Proptech companies are creating a buzz in the real estate industry. Their advent focused on using technology to improve various real estate processes and streamlining researching, buying, selling, marketing, and managing real estate.
There are several ways in which proptech companies are changing the real estate industry, and this blog is all you need to find out about it!
6 Ways In Which Proptech Companies Are Changing The Face Of the Real Estate Industry
Here’s how proptech companies are changing the real estate industry’s landscape. They:
- Bring transparency to the real estate industry
- Facilitate better communication and collaboration between stakeholders
- Give access to data and analytics for better decision making
- Cut through the chaos of conventional marketing and promotion practices
- Improve turnover and occupancy rates in the real estate industry
- Enhance the efficiency of several real estate processes
Let’s unfold more details about each of these points!
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Bring Transparency In The Real Estate Industry
Proptech companies allow property listing and management of real estate transactions, which helps close the sale quickly and efficiently. They increase the transparency for buyers and sellers and save them time and money.
Before proptech companies came into the picture, real estate agents would have to meet with buyers in person, show them houses, and then make an offer if they liked the property.
Proptech companies today help sellers receive bids from interested buyers online. Everything about the property, from its estimated prices and transaction records to its pictures and amenities, is added to the online platform. These details enhance the transparency in the real estate industry.
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Facilitate Better Communication And Collaboration Between Stakeholders
Proptech companies facilitate better communication between stakeholders like landlords and tenants. Back then, it was difficult for tenants to contact their landlords and vice versa. These companies make it easier to exchange any information, provide a pathway for tenants and landlords to connect directly, and resolve any issues that may arise.
This improves communication in the real estate industry, on the buyer’s and the seller’s front making it easier for everyone involved to stay in touch.
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Give Access To Data And Analytics For Better Decision Making
Proptech companies like Clicbrics provide sellers and buyers access to data analytics to make better decisions. In fact, this online residential real estate information platform in India also has created an instant property valuation tool, Clicworth, that determines the estimated values of the properties.
Access to insights like this also adds to the transparency of the housing industry. Whether a buyer wants to invest in a property or a seller wants to sell their property, they must have all the required information and data to analyse to make a smart decision.
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Cut Through The Chaos of Conventional Marketing And Promotion Practices
Remember when marketing practices in the real estate industry were limited? Initially, the property listings were accessible only through word-of-mouth or print media. With the advent of proptech companies, listings are now accessible to a larger audience online, cutting through the chaos of all the conventional marketing practices. Additionally, some proptech companies let potential buyers have a more immersive experience of a property without physically visiting the site.
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Improve Turnover And Occupancy Rates In The Real Estate Industry
Proptech companies have improved the turnover and occupancy rates in real estate.
In the past, landlords would find it hard to fill vacant units in their buildings, but online listings have made this easy, amplifying their leads and sales. Moreover, getting an initial look at the property also reduces the doubts in the minds of potential buyers.
Some proptech companies allow individuals to search for apartments by location, price, and amenities using their filters and help find apartments available for rent in the neighborhood.
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Enhance Efficiency of Several Real Estate Transactions
Real estate transactions were time-consuming and resulted in errors when they were conducted offline. Proptech companies make the entire transaction easy for everyone involved. It is another plus that entrusts potential buyers to check properties online and buy them.
Property-Based Technologies Shaping The Real Estate Industry
Proptech companies use the following technologies to reshape the entire real estate industry:
- Blockchain
Here’s how blockchain technology can be used:
- It can be used to create a decentralised database of all property transactions. This would make tracking ownership and transfer of properties easier.
- It would also make it difficult for fraudsters to sell properties they don’t own.
- It can help create smart contracts and be automatically executed when specific conditions are met.
- It could streamline the property buying, selling, and renting property process.
- Internet of Things (IoT)
Here’s how IoT can be used:
- It can be used for the creation of smart homes
- It can be used for data collection of a property.
- It can also be used to make a property energy efficient.
- Augmented and Virtual Reality (VR)
Here’s Augmented and VR can be used:
- Augmented reality can show how the property would look in real life, with all the furniture and fittings in place.
- Virtual reality can make it easier for buyers or tenants to walk through a property and get a feel for the space without working around anyone else’s schedule.
- Drones
Developers use drones to supervise the work on the site via aerial shots and to see the safety of people working there.
The Bottom Line
Proptech companies have a promising future; their technologies are transforming the Indian real estate industry. It has been adopted widely by consumers and is on the cusp of being adopted by brokers, real estate developers, and agents. Seeing the significant impact, it is safe to say that they will pave the path for customer and business growth in real estate in the years to come.
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