The real estate sector is changing at a faster rate than it has done for a very long time, and it’s all down to the rise of proptech. Also known as property technology, the term “proptech” refers to recent technological developments that have served to make property purchases and management much more efficient.
Through the power of automation (amongst other impressive features), property managers, owners, and agents alike have been able to do away with excessive paperwork and improve the speed and smoothness of their interactions.
As a result of these advances, the Australian property market is currently leading the charge in boosting the country’s economy.
Why Proptech is Important?
Whether you work in the property sector or you think you might one day want to buy or rent a property, proptech is likely to prove very important. It is, after all, technology that is designed to streamline almost every aspect of the process.
Thanks to proptech, just about everything in the property management game can now take place online, from viewings and inspections to financial transactions.
Not only does this make things more convenient and flexible, but it also means the property market is more adaptable than it ever has been. And, with the coronavirus pandemic having hit countless sectors hard, those that have taken their services online have proven to fare far better than those that refuse to re-adjust.
Not to mention that centralising all steps on the buying and selling journey improves transparency and communication between all parties and makes it far more secure. This has to do with the fact that all data can now be stored on one app or platform, rather than having to rely on external storage outside of a main operating system.
What Does Proptech Do?
We know why proptech is making a splash. But, what exactly does it do? Well, for one thing, it’s revolutionising the house-hunting game for people across Australia.
With virtual 3D listings, video viewings, and real time photo uploads accessible through most proptech apps, it’s never been easier to find or sell a dream home. This could change the game for people looking at properties from across the country, for example.
Additionally, proptech makes financial transactions far easier to manage. This is because most proptech apps have in-built money management tools, which can automate rent payment and collection, and track all ingoing and outgoing transactions.
Plus, with instant messaging capabilities and the ability to record complaints and requests, any issues can be dealt with easily.
Proptech can offer all of this and more. And, it’s all thanks to a set of technologies that have gradually come to be adopted by the property sector at large. As an example, virtual reality is becoming increasingly popular as a tool that allows investors to see and experience a home without ever having to set foot in it, while drones can offer aerial views of houses and wider neighborhoods.
The Internet of Things has become similarly important, as interconnected, “smart” household objects become increasingly capable of alerting property managers to potential problems. This serves to make maintenance a far more manageable job.
What Impact Will Proptech Have On The Future of Real Estate?
The real estate industry is only going to get more efficient with the widespread use of proptech. And, with an increase in efficiency will inevitably come an improvement in user experience. Since investing in a property can be a pretty big undertaking, anything that helps to update the often inefficient, old-school systems is likely to be of benefit to both buyers and sellers.
In the future, we can expect a simpler approach to real estate to become the norm, for everyone involved. By handing over the more menial tasks to technology, valuable time is freed up.
This resource can instead be channeled into things that will help to boost the property sector further, including more quickly filling vacant properties and dealing with tenant concerns that software just isn’t equipped to handle.
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Author: Luke Fitzpatrick