Though the technology has impacted each and every industry, it isn’t surprising that the real estate industry has also started to respond to technology. In fact, the property industry has embraced the PropTech and has fully surrendered under it. Nevertheless, technologies have always been around but PropTech is another level tech that is modernizing and digitizing the real estate markets.
So what is PropTech? It is a mixture of cross-industry technologies transforming the procedure of buying, renting, finding and managing the property. It is one of the fastest growing startups which have immensely affected the lives of the buyers, investors, agents and renters. The Proptech has further divided into three sectors that include:
- Smart property: It describes the technological platforms that assist the management and operation of real estate assets. These include either the single property units or whole cities. The technological platforms can deliver information about the buildings or urban centre performance and it can also facilitate the building services.
- Sharing economy: It describes the platforms that facilitate the utilization of real estate assets. These assets range from land, buildings, to offices, storage, shops, housing and other properties. These technologies provide data for potential buyers and sellers and facilitate rent-or-free based transactions.
- Real Estate FinTech: It describes the platforms which involve selling of real estate asset ownership. These assets can either be buildings or funds, share, debt or equity which can be leasehold or freehold. The technologies can provide data to the sellers and buyers or may affect the transactions of ownership and leases with either the negative or positive capital value.
There are many upcoming trends in the PropTech market like artificial intelligence, virtual reality, big data and analytics. PropTech is booming day by day and many companies are investing in it, for example, Tesco is ready to introduce iSite PropTech software to manage its property operations. There are many companies which are offering improved customer experiences and effective solutions, which include:
- Move Bubble:
It has helped in getting rid of trawling through websites to find an available property. The move bubble app makes sure that the clients easily find the properties that are available. The need to give a phone call to the agents has also been reduced as the app can book the properties anytime.
It is another online estate agent that helps the homeowners to sell their homes as fast as possible. It provides the data-driven value of the homes, where the sellers can learn the expected sale price. It has simplified the process and made the industry more accessible.
Fixflo has made it easier to report repairs for both the tenants and the agents. Through fixflo issues can easily be reported online and guidance is also given to solve the issue. It has an image-based system to report repairs.
Roomy is a company that enables people to visualize property through the use of VR. It also offers virtual modelling options so anyone can make their dream house.