The rise of Proptech and how technology is transforming the real estate industry
The rise of Proptech has brought about a seismic shift in real estate. From property searches and transactions to management and maintenance, technology has significantly improved efficiency, transparency, and accessibility. The integration of data analytics, virtual reality, and automation has empowered buyers, sellers, investors and property managers to make well-informed decisions and streamline their operations. As technology continues to advance, the real estate industry can expect further transformation, unlocking new opportunities and reshaping the way we buy, sell and interact with properties.
Disrupting Traditional Property Searches - Gone are the days when prospective buyers had to rely solely on local listings or real estate agents to find their dream homes. Proptech platforms have emerged as powerful tools, allowing users to search for properties based on their preferences, budget, and location. These platforms aggregate listings from multiple sources, making it easier for buyers to explore a wide range of options. Features like detailed property descriptions, high-quality images, and virtual tours provide buyers with a comprehensive view of the property before they physically visit it.
Overhauling Real Estate Management - Proptech is upending the way realtors and realty service management companies do business. Artificial Intelligence and Machine Learning are helping realtors respond to raw material shortages, potential surge in prices and supply chain bottlenecks before these problems materialise. It is helping property service companies generate automated incident reporting and quick security and response management for properties that they service. Technology is also helping these companies offer their clients services that are tailored to their unique needs (e.g., the best of mortgage deals, AI-generated digital documentation, and real estate security management through apps like MyGate). Proptech is even changing the way Indians decorate their homes through virtual stagings and monthly rental furniture.
Traditional v/s Proptech: Compared to other sectors like banking, real estate has been a sort of laggard when it comes to embracing technology. Traditionally, realtors and developers have had an unfair advantage while investors and buyers of real estate have often operated in an information vacuum. By allowing for a better exchange of information and interaction between buyers and sellers, Proptech is removing this opacity and bringing in better transparency in the sector. The rise of Proptech is revolutionising real estate by reducing cost and improving consumer convenience thus impacting both profits and productivity. It has also enabled automatic, quick and better data collection and analysis. This in turn has helped realtors zero in on opportunities, assess risks and gain better input about customer demands. Proptech will further ease the way business is done by allowing investors to get real-time updates about projects.
With Indian Real Estate poised to touch $1 trillion by 2030, Proptech will soon be a non-negotiable part of the real estate experience. As internet penetration increases, a lot of the processes involving the purchase/sale/renting and building of real estate will go online even if the final deal gets inked offline. In the coming days, Proptech will lead the disruption and innovations in real estate.
This article is authored by Rishabh Siroya, Founder, Siroya Corp