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Prop Tech Platforms: Benefits of the new real estate revolution for users!
Real estate businesses have always kept the maximum onus on offering a great experience with a futuristic view of homes and lives for all their potential buyers. However, this was the norm in the world before the COVID-19 pandemics!
After the onset of the pandemic, the real estate market as we know it has changed and with it, the customer’s approach to the sale, rent and purchase ecosystem. Proptech, or property technology, is the application of technology and platform economics to the realty sector. Designed as a way of reducing paperwork in the property sector as well as to make transactions more efficient, more prompt, and more secure, proptech today has emerged as a game changer!
Rapid urbanization, rising income among middle class families, a young and tech-savvy demographic base, and increasing technology adoption among the older population all have played a role in the rapid rise of proptech in the Indian economy. With the increasing use of artificial intelligence, big data, 3D modeling, virtual reality, and drones, proptech platforms are pushing the brackets and accommodating buyers, sellers, brokers, and stakeholders in unique ways!
However, proptech is not just another tech trend that will disappear over the years. In a report released by Housing.com in March 2021, titled ‘PropTech: The Future of Real Estate in India,’ it was noted that the Indian proptech sector has witnessed investment inflows of USD2.4 billion with 225 deals till then. By 2030, Indian real estate is projected to become a USD1 trillion market and proptech technology will play a huge role in propelling the sector towards the mark.
That being said, here are a few benefits of the proptech platforms for all users to enjoy:
- Increasing innovation in the realty sector
As the number of proptech players in the real estate sector increase, so does the level of innovation and sophistication of tech. Today, market players are using analytics, artificial intelligence, big data, and machine learning, to track and observe the creditworthiness and financial performance of projects, providing insights and information to purchase and sell more properties and rope in investments,
- Greater transparency
Cutting edge technologies such as blockchain and big data enhance transparency and enable individuals to monitor their real estate transactions at the click or tap of a button for every involved party to see.
- Better occupancy
By listing in a rental application or website, property owners and brokers can enable property buyers or tenants to not only view their projects, know the price and all other features associated but also make informed decisions. By digitizing the administrative process and management solutions, property owners can allocate rooms quickly and easily to tenants as well as make better use of the space capacities.
- Improved promotion
From promoting a property to finding the right tenants, prop-tech can help property owners and managers reach more audiences. The use of 3D virtual tools help realty agents promote both existing and under-construction projects by providing realistic online tours and showcasing actual pictures and prototypes.
- Improved communication
Most proptech platforms help improve communication between property owners and property buyers or tenants, which result in faster responses and less misunderstandings. This seamless communication flow enhances customer satisfaction as well as helps build trust in the property sellers and managers. Additionally, it also empowers the buyers to share their feedback, leave their ratings, and ask for the amenities or services they need.
In the years to come, real estate businesses using proptech platforms will be viewed as more reliable, professional, and valuable compared to the ones that don’t.
The future of digitized real estate is here!
Are you ready to be a part of it?
