PropTech is a trend in the real estate industry that has been growing quietly in the last few years. It is gaining momentum and improving the ROI for real estate companies. This is why many companies are integrating the latest technological tools to make their services more efficient and effective. Graana.com, Pakistan’s smartest property portal, shares a few tips to transition to PropTech and explains why it is important for your business.
What Is PropTech?
PropTech or property technology can be defined as the usage of innovative technologies in the real estate sector. This could mean anything from using technology for unique workplace experiences to offering data analytics to help people in buying, selling and managing their real estate assets. This cross-industry technology is benefiting everyone in the industry. From brokers to developers, it is helping everyone make better decisions efficiently.
Why Is PropTech Important?
If one isn’t up-to-date with the latest technological trends in the market, he/she would not be able to survive in this industry for long. Technology is the future, and it is important for real estate professionals. All these property-related tools will not only help in streamlining the processes but also in making the best real estate investment decision.
How PropTech Is Changing the Real Estate Industry
After the COVID-19 pandemic, many real estate companies shifted from traditional approaches to digitalisation. The industry was slow to adopt these innovative technologies, but the pandemic motivated them to look for creative solutions, ultimately leading them to PropTech.
Almost every player in the real estate industry is adopting the latest technology trends in different ways.
For landlords and tenants, technology has changed the way both parties used to interact.
Some of these have been listed below.
- It provides the landlord with a complete insight into the property through the use of different smart devices. With the help of these technologies, the property owners don’t have to visit the property personally; with just a mobile device, they can easily get all the data about the property.
- Through virtual reality, property owners can give a complete house tour to the potential tenant from the comfort of their homes.
For brokers, adopting the PropTech solutions means:
- Collecting data to evaluate the development, investment and buying/selling of any real estate project, which can help make more deals.
- Different processes being streamlined, allowing brokers to save time and resources for other important tasks like closing deals, market research and communicating with clients
- Making it easier for brokers to complete all the property transactions remotely in a secure way
Here’s how PropTech is helping real estate investors.
- It is helping the investors in tracking the development and leasing of different properties. With the help of analytics, investors can do market research and evaluate the current trends to make an informed decision.
- Sometimes the middle man in buying and selling a property doesn’t have the same interests. But, technology has now allowed the investors to buy or sell properties without any help from a middle man.
Tips for Transitioning to PropTech
From investing in properties to finding a house for rent, PropTech is transforming different aspects of the real estate industry. If you’re someone who works in the real estate industry and looking for an opportunity to use PropTech, the following are some tips to make that transition to PropTech.
Do a Thorough Research
The main purpose of PropTech is to make the life of investors and brokers easy. If you’re in the real estate business, you need to do complete research on the tools that will help in making all daily processes easy and efficient. There are a lot of products for residential and commercial real estate – you just need to find the right one for your business.
Stay Up-To-Date With Latest Innovations
The industry of PropTech is growing, and it is better to be at the forefront than lag behind the competition. People need to realise the impact of digitalisation on the industry and get familiar with all the latest innovations to meet the demands of the clients. Staying informed about the latest technologies will help you to give better investment advice to the customers.
Talk to Other PropTech Adopters
Before implementing these tools, you need to consult specialists who know the market from the inside out. Their perspective can help you find the appropriate tools that can benefit your business.
Hit on the Human Factor
It is important to remember that these tools and algorithms cannot remove the human element that is required in the real estate industry. You need to find PropTech solutions that help you communicate with clients while also managing emotional elements during the process.
To know more about the use of technology in real estate, visit our blog at Graana.com