The basic fundamentals of the real estate industry are beginning to evolve as new developments are creating a major shift in the sector. The introduction of new, innovative technology is helping to create a new revolution that is a game changer for the future of the property industry.
So, what exactly is Proptech? Proptech is actually a shortened form of ‘property technology’ and it is used to describe any type of technology associated with real estate. This can cover a whole range of things, from software such as property portals like Zoopla and Rightmove to materials, for example how special bricks are now being adapted as batteries for solar panels to manufacturing.
Nearly two years ago, Proptech was relatively undiscovered whereas now Proptech is starting to enter everyday conversation as it is no longer a niche phenomenon. It can be regarded as one small part of a wider digital transformation within the property industry that considers both the technological and change in mentality of the real estate sector.
Investors are starting to recognise Proptech and they can see huge potential in the untapped market opportunity. The integration of this new technology within the property industry will allow for a more streamlined process and simplify the sale and rent of properties.
Proptech is an emerging trend which is creating a positive change in the property industry. As well as changing the industry, it will help to influence the sector in far more specific ways too, creating new opportunities.
Rental platforms have adopted the Proptech trend as the simple concept whereby landlords meet their future tenants through digital marketplaces. This is helping the industry to flourish as it reduces their number of vacancies. Proptech also works in a similar way for both commercial and residential properties.
In order for property professionals to remain up to date with the current property market, as well as the future state of the industry, they must consider the wider picture, and view the changing landscape as more than just Proptech. It is important to be open to the technological movement as a whole mentality change.
Property consumers are used to digitalised businesses and they are confident in online processes and procedures. Technology has had such a profound effect on the property industry that old traditional systems now seem archaic and inefficient compared to what is available since PropTech has come into play. As consumers want an easy transaction, the property industry needs to make the process as seamless and secure as possible, but they also require trust. PropTech is an industry that has helped to boost consumer trust for new methods.
RW Invest property investment specialists have adapted to this new wave of technology by offering investors from overseas virtual reality tours of their latest apartments based in Liverpool. Not only do foreign investors get the chance to view their UK property from their country of residence but they are also provided with the facility to fully purchase their unit by signing an e-document.
Technology is what keeps the property market on its toes and it is one of the best ways to ensure it is always looking ahead.