PropTech : Learn how it will help you manage, Rent, Buy, Sell Property
- 8 December 2020 | 737 Views | By Abhinav Mishra
When you buy or sell a property, there is a lot that goes into the process. If you are in the business of buying and selling properties and still using traditional methods to complete your deals, you need to revisit your approach. You should check the latest websites and mobile apps that are designed to streamline and modernize the process of building and selling real estate. These come under the category known as ‘Proptech’.
What does PropTech mean?
PropTech is a short form of property technology. It means the use of technology to transform the real estate sector. It is about using technologies to create platforms that will change the way you research, buy, sell, rent, and manage a property.
Why is PropTech a hot topic?
PropTech has been the buzz word in the last few years. It is not only transforming the residential space but also the commercial space. The companies that have started using technology to grow their property business have a competitive edge over their competitors and are also making profits because the process has been streamlined for them. As of result, all the new entrants in this space are using technology when they enter the market or plan to expand. Even small businesses are making use of technology to get more business.
What are the areas where PropTech is used?
By now you know that technology can make life easy for both real estate companies and their customers. You must be thinking – how and where is it happening? Below are some of the areas where PropTech is bringing about the change:
Some years back when you needed to sell a property or rent it, the only option you had was to go to a broker. Today, the scene has completely changed, just like everything else, the properties are can be made available to thousands of customers using a phone app. As an owner, just with a few clicks, you can evaluate the current price of your property. Not only this, you can use the same app to rent, sell or manage your property. You can do all this without visiting your property. It does not matter whether you are in a different city, state, or country, the technology has ensured all your work related to property is taken care of.
The normal practice for a construction site having many buildings and floors is that you have to send someone – a supervisor to every floor to conduct a survey. Using technology like Artificial Intelligence and drones instead of sending humans, you can use drones to capture 360-degree images from various building heights. This saves a lot of time and effort for the businesses and even gives more accurate results.
Managing mortgages is a paper-intensive and time-consuming process. However, with the introduction of PropTech, you can save a lot of time and reduce the disbursal cycle from 30 days to a few hours.
The time has changed and now most of the teams are working in remote or coworking spaces. Providing them with space has become a lot easy now for companies providing these services. It is all because of technology, customers can find the desired location as per their need very easily now. These come under the category known as SpaaS or Space as a Service.
Which type of proptech will make my life better?
Above, we have seen examples of how proptech will make life easy for the business. Now let us see how it is going to make your life easy.
Having a lot of information on something is good but in some cases, it can become a problem. For example, you decide to buy a property in area X of your city. In minutes, you will see all the options that are available in that area that are under your budget. How do you decide which one to visit? You certainly cannot visit all the properties as it will take days to do so. At one level proptech ensured that you get to know all properties in your desired area and at the next level it helps you view each of those properties by providing you a virtual reality tour of all the properties. With a VR headset, you get to experience an immersive, three-dimensional view of the project.
Then there is AR which simulates your furniture and interior design products in 3D and provides you will different colors and designs to choose from. In the end, you get what you want. Home automation systems are also becoming very popular these days. It makes your life easy since it supports a large number of services and is connected to different sensors and devices.
Should I be worried about my privacy?
There are many ways through which proptech is making your life easy. When can someone make your life easy? When they know about you, right? The platforms which are making your life easy are also having access to a lot of information about you. Are you worried about your privacy? If you are, you are not alone. As per a recent study, 67% of the consumer in the Asia Pacific are concerned about their privacy.
The new companies as well as the established ones understand this concern of users. All of them are implementing stringent policies and assuring their customers that their personal information is safe with them.
What is the biggest real estate company in the world?
There are many big players in this space and the biggest of them is Brookfield Asset Management. It has 2,000 assets in 30 countries that cover five different continents.
Who is the best real estate company to work for?
If you are one of those who are fascinated by the growth opportunities in real estate then you must be looking for the best company you can work for. Earlier, real estate majorly attracted sales and marketing people but with proptech, a lot of technology people are interested in working for this sector. If you are from a technology background you have to get information on the kind of technology the company is currently using and how you can become an asset to them. If you are looking to join as a sales agent, you should check the commission structure of the company and the initial support being offered.
Combining all the parameters, the best company to work for in the real estate sector is Keller Williams. It provides you high commission structure and ample continuing education opportunities.
What is the best real estate market to invest in?
Real estate is one of the largest sectors for any country and its growth ensures the growth of the nation. If you see real estate, it is continuously moving in the same direction – growth. There can be lean patches where investors may not see any significant growth but in the long run real estate will always give you good returns. With globalization, you can invest in a property from any country. The first question that comes to mind is – which is the best market to invest in?
Two markets will be on every list when it comes to the best markets for real estate investment – one of them is Germany and the other is the United Arab Emirates. Germany has a roaring economy and financial you can compare it to other leading nations. It has a low cost of living and low-income tax rate makes it an ideal real estate investment choice. The other nation is the United Arab Emirates – a tax-friendly country that provides high returns to real estate investors. You don’t have to pay any tax on accumulated rent as there are no income tax laws. Even the rental incomes are very high, it stands at 5.19% which is the highest in the world.
What is the future of PropTech?
The use of technology in real estate space has just started and we are only at the start of the revolution. In the coming years, a lot will change in this space. A leading trend will most likely be the use of technology to employ eco-friendly solutions in the real estate industry.
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