Property technology or also known as Proptech has gained a massive boom in recent years, with technology making its way into almost every sector, advancement in Proptech is at its peak A lot of investors are putting in billions of dollars into digitizing the existing way of real estate business which aims to improve the real estate industry.
According to the reports, in 2008, the investment in proptech startups was just $20million which increases to the $4 billion in 2018.
The mobile technology has played a vital role in this change. It is changing the traditional ways of people buying, selling, and renting properties. As the new technology arrives, features like better property management, neighborhood insight, 3D Floor plans, etc; give access to a robust property buying and selling experience.
Before digitization, buyers and sellers both had limited knowledge about the property valuation. It includes their existing worth and insights when they wanted to sell it. But in today’s time, these parties don’t have to scrutinize a lot of times to know the exact valuation. The present-day mobile tools now can provide valuable information to buyers and sellers about their property and help them get an accurate estimation. Thus helping them in making better property-related decisions.
Be it an owner of an apartment, builder, or someone renting their property, today there exist multiple applications that make their work easy. Earlier, there were many arduous tasks in property management when it was given to tenants. However, proptech helps in managing the property very easily. It provides instant and fluent communication between agencies, tenants, landlords, and agents.
Like many other sectors, technology is connecting people creating a unified platform. Here they can share their thoughts, events and raise issues. A mobile application can be built for a specific housing society, colony, or a group of residents. Therefore, this will enhance their interaction ultimately resulting in a harmonious relationship within the residents.
When mobile apps are connected to the smart devices present at the home, they can create an intelligent and energy-saving space. Present-day machine learning and artificial intelligence technologies can predict the need for electricity geographically and can help in energy distribution. IoT has created such an environment where you can access items such as washing machines, lights, air conditioners, etc remotely thus making life easier.
In today’s time where everyone is moving towards digitization, builders are now using cutting edge AR and VR technologies to enhance the buyer’s experience. Layouts can now demonstrate like never before. This gives the buyer an ultimate feel of how their home would look like. In addition, this also gives an added sense of clarity when going in for bespoke layout planning.
We at Quarks are at the forefront of technology, our team lives and breathes innovation in its purest form. We believe there is a massive scope of digitization in today’s time where multiple time taking processes can be automated using mobile and web access solutions. The points mentioned above gives you a glimpse of how and where technology can be incorporated within the Real Estate ecosystem.
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