Property Management Software
Food Delivery App Development
Travel and Hospitality App Development
On Demand Grocery Delivery
Telemedicine App Development
Truck Dispatch Software Development
Rideshare & Carpooling App Development
Car Wash App Development
Employee Transportation App Development
Home Services App Development
Appointment Scheduling Software
Fintech Software Development Companies
Real estate is said to be reluctant in adopting new technologies. It seems to be true in most of the cases when records are fetched. Almost every sector has been digitalized in the last decade. But real estate has always followed a steady approach toward digitalization, resulting in the minimum transformation of this sector. However, sooner or later, the light of digitalization has finally reached up to the real estate sector in the form of PropTech
This term has been used widely for the last couple of years but how far we have come in PropTech and where it’s leading property businesses. Let’s shed some light.
Table of Contents
What is Proptech?
PropTech is the blend of two terms “Property” and “Technology”. You might be familiar with some of its identical names such as FinTech, EduTech, ConTech, and HrTech, that represent digitalization in their respective sectors. Proptech also represents the transformation of the real estate sector with the help of technology. This term indicates the Digital Transformation roadmap, needed for utilizing tech in real estate. Realtors who are prone to get digitalization in their business use PropTech to change the way people research, rent, buy, sell, and manage a property.
What’s the future of PropTech?
Companies have been entering into PropTech since 2010. They gained path-breaking momentum in 2016 with record 261 new ventures into PropTech. In the year 2019 alone, PropTech received funding of $13.86 billion. The KPMG research about the repercussion of digitalization in the real estate sector concluded that:
58% of the real estate players have a digital strategy to gain more from the business.
The real estate sector has improved its efficiency (65%), cost-reduction (47%), and more efficient decision-making (44%) process.
25% of real estate tech companies are following big data strategies to increase their business base.
Another researcher Cretech shows that:
31% of real estate commercial businesses are looking to invest in PropTech.
26% consider this opportunity as a chance to make money.
Tools and technologies have become an inseparable part of PropTech.
Why is PropTech important in real estate Marketplace?
PropTech is furnishing continuous innovation in property management services, by using Big data, CRM, Blockchain, Automation, machine learning and property management app to know and sell better.
How PropTech is changing the property Rental Management?
PropTech has become a favorable idea to bring Digitalization in property listing and selling. PropTech conforms the modern standard of innovation, revolution, and reorganization of property management services.
How PropTech will transform the Real estate
Although PropTech is a newly launched term, its implementation was already there right from the beginning. Now, when the transformation of real estate has been deploying at a fast pace. A new real estate future is likely to arrive.
Big Data
Data is vital for every business regardless of the category. Real estate also follows the previous data to get better predictions about properties and rentals. The use of big data is surging among PropTech companies and, real estate trends are in favor that Big Data will overtake the traditional data management and filtering systems. Big data is a larger but complex set of data that can’t be analyzed flawlessly, by humans.
It needs innovative technology and implementation to get favorable results. Big data authorizes realtors to get a strong idea about properties, rents, and future predictions in the market. The use of big data has enabled real estate personals to address the complexities of real estate that they weren’t able to even understand, previously.
Augmented reality
Buying a property is one of the highest cost demanding expenditures in anyone’s life. Customers demand to substantiate each and everything in the property before giving a token to guarantee. This shits the buying curve downwards. To overcome this, augmented reality will be used in the real estate sector to show a better perspective of the properties. Augmented reality is an interactive experience of the real world, hence will surely make home buyers and tenants confident about putting their money at stake.
Augmented reality provides virtual tours of property and building, to show what the property actually looks like, thus ensuring the security of the sale and rent. It’s self-evident that augmented reality will be the future of the world. And, for realtors also, augmented will bring a major change in the customer viewing experience.
CRM Facility
Customer relationship management is crucial for every business and real estate is no exception to this. The use of CRM has become a normal thing in almost every sector. CRM doesn’t only facilitate managing your schedule and client but it also gives the ease of knowing your management better with graphs, work process, commitments, and results. The use of a Customer relationship management system is a perfect way to store all the data in one place, lose nothing, and generate human-friendly reports.
