The Relevance of PropTech in the Post Pandemic Era and Beyond
As the Covid-19 hit, the entire world was in deep uncertainty about the jobs, inflation, income, and even survival but the technology which skyrocketed during the same time was PropTech. And experts have even predicted that it will rise exponentially in the upcoming years.
This trend can be clearly seen as the interest of the homebuyers has started to shift from a physical site to PropTech because with the help of new-age technologies, homebuyers can now transparently see each and everything in detail about their dream house.
Thus, in this article, we will cover factors like 5G and technology evolution that are helping PropTech grow. Along with that, we will also discuss the PropTech tools that play a vital role in changing the entire homebuyer’s experience.
5G and Technology Evolution
It is estimated that at least all the Indian metro cities will be connected with the 5G high-speed internet connectivity by the end of 2022. Thus with 5G connectivity in place, many sectors are likely to get a boost from it, real estate is one of the most prominent.
5G will help PropTech innovation in areas like smart home technologies, predictive analytics, home automation, real-time data analytics, AR/VR content, etc. In addition to that, fast and real-time transfer of high-quality photos and videos will also be possible.
Along with that, with the help of advanced technologies like AI and ML, homebuyers will be able to experience a virtual tour of their dream home, which will help the homebuyers take better and more transparent decisions and suggest changes if any during the virtual tour itself.
The founder and CEO of PropertyPistol, a real estate advisory company, Ashish Narain Agarwal, says, “In India, buying your own house is a very big milestone. A homebuyer needs a trusted source on which he/she can have that confidence of reliance. Thus, homebuyers should care that they prefer only well-known and reputed websites; otherwise, they will be trapped. Along with that, homebuyers should also once visit the actual property or site in order to see the real progress and work development of their dream home.”
Furthermore, Tushar Shrivastava, PropertyPistol’s Co-founder and CTO, says, “Technology has played a critical role in bridging the gap created by COVID-19-related challenges, and there have been enormous technological advancements, to the point where traditional models are now being replaced with modern, digital models in order to speed up growth. Real estate firms have recognised the immense potential of technology and are heavily utilising digital marketing methods to acquire clients.”
PropTech Tools that have become a necessity For Homebuyers
Below are a few of the major PropTech tools that are vastly used:
- Portals
The main aim behind the PropTech portals is to make the entire real estate transactions very easy and transparent with the help of technology. It also aims to address the issues faced by the homebuyers in which they don’t get enough options of their choice due to which either they need to settle for a home that doesn’t really match their requirements or waste a lot of time finding their ideal home.
- Artificial Intelligence
With the use case of AI expanding a large number of sectors, real estate is also nowhere behind in this as it helps them analyze the behavior of customers and their best-case match so that they no longer have to go through each and every project one by one.
- Customer Relationship Management
As it is rightly said that “Customer is the king”, so CRM is the most essential tool that ensures that the customer experience is pleasant and fruitful, starting from finding the right home, managing all the documents, and finally buying the home.
- Virtual Reality/Augmented Reality
VR/AR is now a reality, and most Indian real estate players are now using this very advanced technology. This technology has also helped take customer satisfaction and transparency to the next level, as homebuyers can now enjoy the virtual tour of their dream home and feel that environment and ecosystem.
- Chatbots
It is a very important tool that helps the real estate business by engaging and interacting with the potential customers who are visiting their websites or any other social media handles. The major advantage of using bots is that it isn’t possible for the owners to be available 24*7 but using these bots, at least customers can be managed if they have some generalized inquiries.
Conclusion
From the above discussion, it is clear that PropTech is going to bring a big revolution in the entire real estate sector with the help of new-age technology. Companies like PropertyPistol are leading a revolution in Indian Real estate by aggregating brokers through a syndicated platform and all RERA registered projects under the radiate platform to create a one-stop shop for real estate buyers in India.
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.
