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How Proptech is changing the real estate industry

Perch | Kat Wong and Joey Li | Feb 9, 2022

how proptech is changing real estate - How Proptech is changing the real estate industry

The growing necessity for innovation in many industries has become stronger than ever before, especially with consumer expectations steadily rising over the years. The residential real estate industry in particular is fast paced and always evolving with new emerging technologies designed to improve the traditional ways of qualifying for a mortgage, buying, selling and managing real estate transactions.

What is Proptech and how it’s changing the way realtors do business

Technology has now entered almost every industry, from education and healthcare to construction and real estate. Proptech, also known as property technology, is the term used to describe the implementation of technologies and software to improve the function and experience in real estate markets.

With the rapidly changing digital landscape and shifting consumption patterns, this type of technology transforms the industry by identifying gaps and inefficiencies while providing innovative solutions using analytics, such as overhauling product and service offerings, automating processes and streamlining real estate initiatives through data-driven applications and tools.  This means Realtors need to keep pace with innovation, otherwise they could lose out on potential opportunities.

Proptech has also changed the way information is accessed, collected and stored. Thanks to better and more efficient data gathering, industry stakeholders such as real estate agents and broker now have access to more information than ever before, resulting in faster and more accurate results. With data for mortgage rates, property history as well as buying trends and predictions readily available, realtors can make smarter analytical decisions and reach a broader audience.

Innovative platforms are on the rise to automate deal acquisitions, improve communications and property management, allowing agents to save more time and better serve their clients. Showing homes to prospective clients and closing deals have become fast and more convenient for both buyers and sellers, as technology has changed the way properties are listed accelerating average closing times.

Not to mention the increasing popularity of virtual home tours as they allow realtors to give potential buyers an interactive buying experience without having to travel anywhere, while drones offer 360-degree aerial coverage to easily capture beautiful photos of an entire property.

Innovation is changing the way homeowners and buyers purchase and manage their real estate investments

Emerging technologies are affecting the way consumers shop as they gravitate towards smart and innovative ways to make purchases, and the same applies for real estate. Consumers also want more insight and transparency when it comes to their financial data and like to be offered personalized solutions to their own specific pain points. To tackle this issue, innovative platforms are being built to allow consumers, mortgage brokers and realtors to have access to real time application statuses, timelines and notifications of outstanding requirements all through one channel so they can manage their property investments better.

With the necessary information and knowledge from these resources, first time home buyers are able to quickly understand their purchasing power and figure out how much ‘house’ they can afford. Consumers also have access to various digital tools that will allow them to quickly perform tricky mortgage calculations or understand confusing closing costs. To top it off, it's easier than ever for consumers to buy real estate and instantly compare mortgage rates from several lenders, all within a few clicks, when it would traditionally take weeks to hear back.

Digital technologies have improved the overall industry for both consumers and financial institutions but it is just the start. Business needs are continuously evolving parallel to the needs and wants of consumers and with the rate that existing systems are developing, who really knows what the real estate industry will look like in the next few years, but one thing is for certain, it’s time to sit up and pay attention.

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