How PropTech will transform the Real estate
Although PropTech is a newly launched term, its implementation was already there right from the beginning. Now, when the transformation of real estate has been deploying at a fast pace. A new real estate future is likely to arrive.
Big Data
Data is vital for every business regardless of the category. Real estate also follows the previous data to get better predictions about properties and rentals. The use of big data is surging among PropTech companies and, real estate trends are in favor that Big Data will overtake the traditional data management and filtering systems. Big data is a larger but complex set of data that can’t be analyzed flawlessly, by humans.
It needs innovative technology and implementation to get favorable results. Big data authorizes realtors to get a strong idea about properties, rents, and future predictions in the market. The use of big data has enabled real estate personals to address the complexities of real estate that they weren’t able to even understand, previously.
Augmented reality
Buying a property is one of the highest cost demanding expenditures in anyone’s life. Customers demand to substantiate each and everything in the property before giving a token to guarantee. This shits the buying curve downwards. To overcome this, augmented reality will be used in the real estate sector to show a better perspective of the properties. Augmented reality is an interactive experience of the real world, hence will surely make home buyers and tenants confident about putting their money at stake.
Augmented reality provides virtual tours of property and building, to show what the property actually looks like, thus ensuring the security of the sale and rent. It’s self-evident that augmented reality will be the future of the world. And, for realtors also, augmented will bring a major change in the customer viewing experience.
CRM Facility
Customer relationship management is crucial for every business and real estate is no exception to this. The use of CRM has become a normal thing in almost every sector. CRM doesn’t only facilitate managing your schedule and client but it also gives the ease of knowing your management better with graphs, work process, commitments, and results. The use of a Customer relationship management system is a perfect way to store all the data in one place, lose nothing, and generate human-friendly reports.
Consider adopting CRM to your Real Estate Business?
TWS is always ready to bring innovation to your property Business with the rental management CRM system, tailored to your goals.
Automation and Machine learning
Automation and machine learning has left no sector untouched. The use of automation has enabled builders to deliver tailored messages, send real-time emails and updates to leads anytime, based on their interest. It also helps in lead nurturing, leads scoring, and sales force automation. Machine learning has helped CRM’s to analyze the customer intentions in a better way and aware the realtors to make plans accordingly.
Automation and machine learning is taking the Real estate business from good to great and reducing workload.
Blockchain
Blockchain is on the way to disrupt the old way of real estate business by providing a way to decentralize the process through crowdsourcing and tokenization. Tokenization enables the realtors to offer digital tokens to buyers, immediately that represent a share of their property. This not only facilitates the transaction process but also makes it possible to limit the risk and fraud.
Transacting high-value properties digitally has not been a norm in the real estate industry but it’s emerging as a safe way to do that too Without any intermediary.
Mobile and web apps
In modern times, almost every business has its own web and mobile apps where it interacts with their customer. Realtors are also taking a swift term to do the same. According to the market reports More than 50% of Realtors worldwide have their own website for the listing of properties. This trend has been continuously increasing over the last few years. The trend of getting online Marketing services to reach more and more customers for their properties is increasing rapidly.
Role of Online marketing in Real Estate?
Geo-targeting is an easy and accurate way to get more customers. The Real Estate sector knows this truth better than others. By using online marketing tactics, they can easily target people of any location to buy properties, based on their interests. Online marketing is exclusively done to do branding. It makes users confident about the seller, making it easy to sell. Tekki Web Solutions has also developed a number of mobile apps and services for realtors to keep them touching the stars.
Read More: How on-demand Real Estate Solutions are beneficial in the era of digitalization?
What TWS Has Done in the PropTech Market?
Property Rental Management Software
Real Estate Automation Rental Portal software is developed in order to meet the basic needs of the real estate owners, tenants, and customers.
Rental Property Listing Website & Mobile App
An indispensable platform for agents, developers, and property buyers to sell and purchase a property by contacting the right people.
Conclusion
PropTech is gaining momentum and challenging the real estate industry to change. As with any new technology- a rise to uncertainties and complications is pre-defined. However, success has always meant thinking ahead, and right now, PropTech is loaded with the same idea to revolutionize the Real Estate Industry.
