March 31, 2021

Benefits of Property Technology

The introduction of cutting-edge technologies in real estate promises to change the way business is conducted in this industry forever. The real estate market is a major component of the world’s economy, with a global value of well over $200 trillion (as written in http://www.mcguire.com/blog/2017/04/savills-world-worth/).

It is a business that touches most of the world’s population, including everyone who owns a home, invests in a piece of land, or rents an apartment or office building. 

Thus, investment in property business would be a smart choice. This new trend is called PropTech. It is adapting and adopting technology into every aspect to gain maximum benefits not just for marketing strategies but also for residential comfort. It refers to applications of new technologies that make the use, sale and lease of real estate more efficient.

Below, find the benefits of using PropTech to enhance the performance of your property assets and maximize the marketing strategy.

1. Increased innovation in the real estate market

Big data can supply information and knowledge necessary to make informed decision, which makes it more practical to buy and sell more properties. Sensors, big data and data analytics enable the real estate market to innovate more.

2. More transparency

New technologies such as big data or blockchains particularly improve transparency. Various tools can help people to track their property transactions at the touch of a button.  Since each party involved will have visibility of every transaction, greater transparency is possible. 

3. Enhanced promotion

Technology can assist with many problems faced by property managers such as sourcing tenants or the promotion of a property. From floorplans and galleries to online tours: The expansion of 3D virtual tools enables real-estate agents to promote an existing property or upcoming development. 

4. Improved occupancy

There are a lot of rental platforms or apps in which tenants and landlords can find each other easily and reduce vacancies. And of course, a digital access management solution also helps you to allocate individual rooms faster and more flexibly. The space capacities can therefore be utilized more effectively. 

5. Better communication

Many PropTech companies focus on setting up messaging services to heighten communication between landlords and tenants. A lot of these platforms provide access to documents or forms for claim reporting. So property managers can leave relevant information about the property on a whiteboard, while owners can respond directly to tenants requests. Less misunderstandings and faster answers are the result. 

6. Higher value

All these scenarios can ultimately increase the value of the real estate, which in turn will result in higher rental returns. Just think of it. Buildings with PropTech will probably be associated with quality and seen as more valuable than buildings that are not provided with PropTech.

Source: https://think.ing.com/reports/proptech-the-costs-and-benefits-of-a-real-estate-revolution

Go to the Propviz website. Propviz offers an innovative virtual tour experience that will WOW your clients and potential buyers.