Know how PropTech is shaping the future of Real Estate.
Real estate is said to be reluctant in adopting new technologies. It seems to be true in most of the cases when records are fetched. Almost every sector has been digitalized in the last decade. But real estate has always followed a steady approach toward digitalization, resulting in the minimum transformation of this sector.
What is Proptech?
PropTech is the blend of two terms “Property” and “Technology”. You might be familiar with some of its identical names such as FinTech, EduTech, ConTech, and HrTech, that represent digitalization in their respective sectors. Proptech also represents the transformation of the real estate sector with the help of technology. This term indicates the Digital Transformation roadmap, needed for utilizing tech in real estate.
What’s the future of PropTech?
Companies have been entering into PropTech since 2010. They gained path-breaking momentum in 2016 with record 261 new ventures into PropTech. In the year 2019 alone, PropTech received funding of $13.86 billion. The KPMG research about the repercussion of digitalization in the real estate sector concluded that:
58% of the real estate players have a digital strategy to gain more from the business.
The real estate sector has improved its efficiency (65%), cost-reduction (47%), and more efficient decision-making (44%) process.
25% of real estate tech companies are following big data strategies to increase their business base.
Another researcher Cretech shows that:
31% of real estate commercial businesses are looking to invest in PropTech.
26% consider this opportunity as a chance to make money.
Tools and technologies have become an inseparable part of PropTech.
How PropTech will transform the Real estate
Although PropTech is a newly launched term, its implementation was already there right from the beginning. Now, when the transformation of real estate has been deploying at a fast pace. A new real estate future is likely to arrive.
Big data
Augmented reality
CRM Facility
Automotive and machine learning
Blockchain
Mobile and web apps
are a few points and domains that are taking the Real estate business from good to great and reducing workload.
Conclusion
PropTech is gaining momentum and challenging the real estate industry to change. As with any new technology- a rise to uncertainties and complications is pre-defined. However, success has always meant thinking ahead, and right now, PropTech is loaded with the same idea to revolutionize the Real Estate Industry. Learn more about how PropTech will transform Real Estate from this blog post.