Growing Role of Prop-Tech in the Digital Transformation of the Real Estate Sector
Prop-Tech involves the implementation of emerging technologies like home matching tools, virtual reality, drones, building information modelling (BIM), and data solutions to enable decision-making.
All business sectors from grocery stores to large enterprises are joining the digital transformation bandwagon. The real estate sector cannot stay away any longer. Ever since 2019, property technology, or Prop-Tech has seen tremendous growth as real estate agents, property developers, facility managers, and even residents’ welfare associations started adopting disruptive Prop-Tech solutions. Digital transformation coupled with Prop-Tech solutions will unlock substantial value for property buyers and sellers in the coming years because of the following reasons:
It makes communication easy
The biggest benefit of implementing digital transformation and Prop-Tech solutions is that it makes internal communications easy and convenient. It enables the flow of information in an orderly manner and makes all relevant correspondences in one place. This, in turn, helps to reduce friction in workplaces caused because of poor communication and enhances project management systems. These are critical aspects as far as real estate developers who operate on tight deadlines and marginal profits are concerned. Integration of solutions such as Outlook, Microsoft Teams, and Google Meet can ensure orderliness to the flow of communication.
Making the Most of Data In Real-Time
The biggest advantage of the digitalization process is the generation of huge amounts of data. Which provides in-depth insights into business operations. Data makes predictions easy as it enables businesses to understand when the number of visitors will peak or on which days footfall will be the highest. This helps managers plan for eventualities and allocate resources prudently. Furthermore, the use of powerful APIs helps aggregate data from multiple apps as well as tools to provide information in real-time data on one dashboard. This way managers, tenants, and landlords can keep themselves updated on all the happenings.
Read our blog “How To Promote Your Real Estate Business Through Digital Marketing?”
Increased Efficiency and Productivity
The real estate sector was dominated by legacy systems and businesses that believed that the norm was reputation and trust. Top-class business process management solutions that are available today are changing the way real estate businesses are conducted. This, in turn, is helping agents and developers unlock substantial value with gains in efficiency and increase in productivity. A large number of developers have started implementing building information modelling (BIM) solutions to monitor their projects. On the other hand, a few agents have started providing virtual walkthroughs to help prospective buyers take a look at properties if physical visits are difficult due to the pandemic or any other reason.
Access to Key Metrics
Integrated Prop-Tech solutions add substantial value for facility and property managers by way of accurate tracking and reporting of staff attendance, incidents, patrolling logs, etc. This enables the decision-making process. Some of the key metrics that are tracked are:
- Quality issues
- Rework costs
- Customer satisfaction scores
- Forecasting sales and costs etc.
Advanced Analytics
Implementation of advanced analytics applications across prospecting, sales, marketing, and project management is becoming increasingly important for real estate agents and property developers to beat the competition. Advanced analytics is nothing but business intelligence (BI) and enables customer relationship management.
Read our blog “How To Attract More Clients With Local Digital Marketing For Real Estate Agents”
Final Thoughts
Today, real estate businesses look totally different because of digital transformation, and no real estate market player can afford to ignore Prop-Tech solutions.
How SayOne Digital Can Help
As a specialist in enabling the digital transformation of real estate businesses in India, we can help you take your business to the next higher level of success. Our digital marketing experts are adept at effective Prop-Tech solutions that drive growth.
FAQs
1. How PropTech is changing real estate?
The process of buying and selling properties has been made easier by PropTech. While it’s simple for sellers to market their properties, purchasers can search for and compare a variety of properties. In a similar vein, financial transactions and the rental process have both improved in efficiency and transparency.
2. What is the future of PropTech?
Proptech will have a significant impact on the real estate industry in the future and has the ability to radically disrupt and change it. Property owners and tenants can do virtual house tours from the comfort of their own homes.
3. How can technology help the real estate industry?
By bridging communication barriers between the various stakeholders in your company, such as buyers, sellers, and real estate brokers, technology makes it simpler for you to keep your stakeholders informed.
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