It was decades ago when people used to rely on physical advertisements like paper ads for renting, selling or buying properties. In 2006 Zillow – an American online real-estate marketplace company got introduced to the world and it changed the way real estate was operating.
This innovative tool started assisting the people digitally with getting the important details about home sale history and charts and graphs comparing home value appreciation with other towns or states.
Ever since this website got launched, the Real Estate industry has transformed drastically. According to several recent studies 80% of Gen Z use social media to make most of their lifestyle decisions including their next rental.
Digital Transformation in Real Estate isn’t new but it is still at the initial phase and has a lot more to show. Let’s get into the details of where the industry stands in today’s digital era and where it is heading to.
PropTech Innovations in Real estate
Protech refers to property technology which has been the main driving force behind real estate transformation. Similar to Fintech in the finance sector, Proptech also focuses on bringing in more and more new technologies addressing the needs of the real estate market.
From brokers, agents, lenders to landlords Proptech encompasses a broad range of innovative solutions for all user segments of the property industry. Ranging from multiple listing software to BIG Data, Artificial Intelligence, Blockchain, and more, Proptech aims to level up the real estate experience for all the users.
PropTech is Majorly Divided in Three Market Segments
1. Smart Home
In this digital real estate world, smart homes are cherry on the top. These Proptech innovations enable people to make their homes – smart homes and remotely monitor, manage or operate specific property assets with an internet connection using any of their smart devices like mobile or laptop.
Through an interconnected system, smart homes enable people to manage important functions like security surveillance systems, temperature, lighting, access to the home, and more.
2. Sharing Real Estate
Real Estate professionals are primarily using PropTech solutions to share and rent properties including flats, independent houses, offices, land, and storage spaces. With the help of Property Management Software they are able to share property details with their various clients instantly and simultaneously.
These software also make the rent collection process automatic, easier, and smoother – making the property agents more productive and efficient.
3. Real Estate FinTech
Real Estate FinTech refers to technology tools that make buying and selling properties easier. For instance, it could include an online platform that simplifies the process of getting approved for a home purchase, cutting down on the amount of paperwork needed.
This kind of technology helps streamline transactions and makes it faster and easier for people to buy and sell real estate.
Big Data And Analytics
Real estate professionals collect large amounts of data on a regular basis and organizing and analyzing that data effectively is critical for the success of the industry. Big Data and Analytics help these property agents to make the most out of that vast data with informed decision making.
With SaaS in Real Estate and cloud solutions, storing and sharing property data securely on cloud has become easier for all the real estate firms but, in modern times big data and analytics is more than organized categorizations. It is more about learning users’ behaviors and preferences to make buying predictions and serving tailored experiences to them.
With this proptech solution real estate experts can easily have a comprehensive view of the ongoing and upcoming market trends along with the buyer preferences. Analyzing such critical insights and providing personalized property recommendations becomes easier and effortless for the property industry.
This is just a simple example of how Big Data and Analytics is refining the buyers and sellers experiences by easily providing details they need to make smart data-driven smart decisions.
So yes, Big Data and Analytics goes beyond just storing, organizing, and sharing data. Today this technology has the potential to evolve with learning about what are the habits of the people today, what they like or dislike, and ultimately make predictions about – what they might need.
What The Future of Real Estate Technology May Bring
We are living in a digital era where lots of new technologies, Property Management Software and digital innovations are influencing the way we live, work and important choices like buying a home.
AI is one of the emerging and leading technologies in our digital world. Talking about the Proptech Industry, it has unthinkable potential to enhance the buying and selling experiences. It is not wrong to say that the future of Real Estate is AI on top and other technologies Big Data to make informed decisions, Blockchain to data security and protection.
Technological advancements don’t seem to slow down in real estate hence, it is no more just a choice to adopt for property experts but a necessity to thrive in the ever-evolving Proptech world.
Besides the above mentioned PropTech Innovations in Real estate, the one thing that is currently shaping the real estate industry is – an accessible, transparent and user-friendly experience.
