How Proptech Companies are influencing the Real Estate Industry

From time to time, technological revolutions take place in almost every industry. The buzz around the term “Proptech” is gaining pace as this is becoming a regular practice in the real estate industry. The proptech companies are basically using information, tools and disruptive technology to manage, execute and optimize the real estate projects. In the current scenario, buyers are looking to purchase a property via virtual platform and that’s where proptech companies come in the picture. A recent article by financial express states that, “the proptech industry in India attracted over $551 million in 2020, surpassing the aggregate of previous year – $549 million”. So, what kind of technology is being used to influence the consumers? Let’s have a look at them!

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• Big Data – The enormous amount of data present in the market if brought to the right use can give astonishing results. Companies who have access to data comprising of key insights can help in improving the system and services.

• Virtual & Augmented Reality – With this tool, companies are providing house tours to the buyers on a virtual platform. Buyers can get to experience how their home will look like even though it is under construction.

• Contract Automation Software – Several hours are being wasted to manually draft a real estate contract. Instead, use of such software can make the life of both buyer and service provider easier.

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• Listing Platforms – An online presence comprising of website and social media to give out information about properties is being done. Information about real estate is listed on the basis of area, location, bedrooms, price and more.

• Lead Generation Tools–There are firms in the market who are providing lead generation solutions to proptech companies so that they can invest their time in approaching and finding new ways to crack a deal.

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Having mentioned the technologies being used by the proptech companies, what benefits are they getting out of it?

• Storing Data – Companies can now store large amounts of data on servers and gain access to it all around the world. This also solidifies the transparency factor in the proptech world.

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• Impactful Advertisements – The digital tools have opened an avenue for marketing of real estate products and services. Making the right use of such tools can help in creating brand awareness and generating leads.

• Effective Communication – Proptech companies are able to establish a strong connect with buyers and clients through better communication. This also enhances a firm’s overall market credibility.

• Sales Assistance – The buying selling process has been made convenient for proptech as posting real estate listing and providing virtual tours have assisted them very well. Such tools are helping a salesperson to establish meaningful relations.

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At present, proptech companies have become a strong pillar providing support to the real estate industry. Had these firms not been there during the pandemic, India would have taken an even more severe hit because of the virus outbreak. The future looks bright for the proptech companies as an article by financial express indicated that “50% of the real estate buying decisions take place through online searches”. Also, “With growing internet users, disposable incomes and a desire to invest in real estate, no wonder the number of opportunities in this segment is colossal”, as view by Vishal Raheja, Founder and CEO of InvestoXpert Advisors Pvt. Ltd.

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