Role Of PropTech In Revolutionizing The Real Estate Industry
Technology is paving its way through every industry sector such as medicine, education, media and as a result, giving rise to new practices. The real estate industry isn’t far behind as the concept of PropTech has emerged and is taking over the real estate landscape expeditiously.
In simple terms, PropTech is a terminology that induces the collaboration between technological innovations and the real estate industry by creating revolutionary changes which are disrupting traditional practices.
Investors, property dealers and landlords are using PropTech to lower costs and effectively operate the real estate processes. However, revolution is a step-by-step process that doesn’t happen overnight. Let’s take a deeper look at how PropTech is revolutionizing the real estate industry through various means.
1) Automation
The creation of tailored web-based applications is allowing tenants and owners to control their respective properties. This feature enables rapid and smooth operations resulting in satisfaction from both the users.
2) Virtual Reality
Virtual Reality reduces time constraints and allows tenants to view properties from around the globe from the comfort of their homes or offices. Making the property search process simpler and swift.
3) Financing and Payments -Fintech
Safe and secure online financing and flexible payment options are the need of the hour for both buyers and sellers due to the ongoing pandemic. Individuals looking to invest in real estate get a sigh of relief because transparency has increased and access to financial information is at one’s fingertips.
4) Environment Sustainability
Global warming is not a secret and is very much upon us. PropTech is enabling the use of solar panels and exercising the concept of renewable energy by creating a safe space for individuals and planet earth.
5) Computerized Designs
PropTech is being used for creating a valuable experience for the customers through computerized designs as well as, 3D Modelling is enabling individuals to feel and imagine what would it be like living in a space of their choice.
Machine and human collaboration are occurring at the speed of light and it’s time to adapt accordingly to grow and scale your business. PropTech is ensuring success to the real estate investors by accelerating the financial processes, streamlining property management and lastly, helping in providing
Source: dunyanews
