How Prop Tech Is Changing The Property Industry
Last updated 06/08/2018
There has been an explosion of change in the way we use digital technologies to change the way we buy/ sell/ manage property in the last decade.
There are now many online tools on offer that have made buying, selling, renting and investing in property a very different experience and changed the property industry. Let's take a look how Prop Tech is changing the property industry.
Better Decision Making
By using prop tech software it means that a thorough and regular analysis of the property market can be underdone.
With what used to be a multi person job can now be done by artificial intelligence. Data analysis can be used to drive better and safer investment decisions.
Trends, demographics and behaviour results can be used to reinvent services and improve strategies. Professionals have described it as a ‘game changer’ to how we apply strategies for future investments.
It is easier to get finance via online mortgage brokers, crowd sourcing or a property partner than it ever has been before.
Prop tech has changed the property industry by giving accessibility to finance and opportunities to the many rather than the privileged few.
You can raise capital online, look for new investors, search for a joint venture partnership via online portals that did not exist a few years ago.
It has also paved the way for search listing sites to see comparable properties in the area and what they sold for, the demand in the area and an up and coming areas for investments in a few seconds rather than the hours of calling individuals to get the same information.
Data driven recommendations have given way to a faster, and more accessible market similar to that of the stock market and making it easier to see the potential of your buying decisions.
There are many complexities to buying a house, from sourcing the funding, going through the legalities, as well as the implications of owning and managing your own property and selling it on.
In years gone by some of the practices have caused a lot of stress and friction but prop tech is changing the property industry by removing them and taking them out of the picture all together.
It is providing more value to the investor.
It has pushed those within the property industry to reinforce the commitment to the buyer/ seller/ investor and become more transparent.
By streamlining the more time consuming processes it means there is less likelihood of outside influences to impact the investment.
Remember when you would pop to the shop to buy a paper to look at the property section? Or visit the estate agent for a brochure and go to an open house?
Now, with just a few clicks and some very sophisticated virtual reality software you can view and house without leaving yours.
You can view the potential of the property and what can be done with it. Prop tech is utilising the ever developing AR and VR reality technologies to change the property industry, property marketing in particular.
Estate agents can offer a video tour of the property which can be done in your lunch hour, it is as though the ‘showroom’ has now come been delivered straight to you.
You can suddenly play interior designer with apps designed for you to ‘re model’ your future house.
Chat and automated bots are improving communication, and have become ever present on social media. They allow the buyer to ask a question and receive an instant answer rather than waiting for a call back or reply. Improving efficiency and reducing cost over time, and leaving the client satisfied.
Prop tech is at the heart of changing the property industry and is offering solutions to old age problems and giving new and modern alternatives to investing in the property industry which will see it be taken to the next level not just for new start-ups, but for all.
One must embrace the change to keep up with the changing property industry.