How is PropTech enabling innovation in today’s age?

Proptech is not only enabling innovation in today’s real estate market but providing diverse benefits to consumers and developers. 47% of the total population willing to purchase technology-infused homes are closing the deal after only one virtual site visit.

The new Digital India has seen several changes in the last decade. However, alteration in the property market is the most valuable among them. Houses that are being built in the post-lockdown scenario show how incredible lifestyle technology brings for buyers.

From Demographics, business hierarchy, urbanization, customer behavior to globalization have played a key role in constructing the pressure dynamics of real estate in India. These innovative approaches have thus caused unpredictable disruptions in its value chain across asset classes. However, it is working in favor of the value chain.

There is no point in denying that innovation, product subsidy changes, new business configurations, robust strategies, operating and transaction models are some of the tectonic transitions that have induced phenomenal waves in the otherwise tranquil Indian real estate division. Although it may seem too much, it’s all working out to make the Indian property market a big success.

Besides, government policy reforms along with the arrangement of RERA guidelines have generated mergers in the sector. The changing environment, increased awareness, different dynamics, and development of the technology have benefited the Proptech market value chain to a whole new level. The sales and marketing, construction, and asset management have prepared a smooth road for a more systematic and efficient user experience. 

Key technologies Proptech uses for innovation

Proptech in real estate is solely based on technology and implementation. Innovation in the property market has seen growth since the early 2000s. However, in 2021, the surge has reached nearly USD 551 million in investment for the first time. And, all of this is due to the technology used in digital transformation.

• Blockchain

You may have heard of this word before. But, it sure does hold a good grip on the innovation in Proptech. This is an ingenious technology that is creating huge changes in several sectors, including real estate. Precisely, a digitized record maintaining technology that enables tracking records and commerce in a system of computers.

So, with blockchain, both the seller and buyer are at an advantage to close the deal without the intervention of mediators. It further maintains immutable digital records of lands and closes the risk of management mishandling.

• Virtual Reality

Another incredibly smart technology that has been eliciting a sales funnel to work. For consumers, VR works as the best device to view a property from the inside out. It creates an illusion of what the actual project will look like. It is nothing sort of what it used to be back in the days when developers would try hard to create a realistic picture for the buyer. VR helps potential consumers to be sure of a project and buy it.

• Artificial Intelligence

Big data and Artificial Intelligence is a huge milestone in Proptech technology. Most US real estate firms use AI to provide a customized experience to buyers. It gives the right assessment of the property values, making the user interaction fruitful and effective for the firm. On the other hand, big data works as a companion to AI by helping in error-free data analysis, prediction, and auto-correct. Thus, we see the most accurate results on the web page when we search for properties.

• 3D Printing

If we are to talk about innovation and how it’s enabling Proptech to take over the property market, 3D printing can never be eliminated. Yes, saying farewell to the old methods of projecting an architecture was needed. It lets the developers introduce 3D modeling or printing where it is possible to see how an unfinished property will look like in the future. With its robotic arms injecting cement in the digital framework of a building, the model assures viewers to believe and move on with the project. Hence, 3D printing is one of the necessary steps towards innovation in the Proptech value chain.

Online marketing working in favor of Proptech

Moving towards the future and keeping upgrading it has been an unmissed aim for the global civilization. Although traditional marketing has had its benefits, it never was the better option.

Since online marketing has taken a twirl, the changing consumer attitude towards purchasing a house, and the digital transition with the moral demographics, digital wallet usage for real estate has increased significantly. 

Online marketing has allowed hitting the targeted audience and engaging them in an effective user experience. The reach has grown from 504 million to 1 billion in a matter of a few years. And, this technological advancement has been only working in favor of Proptech.

Therefore, there’s no doubt that Proptech has been a successful concept that brought comfort and luxury together in a cost-effective manner. It is certainly enabling innovation in the modern age and will continue to do so.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.