A glimpse into the technology changing the real estate industry

Real estate consistently ranks as one of the most significant of the various sectors that make up the US economy. In fact, as the world's population continues to increase, the demand for housing has grown steadily, which has also led to an increase in real estate jobs.

People searched "how to become a real estate agent" more than any other profession in the previous year, according to Google Trends data released in February 2022.

PropTech is the latest buzzword on every realtor’s lips nowadays. Often called the new innovation driver and disruption power in real estate, it is also said to be the digital age’s solution for real estate specialists suffering from stacks of paperwork and a high-yield asset class for investors looking for new opportunities.

What Is PropTech?

PropTech, or property technology, refers to all the technological tools used by real estate professionals to improve the process of buying, selling, researching, marketing, and managing a property. Depending on the perspective you're using, these cutting-edge technologies may also be referred to as Real Estate Tech, ReTech, RealTech, or Commercial Real Estate (CRE) Tech. PropTech, however, always refers to a strong alignment of real estate and technology.

The main 5 technologies in PropTech

For real estate professionals, investors, customers, and property owners, PropTech is providing a number of effective services and platforms with the aid of cutting-edge tech-driven real estate tools and technologies. According to the most recent research statistics, the majority of PropTech companies target sales and leasing, followed by construction (16%) and finance and investment (12%).

Let’s check out the top 5 PropTech systems on the market:

• AI Services:

Real estate agents are frequently frustrated by the countless repetitive tasks they must complete. Intelligent real estate professionals use artificial intelligence (AI) to save time.

• VR (Virtual Reality):

Real estate agents are now able to showcase a number of properties that are either still being built or are under construction thanks to VR technology. They don't even have to get up from their desks. That definitely has a "Competitive Edge."

• Contract Automation Software:

Drafting leases and contracts for real estate takes countless hours. However, this time can be reduced with the aid of document and contract automation software. Legal teams use automated documents, digital signatures, and analytics to store crucial documents in the cloud. Using document automation software can save a lot of time and effort. 

• Lead generation tools:

Real estate agents must go out and find leads on their own if they don't use word-of-mouth marketing strategies. This can be a very difficult task. While also offering real estate websites sophisticated tools for property valuation, there are numerous PropTech sales and marketing solutions.

• Real estate listing platforms:

For real estate businesses, a strong online presence is crucial. To aid real estate agents in generating fresh sales leads and maintaining positive client relationships, a variety of real estate platforms are available on the market.

Conclusion

We can all agree that PropTech is a significant idea that will continue to grow depending on how it is applied. Technology is here to stay, and depending on how you view it and how much you understand it, that fact can be both a threat and an opportunity. PropTech poses a threat if you don't comprehend it and aren't aware of all of its capabilities.

However, you can ultimately turn that threat into an opportunity that will benefit you in the long run and put you ahead of the competition in the digital transformation space.