Nowadays, a new term is being used to describe the revolution in the industry. It is known as Proptech. Proptech is often hailed as the latest disruptor in the market. It is powerful and innovative. Real estate developers can now get rid of all the paperwork. These developers utilise Proptech to streamline the customer buying, selling, researching, marketing and managing property. Proptech also has many other names like Realtech, Real Estate Tech, Retech, and CRE Tech. Although, the crux of this technology is to align the real estate industry with technology.
Understanding the Impact of PropTech in the Contemporary World
The PropTech ecosystem is designed to boost data-driven efficiency in real estate enterprises and enhance the consumer experience through products in 4 business segments – Invest & Finance, Enterprise Efficiency, Customer Experience and Connected Living. Platforms like Square Yards and a few similar spaces have become prominent names in the PropTech .These are the platforms that give the buyers, sellers, and agents an opportunity to collaborate and exchange information about real estate. They reduce intermediaries and offer more choices to consumers.
The PropTech envelops many operations, such as:
- Sales
- Marketing
- Employee Management
- Secured Payments
- Customer Experience
The year 2020 brought in many barriers to real estate sales. 2020 also resulted in an increased dependency towards digitization. This digitization primarily focused on property technology/ PropTech. Although, this phenomenon called PropTech has been in the real estate space for quite some time. But the industry’s shift in attitude due to the pandemic brought a shift towards digital. Market players like real estate developers have started using this technology.
How PropTech Changed the Traditional Landscape?
Customer Relationship Management Tools have dominated the trends since the advent of the 21st Century. Nowadays, these tools have become conventional. Although, there are real estate developers who are still following the traditional route. An end-to-end sales execution platform would be a game changer in streamlining the landscape.
The property portals have been around in the markets for a while now. These portals have broken the perception of sales being in person and physical. Through these portals, now the sales process is happening online as well. The stakeholders have also built faith in these portals and are paying close attention to this technology. People who want to buy or rent are gravitating towards these portals like https://www.squareyards.com/ and others.
The home-buying process involves visiting various sites. The real estate developers are trying to make this process smooth for the customers with the help of one-site agents. By using the portals, agents can collect customer data and access inventory information. This has resulted in a spike in sales.
Does This Mean More Demand For AI?
To convert these potential customers to real customers, site visits are important. A lot of people hoped that AR/VR would get its due in the real estate industry. Although we are still nascent, VR has positively changed the business. Customers now get to experience digital walkthroughs along with recorded sessions. It is worth noting that visiting the sites physically is still a practice followed by many customers, but the VR experience is not going anywhere.
The Rental agency Multiliving Technologies Pvt Ltd utilises AI to analyse the property searches of customers. They use this data to suggest the most favourable locations for the property. Artificial Intelligence and Machine Learning are now used in chatbots. These chatbots are capable of talking with customers and solving their doubts. It helps in making the experience more engaging and increases the leads.
BIM or Building Information Modelling is a PropTech platform. It has become an essential tool for building 3D models in the design phase. BIM clarifies the project details to the property stakeholders and acts as a facilitator to developers. They can plan the various elements involved during the construction phase.
Don’t miss It!
| AR & VR in Real Estate | How AR & VR Are Reshaping the Real Estate Sector? |
| Future of Digitization | Future of digitization in real estate |
| Proptech Revolutionize | How will proptech revolutionize the rental industry? |
| Future of Smart Real Estate | How Square Yards shaping the Future of Smart Real Estate? |
| Proptech Real Estate | How are startups in Proptech Real Estate Growing? |
| Benefits of VR | List of Benefits of virtual real estate |
| Propetch Startups | Propetch Startups India |
| Revolutionising Property Buying | How Virtual Reality is Revolutionising Property Buying |
| Paying Money for Virtual Land | Why Are Investors Paying Real Money for Virtual Land? |
A Look at the Leading PropTech Platforms
Let us look at the top Proptech platforms that have disrupted the market. These are as follows:
- Square Yards is one of India’s top platforms for real estate and its solutions. The brand offers a thorough process of buying a home. One of the biggest unique selling propositions is that Square Yards provides various search and discovery tools. They provide embedded video conferencing, by which the real estate sales individuals can also show all the properties online. Due to this, now one agent now has the capability to do a lot more showings in one day. All the buyers, too can conveniently view a new property in a remote setting.
On Square Yards’ official websitehttps://www.squareyards.com/ you will come across various resources. These tools are the 3D Real Estate platform and PropVR (in the solutions section). They also have SmartAgent, their latest real estate sales and marketing solutions platform for the region of the United Arab Emirates. The company launched these AI-based tools to improve their efficiency. The acquisition of PropVR by Square Yards proves the brand’s faith in the new trends in technology. Square Yards aims to develop digital property experience with the help of 3D technologies. They have incorporated virtual reality and augmented reality in their platform. Although this is not a first for them, with their previous acquisition of Azuro, they strive to disrupt the real estate sector. Square Yards is growing faster than ever by redefining the property buying, renting and selling experience.
- NestAway – The company was built by the National Institute of Technology NIT’s 4 alumni in the year 2015. It is the country’s fast-expanding managed house renting company. The brand aims to provide superior leasing options by innovating the best designs and lucrative services.
- MagicBricks – Home buyers and owners can look for the property that fits their preferences on their website. The users can also ask for anything related to their property. The company provides solutions along with quick recommendations and essential guidance.
- Furlenco – It aims to provide the urban Indians with the opportunity to live better on the property. The decor is inspired by urban Indians and how they incorporate the best home decor.
- Clicbrics – It is an online real estate portal. The brand serves users from all market segments. The brand provides users with adequate information about their dream home. Their customer segment includes both first-time homebuyers and homeowners of all categories.
- PropTiger – PropTiger is an independent real estate consultant. It has a platform that operates across the country. They have expertise in the real estate business in India and brilliantly understand the market.
- Livspace – It is our country’s first home design portal. Livspace has been an entirely customized market for owners and designers. Its objective is to approach aesthetics or environments as a final product.
see also – Revolutionizing Proptech India: Top Proptech Companies in India
Summing Up
The advent of breakthrough solutions like Proptech has brought a revolution. It uses state-of-the-art technologies that have brought a turnaround in the real estate industry. These latest solutions are called Proptech. The term Proptech refers to the applications of brand-new technologies. It improves the efficiency of using, selling, and leasing real estate properties.
The contemporary real estate industry can gain an advantage from the advancements in Proptech in plenty of ways. It provides a productive and profit-making path for investors as these innovation-driven platforms also help many landlords, buyers, and sellers to enhance property journeys. This means that both users and companies can profit from Proptech.
