PropTech is transforming the property industry: Here’s How
The real estate industry is a multi-billion-pound industry that is more dynamic and exciting than before. Due to the evolving digital landscape, PropTech is taking the property industry by storm. PropTech is a term that can be defined as a large digital transformation in real estate technology.
Over the last few years, there have been several growing trends in the PropTech market that are breaking the boundaries within an industry that was once dominated by traditional high street agents that are now thought of as archaic. The trend began when active real estate giants like Move Bubble, Zoopla and Rightmove began to change the way the industry ran by investing in the emerging PropTech movement. Ultimately, there has been huge progressions that will change the way business models are formed when it comes to property and investing.
Gaining interest from larger companies was the start of the PropTech success story. Hundreds of larger companies aimed to make the industry run more efficiently and become more accessible by simplifying the process of property transactions. Nowadays it is much easier to make a decision about property by removing the antiquated process and introducing newer ways brought about through the rise in PropTech.
Virtual reality is one tool in particular which is growing in popularity. The property industry is embracing virtual reality amongst other tech trends to change the way the industry performs. For many, virtual reality can have connotations of video games and being used as means of entertainment, whereas this technology actually holds huge power in the property industry.
Typically, clients may visit multiple properties before they decide on what property to purchase. This process is laborious and can become time-consuming, particularly if the new property is far from where a buyer lives. In the latter, visiting a property a fair distance away from where a buyer is currently living is not only time consuming, but also extremely expensive.
Virtual reality provides a solution to these problems allowing people to virtually visit all properties they are considering without leaving their homes. Property investment companies are taking advantage of virtual reality allowing overseas investors to experience their properties in a matter of minutes. RW Invest has adopted this new trend due to the off-plan nature of their properties. The immersive experience creates an accurate representation of what potential investors are to expect within their new build properties.
PropTech is a digital trend that is infused throughout every avenue of the property industry, therefore it is slowly gaining the recognition it deserves for being an industry that’s moving forward with the times. Digital technology is providing new opportunities for businesses while improving the experience of its consumers. While never really being known as the first to adapt to technological advancements, the property industry is now starting to make huge leaps due to the huge benefits of innovation. Therefore, it is important that all real estate companies get up to speed with this ground-breaking technology and embrace the fast-paced, forward thinking digital movement that is so prevalent today.