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Property technology (also called PropTech and real estate technology) has brought about a radical transformation in how we rent, buy, and sell commercial and residential properties. The past year saw rapid adoption of PropTech by prominent real estate agencies and even by independent realtors, property managers, and brokers. Such tools helped them to connect with prospects, streamlined tedious processes, and also made their jobs easier. As we head into another year, let’s take a look at major PropTech trends which have been positioned as game-changers by experts at various post-COVID real estate events:
Virtual tours are all set to become a part and parcel of the real estate industry. While it played a critical role in the year of the pandemic, we will see greater adoption of virtual home tours as it is convenient, time-saving, and also easy to use.
Given the advantages, we will see a surge in interest for PropTech which will make home tours a breeze. Of course, virtual home tours will never take the place of in-person open houses. However, it will serve as a handy resource for realtors and prospective clients who wish to check out multiple homes before cherry-picking some of the best ones to visit personally.
In this day and age, anyone with an internet connection can sign and send property documents from one part of the world to another. With the help of cloud-based software, realtors can ensure quicker sealing of deals and greater flexibility without having to invest too much time and effort. This trend was accelerated because of the pandemic and now, the global signature market is only witnessing upward growth and causing significant disruptions in the world of property notarization.
Now that realtors can easily obtain relevant data of people looking to buy or sell properties online and through social media platforms, they can tap into it to attract more clients and ultimately, enhance their profit margins. This can be done through the personalization of their messaging to cater to the needs of prospects with the help of AI tools.
Sadly, real estate agents have been slow to embracing personalization and making it a crucial part of their marketing strategies. As people become habituated to using varied services that make decision-making easier for them in their daily lives, they will expect more from the real estate industry. Keeping this in mind, realtors will have to make a move towards smart, advanced AI tools for lead generation and faster conversions.
As more young adults join the workforce, they will look for rented homes that meet their needs and preferences. Given this is a new demographic, realtors will have to walk the extra mile to understand their living requirements.
For starters, they will look for sustainable homes equipped with the latest IoT offerings, such as smart thermostats and appliances. To find renters, property managers and realtors will have to ensure that the homes on their portfolios have such features.
We are optimistic that the PropTech market will grow exponentially in the coming years. For a panoramic view of what’s new in this realm, book your space at the upcoming editions of the Realty 2.0 Conference!
As a valuable team member, Anurag ensures that delegates have a memorable time when they attend the Realty 2.0 Conference! The three-day event offers you the opportunity to learn about what’s new in the realms of commercial and residential real estate, property investments, leasing, and more. The conference will also highlight valuable tips on how to stay safe from real estate scams and fraudulent, fake schemes in this day and age.