How will Proptech play a significant role in real estate work?
Proptech may be a dynamic vast parchment that helps individuals and corporations research, buy-sell, and manage the land. It provides technological services to the sector and users access to the best grade residential and commercial real estate.
Subsequently, in the case of construction of the property, Technology is used in architectural designing and planning to make the process more efficient.
Technologies such as big data and AI are used to provide quick solutions to the queries and problems faced by residents. It is also being used by owners in the management of tenants and properties.
It even imparts portfolio management and property search, which helps in reducing the time of investors.
INCEPTION: The rise from the root
In the 1980s, the real estate sector witnessed the extensive use of Technology due to the availability of personal computers. The personal computers came equipped with tools that are specialized in providing technology-based services for data analytics and marketing in the real estate world. The facilitated computer-aided designing and 3D modeling positively impact the field of construction technology.
As Internet technology became more accessible to a wider range of population, new companies in the form of online accumulators flourished in the digital classified space in the early 2000s and provided services in the form of online platforms to list residential properties for trade.
Later on, in 2008, when Technology such as cloud computing, data processing, Internet broadband, and smartphones became apparent, the use of these technologies in the real estate sector significantly hiked for storage and analysis of larger amounts of data.
Technology is helpful in the ambitions of existing proptech companies. The smartphone Revolution access to the internet and apps utilization help provide consumers easy access to the digital platform. The consumer experience took center stage during the period.
The current pandemic has acted as a catalyst for the proptech companies. It is not easy to predict the timing and amount of impact that proptech will have on real estate. Still, Technology penetration has undoubtedly multiplied the digital acceleration in the sector and can safely be said to set an increase shortly.
PROPTECH DOMINATION OVER ASIAN AND WESTERN COUNTRIES
Proptech is a global phenomenon. The maximum number of companies in the sector are concentrated in the US and Europe. In Asian countries, proptech is still inchoate compared to their Western countries. Currently, the majority of proptech companies in Asia are concentrated in China, India, and Singapore.
India makes a huge fascinating case for proptech in its population of 1.4 billion. India has been a laggard due to the low acceptance of Technology. However, in the past few years, real estate has attracted considerable Indian developers’ interest with the potential growth of the proptech sector in India. It is expected to reach a market size of USD 1 trillion by 2030.
BENEFITS OF PROP MART ADAPTATION
- More customers
It works to draw in more potential customers to convert into buyers. More buyers help to diversify the risk of lost sales.
- Increased Revenue
Most customers lead to more revenue which helps the company to grow over time and offset the risk of increased operations and cost of goods due to inflation. And in case if the salespeople increased their performance, the company gets more revenue; hence everybody wins.
- Data gathering
Finding proptech does not always lead to immediate sales. In some cases, salespeople use to contact prospects to collect data that can help in contacting specific prospects, but it also aids in developing sales strategies and tactics which will be applied within.
REASONS TO INVEST
- Truly personalized service for the clients that suit their specific needs.
- There is always a frequent demand of investors for high-quality communication in order to remain confident in your ability to solve financial challenges. The more personal the communication, the more consistent its frequency.
- You get to share your opinions on new investment and Wealth Management products.
- Operating business with a long-term perspective.
Overall, the survey findings highlight that due to the increase in the level of confidence among people to buy slash rent homes using the online platform, the proptech industry is expected to grow in terms of the capacity of virtual reality adaptation in coming years.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.