If you happen to be in the real-estate sector, then you’d be familiar with the term ‘PropTech.’ As a realtor, I would always be grateful to technology for enabling me to post the best ads from wherever I wanted. That and subscribing to the best Internet connection and the latest smartphone had its perks.
PropTech Explained
PropTech refers to anything that involves both technology and real-estate. There are many definitions and ways to define this rather new term. But the primary definition of the term is that PropTech is a collective term that is used to define startups that offer technologically unique products to the real estate market. It doesn’t necessarily have to be a product, it can also be an innovative business model.
The term applies to all real estate sectors including commercial, industrial and residential. The products or business models can include a range of things like:
- Building materials
- Property Management
- Smart building automation
- Smart contracts
- Architectural design
Anything or idea that comes across an energy-efficient design for landscaping or falls under the head of a virtual visit of a property comes under PropTech. People related to the real estate world will tell you the exact significance of PropTech in the sector that is immense. PropTech is responsible for digital transformation in the real-estate sector bringing about a cultural and technological change.
Ways PropTech is Transforming the Real-Estate Industry
PropTech Apps and 3-D Floor Plans
It is now easy for consumers to view customized floor plans for their dream house. The PropTech apps make it easy for consumers to get a clear idea of what the apartment or house that he is about to purchase or let should look like.
For example, the app Vieweet that is an augmented property platform allows the users to pay a virtual visit to the apartment or house. And have a look at the floor plans in 3-D. The rental paperwork can also be handled via cloud services. Thus, making a rental or purchase transaction easier than ever before.
Collaboration in the Rental Market
PropTech apps also allow for easy collaboration between agents, owners as well as renters. An example of an app that is facilitating collaboration between the three parties is the Movebubble app. The main purpose of this app is to address the needs of the renter and streamline for him the renter process. Thus, making it easy for him to understand what is expected of him.
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How to become a real estate agent
Easy to Share a Living Space
PropTech apps are even making it easy for young ones or adults to share their space. It is now easy to adopt a shared living lifestyle. Thanks to the PropTech apps. One app’s name, that in particular pops up in my mind for this purpose is acasa app.
This app is like the financial manager for the people sharing a space. It divides the bill payments and even tracks the shared living costs of the people living together. Hence, making it easier for them to keep track of their expenditure. Seems like there is no room for cheating left.
Aid in Making Better Decision
The PropTech apps also aid the customers in making the well-informed property and buying decisions. You can use the PriceHubble app for this purpose. This allows users to control big data and make valuations based on that. This, in turn, enables the users to make better and wise buying decisions.
Another app that is facilitating the users with the same purpose is Propmatch. This app makes use of robo-advisor to analyze the market for a user. And provides the users with advanced property-related information.
Virtual Property Tours
The apps also allow s the property owners to produce virtual tours of their houses through their mobile phones. One of the most prominent PropTech players in Switzerland- Spectando is making use of this technology. And facilitating the users with their app.
In the years to come, one can only imagine the real-estate sector get more advanced with AR and AI integrated into the apps and the software. However, being a realtor or a real estate agent, you should also know that advanced apps like these ask of you to have a blazing fast Internet connection. I always resorted to Cox because of the excellent Cox customer service. You can subscribe to any service that you please. But make sure you get the best support as well.
