The Roptech industry is rapidly growing, changing the landscape of the real estate field. Hence, Proptech is not just a buzzword you read on blog posts. Technology and software solutions influence all aspects and processes within the industry, bringing us closer to the new reality.
Proptech real estate solutions by Otakoyi can empower your business or startup idea for greater success. Let’s dive in and see what Proptech is all about.
Hot Topic: What is Proptech?
In simple words, Proptech is a technology created to improve the real estate industry, simplify work processes for professionals, and elevate the services they provide. In the past decade, people are obsessed with digitilizing each field of our lives. Real estate is no exception. You probably know and use many world-recognized Proptech innovations and brands, such as virtual reality tours, Booking or Airnbn renting services, or platforms for online house shopping.
Why can’t the tech geeks stop talking about Proptech? Real estate is a fast-changing and growing environment. Businesses need to keep up with the latest tech trends to optimize business processes or provide tools for better communication with customers if they want to survive the competition.
The Proptech market is growing at lightning speed. The latest forecast predicts the market to jump from $18.2 billion to $86.5 billion in the next 10 years.
4 Key Benefits of Implementing Proptech Solutions
The question you might have is whether you should bother investing and developing Proptech apps, platforms, or software. Yes, it is worth the money and effort. And here are 4 concrete benefits to support our case.
- Elevated marketing.
The old-school real estate marketing doesn’t work anymore. In the digital era, you can’t attract buyers or generate new leads for your business with unclear 2D pictures, staged photos, and inspiring speeches. Real estate business need to add some spice to their marketing efforts. The Propetch offers 3D animations or models instead, virtual reality tours, house searching platforms and apps, and more.
With Propetech solutions, you can make your marketing exciting and thrilling. You can step away from time-consuming listings showings and offer virtual tours that will stimulate the desire to buy. Remember, a well-executed marketing strategy equals an increased conversion rate and profit raise.
- Enhanced communication and collaborations
Developing real estate projects and maintaining properties involve several parties. Hence, there will always be something lost between the lines. Proptech developers find a way to tackle communications between collaborators and stakeholders. With easy-to-use platforms and applications, everything is out in the open, reducing misunderstandings and mistakes in crucial real estate development stages.
Such solutions are a perfect fit for property management, allowing tenants, management, and owners to communicate clearly about upcoming repair or maintenance works, rent and bills deadlines, and guidelines.
- Transparent real estate market
One of the biggest achievements of Proptech is making the real estate industry more transparent to an outsider or newcomer. Now, we have analytical tools that can research the state of the real estate market and suggest a good time for investment. Developers launch innovative solutions to streamline communication between sellers and buyers without relators’ help and still purchase property hassle-free. Yet, real estate agents, architects, property owners, and construction firms can get access to innovative tools that make their work easier and more efficient.
- Increased turnover
Propetch solutions for accommodation renting or selling are responsible for increased occupancy. With online platforms and mobile apps, landlords can fill vacant rooms, apartments, and houses in several clicks, creating a transparent rending process. Propretch offers tools to manage bills, lease terms, and other renting issues.
From the buyer’s perspective, finding accommodations became much easier. Modern platforms provide various search and filter tools to scout the best-fitted apartment or house for your lifestyle.
Revolutionize your real estate business: Ahead-of-curve technology you can take advantage of.
Explore the latest Proptech trends you can adopt for your business to deliver out-of-this-world services and stay ahead of the competitors.
- Internet of Things (IoT)
IoT is a network of physical objects that are connected through the internet. Sounds familiar? All-desired smart houses are the best example of IoT implementation in the real estate industry.
IoT solutions can simplify and optimize property management, allowing homeowners or maintenance workers to control heating, power, and water supply through the app when you’re not even on-site. It is an excellent tool for long-term and short-term rentals to help tenants navigate through appliances and utilities.
- AR and VR solutions
Augmented reality and Virtual reality is a game-changing technology for real estate marketing and interior/exterior design. More companies implement AR and VR into their workflow to reinvent traditional home tours and showings. Now, you can have an apartment or house tour without going anywhere. It is particularly useful for buyers shopping for a house in a foreign country or out of state.
Such technology saves precious time realtors spend showing the listing, allowing them to be more productive and showcase various properties simultaneously. Moreover, with VR and AR, real estate agents can sell properties under development by promoting visual stimulation.
AR and VR help visualize the interior and exterior and try multiple design scenarios before you commit and invest in materials, furniture, and appliance.
Blockchain technology is making inroads in real estate. By creating a decentralized database of property transactions, blockchain can enhance ownership security and prevent fraud. Additionally, innovative smart contracts stored on the blockchain can streamline buying, selling, and renting housing.
Artificial Intelenges can simplify the day-to-day work of real estate professionals, helping out with administrative tasks like composing an email or sales contract, proposing a marketing pitch, analyzing market trends, calculating costs and expenses, and more. As we know, AI developers are not stopping surprising us with new achievements. Hence in the future, we can see more use of AI in the real estate business.
Be imaginative and find Proptech solutions that work for you
Proptech offers a wide range of services and solutions that help transform various aspects of the real estate industry. Connect with a professional Proptech development company to brainstorm solutions suited to your business niche, including:
- Rentals and Sales;
- Facility and property management systems;
- Realtors tools and CRM;
- Construction site management;
- Property search solutions.
Ready to empower with Propetch solutions? Start your journey with experts!