The ongoing COVID-19 pandemic situation has stipulated various major industrial setups to come up with new and innovative ways to conduct business. And amidst this situation of complete uncertainty where the market gurus are even dubious about figuring the new face of Industries, work-culture etc, it rather becomes more interesting to see what the future holds for the realty sector. It will require long enough to fully realize the extent of the disorder caused by the pandemic situation. However, in the times like these one thing that can be clearly depicted is that the pandemic has paved way for innovation on a scale never seen before. In this write-up, you will get insights on why the “PropTech-driven culture is the new normal” and how it is tweaking the real estate sector with overhauled innovation.
Why PropTech-driven Culture Is the New Normal in Realty Sector?
As per the property technology-driven trends, it can be clearly depicted that various prop-tech developments have gained huge momentum recently as it lets digital real estate turning up to reality. This prop-tech powered culture is the new normal in the realty sector as it adds on its capability of making realty management much easier. Enlisted are some of the major applications of PropTech that lets it have an upper hand over the traditional way of realty management.
1. Incorporation of Big Data Analytics
The realty sector deals with huge packets of quantifiable data. The applications like Big Data assist in simplifying the data into the most precise information that can realize the trends of the realty market. To suffice the realty investors and homebuyers to have a proper understanding of the realty market while they seek lucrative realty investment opportunities. The PropTech tools like Big Data will do all the math and lets you have a list of locations best suited for investments purposes considering the rentals and percent ROI on charts.
2. IoT-enabled Smart Buildings
A conceptual form of living spaces has now become a reality with the introduction of IoT PropTech applications. “Smart buildings”, as the name suggests it optimize and regulates the functionality, comfort level, energy consumption/dissipation, security, etc., by incorporating IoT-powered electronics, sensors, and AI-based systems. The sensors will gather data and on the basis of which some set patterns can be developed which can be further deployed by building management teams and property owners separately from distant locations. This application will allow buildings to become more intelligent in predicting user actions, this app also makes the spaces user-friendly and eco-friendly. The devices also allow individuals for decisive management and analytical monitoring.
3. PropTech Based Realty Management
Mobile-based IT applications count for a major part of PropTech. It offers management teams or individual owners to have real-time access to a platform to operate a wide range of functionality across residential spaces and office complexes. For instance, a residential/ office space QPR can realize a mobile app for its residents, via which, they can register the details of expected visitors or make orders online.
4. PropTech Driven Realty Marketing
This branch deals with listing realty on online space, however, showing these listings as a result of a query made on SERP to the target audience is also dealt with smartly. This is all possible due to the incorporation of digital marketing driven real estate marketing. Apart from creating strong online visibility, digital marketing can help you promote your listings via channels on Google ads and social media paid ads. Furthermore, the lead collected can be followed up or nurtured via running successful email campaigns.
5. Unmanned Guided 3D Property Tours
Another way where PropTech can be widely advantageous is in offering unmanned-guide 3D property tours via incorporating virtual reality and augmented reality (AR). This also lets homebuyers check out various listings hassle-free and at the expense of travel. Although VR and AR piece of techs have been in use for quite some time, PropTech has gained momentum during the pandemic situation.
6. Customer Relationship Management (CRM)
Consumer satisfaction has become the primitive requirement of companies across various sectors. Companies are focusing on catering to excellent consumer service via instant communication response. The realty industry also realises the need for consumer-oriented dealings and has now initiated catering PropTech-based solutions to suffice consumers requirements. CRM help you have direct access to the details of potential leads, keep up a tab on emails and whatnot.
What Makes PropTech a Better Way in Catering the Realty Sector?
It has changed how we buy and sell our properties and has also affected the liquidity of the asset class. Mentioned below are some worth noting points on how this technology is revolutionalizing the realty sector.
1. Secured Buying and Selling Options
PropTech has simplified the property purchase and sale process. While product sellers can now with ease list out their options, end-buyers or investors can have a chance to select and compare multiple properties under one channel. This also had made it possible for financial transactions to have become more liquid and transparent.
2. Enhanced Transparency and In-bound Liquidity
PropTech ensures to improve the transparency in the realty sector by conducting a data-backed valuation of realties and this will further allow the liquidity prospects of properties to get enhanced.
Undoubtedly, PropTech has become a vital ingredient of the realty industry. Given the pandemic situation, the realty sector has incorporated technology and innovation for its own benefits. This new coming is surely an excellent opportunistic moment for the Indian real estate sector, which is expected to surpass the US $1 trillion market capitalization size by 2030.