What Is Proptech and How Is It Revolutionising the Property Industry?
Zoey Fawell
Proptech is a small part of a wider digital transformation in the property industry that's been happening for the past decade. It's disrupting the real estate sector completely.
While it’s not a totally new concept as there have been many companies gearing up to use it to their advantage, it’s only been in the last two years that Proptech has properly taken off and is skyrocketing into success.
No longer are people assuming technology gadgets are for gaming purposes (although they are great to have a play around with!). Instead, the use of Proptech is getting a new name for itself as an innovative and creative way to sell and design property in real estate.
If you’re interested in learning more about proptech and how it’s revolutionising the property industry, keep reading for the most up to date and current information… We’re also covering the top types of proptech used and how real estate companies use them to their advantage!
What is Proptech?
The latest tech trend to hit the headlines and attract hundreds of investors is the proptech sector. To sum up the proptech industry, it’s much more than shiny new smartphones and other similar gadgets.
The market has been undergoing this transformation for the last years and companies are starting to enjoy the benefits proptech has for them. Technology such as drones, VR and AR, and CGI’s are great for property companies who want to sell off-plan properties and give their investors a more personal approach.
Proptech has also revolutionised overseas investing as potential investors can use these methods to find out more about UK properties before investing their money or even purchasing a property.
Drones
Drones are used by companies and investment consultants to showcase properties from a whole new angle. Before the use of drones, taking photos was reliant on professional photographers and ground shots.
However, now videos and photos can be utilised of brand-new developments. A great example of a company utilising drone technology is RWinvest and their construction updates, which often feature in-depth videos of developments in their construction phase.
These videos give investors a clearer understanding of how their unit is progressing, and when developers expect the construction to be finalised.
Virtual and Augmented Reality
Another much-loved piece of proptech equipment is VR and AR, VR has been around for years, but the use within the property industry is truly transforming the way we sell, buy and design properties and developments.
Virtual Reality is used in a variety of ways when showing an investor more about a property – investors who are spending money on off-plan properties benefit from VR as they can see the potential of the construction before the building has started.
Despite the development being a building site, VR can take it to new levels of imagination and showcase the potential of a beautifully designed development.
The Benefits of Proptech
It Helps to Acquire Sales
Investors have more faith in companies that can offer such proptech facilities as it shows they're relevant and want to be some of the best in the industry.
Having proptech in place gives investors peace of mind that they're investing in a good development, and the project is likely to be a success. Drone footage can give new heights to imagery of a construction site and also record the ongoing process of development.
It's Time and Money-Saving
Both investors and investment companies benefit from proptech saving time and money as it gives the investment journey a smoother path to success.