Property Technology: The New Normal
Remember the banking industry years ago, when all banking operations were done in person? Then FinTech came in and changed the entire business model. Now you deposit a cheque and transfer money and you can do everything on your phone. The same is happening to the real estate industry. Now.
The Cousin of FinTech
The emergence of the internet in the 1990s through to the early 2000s has broken boundaries and casted a wider marketing reach for property professionals in the brokerage business. It enables property agents, as well as property developers and owners to showcase their listings on a single online portal.
However, historically, the real estate industry has been considered a “laggard” when it comes to embracing technology. Today, things have changed. Now we see a significant ramp up in embracing technology once it becomes more mainstream. Proptech, which is often called ‘the cousin’ to the banking industry’s FinTech, can refer to anything from online listings websites to smart buildings that use big data to automate heating and lighting to 3D printing homes. As newer technologies like virtual reality and blockchain continue to break into the mainstream market, real estate professionals see lots of potential applications for the industry. With a growing understanding of how technology can give birth to new opportunities and enhance the end-user experience, PropTech has been gaining traction in recent years as one of the biggest trends in real estate.
Adopt or Die
Technology is changing the way homes are bought and sold, and agents that are not adapting to this change are going to see their business drop considerably because they can’t adapt fast enough. PropTech doesn’t replace a real estate agent, but like all good technology, it enhances their jobs. From smartphone apps, which allow real estate professionals to remotely share screens and presentation slides with clients, to digital signatures that can be verified with phones and tablets, technology is shaping a new way to do property business.
The Key to Future Success
PropTech has obviously become a growing factor in an industry that’s been accused in the past of being slow to change. Technology tools are getting easier to use. Today, clients can open their phone up, push a few buttons and the offer papers are signed, and with time more efficient and user-friendly technologies will penetrate the market. Therefore, we should keep a close eye on further developments to avoid falling behind. It is not enough just to be aware of the need to engage with technology. Real estate professionals will actually have to do it, backed up by a meaningful strategy. We do agree that any period of change comes with a certain risk of failure, but sometimes inertia poses the greater risk. We at Ready Property International are convinced that keeping up with technological developments will be key to future success in the real estate industry.