PROPTECH AND ITS IMPACT ON THE INDIAN REAL ESTATE INDUSTRY

Technologies have already changed the world. The power of technology has been incorporated into almost all business sectors, and real estate is no exception. The real estate industry has been quick to identify opportunities when it comes to the adoption of technology. 

On that note, have you heard about the recent buzzword “Proptech”? Proptech has become the new disruption power and innovation driver today, under the umbrella of the real estate landscape. It is also said to be the modern-day remedy for real estate specialists looking for fresh opportunities. The purpose of this blog is to encapsulate learnings on how the real estate sector can harness the benefits of Proptech to remain a step ahead of competitors.

What is Proptech?

Property Technology or Proptech meaning – all the technological tools that real estate professionals utilise to streamline the process of buying, selling, researching, marketing, and efficiently managing a property. All parties involved—developers, investors, and property management firms, benefit from the cross-industry technology. Proptech is the string that weaves together the fabric of real estate.

Real Estate Technology Trends in 2022 

3D Virtual House and Apartment Tours: Virtual reality real estate and 3D home tours are one of the notable digital trends for 2022. It enables potential buyers a virtual tour of the properties while scrolling through search applications. It saves time and money by avoiding the visit of numerous properties. Additionally, virtual reality real estate allows developers the chance to broaden their online presence and improve customer involvement. 

Blockchain: The real estate sector has been touched by blockchain technology in a number of ways. Blockchain offers new means for buyers and sellers to connect with one another, thereby eliminating middlemen to save expenses. It makes it easier for buyers to trace a property’s ownership history. As a result, it offers more transparency in the sale process for the sellers.

Mobile Apps: We cannot deny that mobile apps are the easiest and most trustworthy way of getting any information or services in today’s day and time. With mobile apps in the picture, you can access a database of various houses, apartments, and even commercial spaces in the palm of your hand as per your requirements. Homebuyers, renters, and investors can easily search their dream property by filtering out location, the number of bedrooms, square footage, and more, thus making it an effective means to do business.

Internet of Things: The practice of integrating sensors and computing technology into various objects that we use on a daily basis is known as the “Internet of Things”. 

There is not an iota of doubt that technology is constantly changing the way we live, and businesses are embracing cutting-edge tech to remain competitive.

• Today, real estate brokers may operate in numerous places all at once thanks to IoT, which significantly reduces their workload.
• You can instantly lock doors and watch the security camera footage easily with a mobile application.
• Smart apartments constructed today include WiFi, intelligent sensors, and access controls for better connectivity. This is more appealing, especially to the younger tech-savvy generation.

Conversational AI: Consumers of real estate software require the best support and interaction possible. This means the error rate should be as close to zero, the contact channels must be accessible around-the-clock, and the response time must be as quick as possible. These requirements can be readily met through an automated service desk that uses conversational AI. This technological method goes beyond standard chatbots, making it one of the most significant advancements in the real estate industry in 2022.

The Future of Real Estate Technology

As per predictions, the world population will double by 2050, and so will the demand for real estate. The key predictions are:

1. Smart homes will monitor the health and activity of occupants, such as reminders to drink water, take medication, warn of scalding water, etc.

2. Future homes will be designed with flexible layouts to drive demand for multi-generational accommodation. 

3. Staying ahead of the curve will require the real estate sector to adjust to buyers’ and sellers’ needs. They will have instant access to hundreds of real estate listings at the touch of a button.

4. The future of virtual reality in real estate will allow users to see finished properties before construction even starts.

5. With this technology, property listings will be available online, making them more accessible to a broader audience.

6. Proptech tools like mobile apps will not only improve the speed of communication on the buying front but also help tenants and landlords to stay in touch, exchange information, and resolve any issues that may arise.

Conclusion: 

The real estate industry is booming. Proptech will save people time and money while encouraging the integration of automation and remote working. It can be used in even more ways than described in the blog, but the goal will always be the same: to create an easier, more efficient user experience. 

Adoption of the latest Proptech real estate trends will not only have a positive impact on your business but will also help you leap over your rivals. IoT, AI, blockchain, and many other technologies have already made it possible for business owners to draw in investors and wow their clients with high-quality services. So don’t squander your time if you intend to implement real estate advances in your company. You can already take advantage of Proptech and dominate the market.