Many developers in India are using Proptech as a technology based platform. If you don't believe us check out amazing Apartments for sale in Koramangala.
You can acquire a virtual insight about why Proptech dominates the real estate market.
Many home-seekers are being introduced to a new term known as “Proptech”. So what does Proptech exactly mean?
Proptech is a term that is recently used by the real estate industry. It is a combination of two words namely “Property” and “Technology”. It is typically referred to as a balance between how technology can be used to search for properties.
Proptech gives you a virtual experience of visiting a property with the help of technology. It provides unique services and platforms for real estate professionals, property owners, and investors. People can search for properties with the comfort of their home.
Home-seekers can book an inventory of their choice with a click of a button and sign documents digitally. You can request a call back from the representatives and acquire extensive information about the property. You can choose between varieties of projects around the country and decide according to your convenience.
Real Estate Technology has changed its dimensions drastically with the emergence of new software. The real estate industry has been implementing modern techniques of innovation that caters to the needs and requirements of the new generation of home-seekers.
Let us give you some examples of Proptech solutions in the Real Estate Industry
A Construction of a Site is quite a challenging and a time-consuming process for executing a project.
Planradar expands project management software platforms dedicated to provide a solution to the construction industry. They assist in executing plans, keep documentation and communicate throughout construction projects.
Other Proptech solution providers are building information modeling platforms, modular construction tools, and cost estimation tools.
They are implemented for buildings that are made from pre-produced models that make the whole process well organized.
It is an example of Proptech solution that connects you with tenants and landlords into a single platform.
It is the first Artificial Intelligence that is powered with the essentials that help you find and purchase homes that generates income. It scrutinizes every listed home for sale and shows you highest return on investment on properties.
It is a startup that is based in Hyderabad. It uses Virtual Reality and 3D visualization to elevate the home décor experience.
It is a product that was established by Insomniacs. It is a leading Digital Marketing Agency that is aimed at integrating the referral system in the real estate sector. RealtyX addresses the barrier from the developer’s point of view that is being forbidden from operating their own referral programs.
It is a cloud-based 3D Augmented Reality Platform that provides users to design and visualize their future home. Their goal is to reinvent the interior shopping experience, by consolidating real products into the virtual platform.
It provides a sales and marketing automation platform for real estate. It ensures complete end-to-end solution for potential customers. The product is being used by 200 real estate developers.
Proptech has become one of the latest trends in the field of Real Estate Technology. Every real estate company has started to implement Proptech as a solution for catering to the needs of home-seekers by adding a tincture of virtual essence.
The industry has endured four waves of tech innovations that are the following:
The first wave of Proptech had noticed an arrival of a new period of consumer confidence in online transactions. It was quite difficult to find real estate information or buy a home online. However, with the emergence of online aggregators and e-commerce customers, online transactions had begun to establish a reputation in the real estate world.
The second wave of Proptech had started in the year 2014. It had brought a new breed of tech players. They provided customers with specialized services with the comfort of their devices by implementing data analytics and virtual experiences.
The third wave of Proptech aimed at “Deepening” user experiences. It brought an exciting phase where startups challenged the fundamental principles of the real estate sector. New technologies emerged in Proptech 3.0 such as Internet of things, Smartlifts, Drones and Virtual Reality.
The fourth wave of Proptech 4.0 has begun to disrupt real estate by implementing the power of existing inventions. The real estate sector is witnessing different changes in multiple facets of innovations. New software are being introduced and implemented for the betterment of the real estate industry.
Top 6 Trends that Revolutionizes the Proptech Industry:
Augmented and Virtual Reality:
They are productive technologies that revolutionize the real estate industry. Its features include reduction of time, cost and energy involved in visiting the property physically. A property buyer can visualize how the project might look like even before completion of the project.
Augmented Reality ensures digital elements are added to images. Whereby, Virtual Reality helps to upgrade stakes in marketing the property.
Internet of Things:
Internet of Things has multiple applications like predictive maintenance, faster decision making, enhance energy, and much more. They can help Proptech industry to implement unique techniques of innovation that will ensure transparency of technology.
It is one of the technologies that have great demand in the Proptech industry. An organization implements Big Data to acquire information about the location of a property as well as the contents available for the property.
Artificial Intelligence and Machine Learning:
AI in real estate industry is presently focusing towards providing content about location and size of the property to potential buyers. But, in the future, AI might advise websites to display properties that are based on personality traits, values, etc.
Drones help to visually depict multi-perspective sight of a property with aerial photography. The entire structure of the property can be viewed with the help of Drones.
Building Information Modeling:
It is three-dimensional smart process that implements multitude of tools, contracts and technologies that are handled by engineers, constructional professionals, architects, etc.
They project, generate, organize and supervise the buildings effectively by employing digital representatives.
What will be the Future of Proptech Industry?
We are all at the beginning of witnessing the success of Proptech Industry. Some people predict that Proptech might replace real estate agents but we are all aware that smart people are the people that create good technologies.
We can expect that the Proptech Industry will establish new software and modernized technologies that change the landscape of real estate technology.
Let us now touch upon the role of Digital Marketing in Real Estate Industry
Promotion of well established properties needs to be done to spread brand awareness of the property. You need to share blogs of real estate firms in different social media channels.
You need to run ad campaigns that specify the information of the property and track the number of people who have clicked the ad through Click through Rate (CTR) strategies.
You must conduct Search Engine Optimization (SEO) techniques to increase the visibility of a real estate firm’s services by optimizing the content available on the website. On-Page and Off-Page SEO activities must be performed in a systematic manner by carefully catering to the needs of SEO guidelines.
Digital Marketing plays an important role in generating brand value for the company. We must track the number of potential customers who visit our website. Google analytics is a tool that supports the feature of tracking people who visit our website.
In a Nutshell, we can say that PropTech and Digital Marketing will help real estate firms to generate potential customers.
PropTech and Digital Marketing are both based from a virtual environment that guarantees brand awareness and scope for establishing a blissful digital experience.