Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
How Proptech Is Changing the Real Estate Game
Guest Post | Sep 26, 2022
Image: Pexels/SHVETS production
While it doesn’t seem like anyone is ready to purchase real estate completely virtually without physically seeing it with their own eyes (and having the property inspected by a licensed professional) anytime soon, technology, specifically proptech, is shaping how current and future real estate transactions are getting done.
Certainly, when technology makes for greater accessibility, security and more seamless transactions, homebuyers and professionals alike will see no other alternative, especially those buying and selling in the downtown core.
These are just a few examples of how proptech has already impacted real estate transactions in Ontario.
Artificial Intelligence and Automation
One of the biggest complaints from real estate agents is that they spend too much time on repetitive administrative tasks. These tasks cost them money when they are taken away from tasks that earn them money, like market research, speaking with clients and closing sales.
Using automation for back office tasks and AI to provide virtual guided tours, respond to emails, recognize potential leads allows real estate agents to optimize their time on more lucrative tasks.
Analytics and Big Data
Using big data to aggregate both historical and real-time data to track patterns, trends, prices, demographics, etc., real estate professionals can:
- Get a more realistic picture of a property’s future risks and opportunities based on geography and other variables.
- Forecast property prices based on large data sets.
- Target their properties to more interested buyers.
- Develop property based on predictions of which amenities would fit potential residents.
- Better predict investment risks.
Virtual Showings and With Augmented and Virtual Reality
Using virtual reality (VR) and augmented reality (AR) in the home buying process makes viewing multiple homes simutaneoulsy more cost- and energy-efficient. While virtual purchasing hasn’t replaced the need for site inspections, it has certainly saved a lot of time and expense for potential homebuyers.
VR and AR tech also allows buyers and designers to collaborate in realistic virtual spaces, making it easier to ‘see’ a space with different furniture, flooring and other home improvement options.
Blockchain
Blockchain provides safe, secure and transparent cryptocurrency transactions more efficiently and securely than traditional financial transactions. Thousands of computers are used to verify encrypted transactions and ensure the security and integrity of financial records. There is also the possibility of storing property information in the blockchain, which makes it more secure, accessible and easier to update.
Other Examples of Common Proptech Currently in Use
See: Real Estate 3.0: How Affordability and Fintech Are Driving the Ownership Revolution
Real estate tech companies have invested heavily in ways to facilitate sales and rentals by offering:
- Property search platforms like listings and marketplaces.
- Property sales and closing tools.
- Financing solutions including mortgage lender software and alternative financing.
- Property management solutioins.
- Loan management systems.
- Evaluation and construction planning and management tools.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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