us to control the devices at home from any part of the world!! It is true that Real Estate advances with Proptech.
2.4. Big Data Analytics
This technology is considered to be a very complex process but it helps the organizations to reveal information and also gives a way to analyze data sets and collect new information. This is an advanced analytics and involves complex applications which includes predictive models, statistical algorithms etc. Most of the sectors of real estate have gone digital and these are open to information day in and day out.
2.5. Virtual Reality
It is beneficial to both the consumers and the developers. Through VR the developers can create walkthroughs of the property along with its neighbourhood and the consumer can feel the reality experience without any physical site visits.
2.6. Drones
This factor of Proptech is extensively used to supervise the construction site and get the aerial images of the same. It is also used to inspect those dangerous spots of construction which can be hazardous for humans.
3. Proptech at Developers’ and Brokers’ End
Technology is dancing in every sector of real estate. Developers, brokers and agents use technology for pre-sales processes, lead management, product showcase, and unit bookings through online channels and Virtual Reality is the most widely used Proptech where the builders shows the flat virtually and save costs on building a sample unit. VR has reduced the physical site visits of the potential homebuyers. Real Estate advances with Proptech.
Technology has also disrupted the construction sector, where Proptech like Drones, AI, BIM and much more are used. Drones are used to supervise the projects and strengthen the quality and safety of the workers. It also helps to get aerial images of the site and helps to supervise the entire construction process. Proptech helps to collaborate easily, supervise and scale operations quickly.
4. Proptech at Consumer’s End
Basically, the consumers are the strongest players of Proptech because the real estate revolves around them and today the real estate market is consumer’s market. The millennial generation is choosy and concerned more about their lifestyle. Prior to taking a decision to buy an asset, they go online and look for properties, research about the developers, read reviews, do a comprehensive site visit, and then book a property. They are more into the technology. They also like to complete the transactions online, thus saving time and efforts of travelling. Blockchain technology is the reason for maintaining transparency in the sector while VR plays a significant role in letting customers understand the product. With the help of walkthroughs, and talking to a consultant online, this generation goes to the extent of booking the property without being physically present in that state or country. Home tech is also empowering consumers and offering Home Tech with IoT, smart devices which can be easily used with a smart phone.
5. Real Estate Advances with Proptech
Residential Property Tech and Commercial Real Estate Tech are the two domains of Proptech. The former one includes all those digital facilities for the residential sector like Property Search Platforms, Property Sale Tools, Property Management Tools which are IoT powered and loan management systems etc. This is also known as RETech, means real estate technology.
The latter one or the CRETech includes Constructions Planning and Management Tools, Property Management Tools, Evaluation and Financing Tools etc. This is solely for the commercial sector of real estate. Every player of the real estate industry like, landlords, tenants, investors, brokers, builders, developers and others have adapted Proptech in their daily routine. A number of tech innovations are taken up in the sector and the industry is growing by leaps and bounds. Ample number of tools benefits the sector. We can say that Real Estate advances with Proptech.
Written by Nikhil Gattu
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Written by Nikhil Gattu
