PropTech, short for property technology, has rapidly gained popularity in the real estate industry. With its integrated proptech ecosystem, there has been a surge in investments since the onset of the pandemic, and its growth shows no signs of slowing down. It helps real estate buyers with searching, probing, renting, evaluating, marketing, finance management, etc., using tools like Artificial Intelligence(AI), Virtual Reality(VR), Augmented Reality(AR), Internet of Things(IoT), etc., in a cheaper and better way than the usual methods.
The conventional methods were deeply rooted in manual tasks like manually surveying a property or depending on people spreading the word about marketing for advertisement and engagement. Thanks to PropTech solution, these are a thing of the past. PropTech has evolved these complicated manual tasks into a facile virtual one; that can be done anytime from anywhere and provide better results. It has also removed the hassle of brokers and facilitated real estate businesses to direct customers, where they can establish agreements and bonds feasibly and without liabilities.
Real Estate PropTech Benefits to Consumers in India
Real estate market trends offer consumers a wide range of advantages, including faster and more efficient property searches, lower transaction costs, and increased transparency and accuracy. In addition, it can help simplify and streamline the entire process of buying, renting, and managing property, making it easier and more efficient than ever before. With the help of real estate PropTech, consumers can now access a vast range of information and services to make informed decisions about their property.
- Seamless Property Searching
With the help of property tech, customers can quickly and easily search for properties that meet their needs. By leveraging the latest technologies, customers can access detailed property information and select the best property for their needs. Additionally, it saves time by allowing them to search for properties online instead of physically visiting each property. This facile gathering of information has made the traditional real estate market a prop-tech market.
- Secure and Easy Buying
Property tech helps make more secure and seamless buying for customers feasible than ever. Advanced digital tools, such as online payment systems and automated property searches, help customers find a property quickly and safely. Additionally, property tech can provide customers with access to a variety of helpful resources and services, such as access in virtual tours, property listings, mortgage calculators, and more.
- Automation of Paperwork
Through the implementation of automation technology, customers no longer have to worry about manually filing and tracking paperwork. Automation of paperwork saves time and provides a more efficient, reliable, and secure process for managing documents.
- 3D Virtual Apartment Tours
3D Virtual House & Apartment Tours allow customers to take a virtual tour of a property; without ever leaving the comfort of their own home. Customers can explore in detail, touring each room, and understand the space clearly. The technology also allows customers to compare multiple properties adjacent to one another and make an informed decision.
- Seamless Communication
Property techs, such as software applications and websites, have revolutionized how landlords and tenants communicate. Property tech provides direct and effortless communication for customers, allowing landlords and tenants to communicate more efficiently and quickly. Property tech features such as messaging, document sharing, and payment systems.
- Real-Time Updates
Property tech companies provide customers with access to real-time market data, up-to-date pricing, and detailed analytics. These tools enable customers to make more informed decisions about their property investments. Property tech also allows customers to efficiently manage their portfolios, track progress, and stay informed of new opportunities in their area.
Benefits of PropTech to Developers in India
It provides a variety of benefits to developers, including improved efficiency, cost savings, and better customer experiences. Proptech in India can reduce the time and effort required to manage a property and allow developers to focus on the creative aspects of their projects. It can also help developers create a more accessible, transparent, and secure rental market, connecting them with a larger pool of customers.
- Smart Marketing Tactics
Developers can increase their return on investment and maximize their real estate online sales through the use of intelligent algorithms and target specific audiences and tailor marketing campaigns to fit their needs. Property tech also helps developers maximize their sales efforts by providing real-time analytics on the performance of their campaigns.
- Exploiting IoT, Drone, and Robotics
By connecting devices and services, property tech creates a vast network of data developers can use to inform decision-making and maximize efficiency. Robotics and drones can be used to monitor and inspect properties in real time, while BIM helps to create detailed visualizations of projects and can be used to create predictive models.
- Digital Inventory Management
Property tech helps developers accurately track and manage their inventory. It automates the process of monitoring and managing inventory, which saves developers time and money. Property tech also allows developers to access real-time data, which can help them make better decisions regarding their inventory.
- Proper Analytics
Property tech helps developers with Reports & Analytics by providing powerful tools to analyze data and track trends in the property market. Property tech also provides real-time data access and insights into the performance of properties and portfolios, allowing developers to make informed decisions quickly and effectively.
- Seamless Post-Sales Services
Developers can track customer information and manage transactions, contracts, and payments by utilizing advanced software and technology. Property tech offers developers a more personalized experience through automated customer service, personalized online portals, and real-time analytics.
Property tech has fundamentally transformed real estate technology and industry, making it easier, more efficient, and more accessible than ever. The rise of PropTech companies is due to the influx and demand for PropTech. One such Proptech company is Beyondwalls which provides integrated prop-tech systems to real estate providers and buyers. With the help of technology, real estate agents and buyers can now find the best property at the best price.