Innovative solutions like fintech, edutech, medtech and the likes are causing considerable disruption across traditional industries. Therefore, it is only natural that the largest asset class in the world would gradually follow suit.
The term proptech basically refers to the marrying of technology and real estate to advance the industry. Property developers are becoming increasingly aware of the need to harness technology that cuts through unnecessary paperwork and legacy systems to streamline processes. We take a look at a few ways in which technology has already begun to revolutionise the sector:
Streamlining the purchasing process
One way in which proptech is already changing the industry is seen in the way in which potential customers can now browse, compare and even purchase properties online. Searching for properties through the various portals available has become the norm, with such sites adopting technological advances to create their edge.
Virtual reality, for example, is being leveraged to create virtual walkthroughs of property developments – often with the use of drones. Investors are increasingly able to enjoy an end-to-end experience from the comfort of their living rooms. Such technologies compliment the process, allowing potential customers to save time and physically visit properties only after a sound decision has been made. Advancements in this area also allow home builders or renovators to be able to use virtual reality headsets to get a sense of what the property will look like once it is completed.
Redefining the property agent role
Advancements in proptech have also paved the way for the all-important role of property agents to take new forms. Aside from virtual tours, administrative duties such as the processing of extensive volumes of paperwork have been automated, leaving those in the industry with more time to concentrate on providing excellent service. Agents are now freer to provide industry advice and expert opinions. They can now also benefit from the large volumes of data at hand to empower themselves and improve the customer experience.
Plus Property is a good example of such automation, with Sansiri offering sales brokerage as well as yield and rental updates for their clients efficiently.
Smart Homes
Developments have already taken considerable leaps forward in this area. It is not uncommon to see the likes of lighting, air-conditioning and music all connected and controllable from our smartphones. Although the main barrier for adopting these technologies is cost, future advancements will not only lower prices but also save homeowners money in the long run through the energy efficiencies they bring. （can we rephrase this sentence)
Sansiri has already taken steps towards advancements in this area with Farmshelf, innovating with automated farming systems that enable anyone to grow food with ease in their home or workplace.Therefore….
Automated facilities management
This is one of the major ways in which proptech is disrupting the industry. Although this technology is not new by any means, more and more condominium developers are adapting to the times by creating their own sophisticated apps to cater to their residents’ needs.
An example of this can be seen in Sansiri’s usage of its very own Plus + Concierge, that essentially acts as a personal assistant to residents.
Aside from the cleaning, laundry and maintenance, it also provides a host of booking and coordination services to streamline processes.
With advancements in technology seeing a rapid ascent across the span of the next several years, the landscape will only become more automated moving forward.
In conclusion, The real estate industry will need to constantly adapt and leverage these advancements to maintain a competitive advantage and cater to evolving demands of consumers.