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Is Prop-tech transforming the real estate market?

Saturday, October 13, 2018

With the evolution of technology, almost every industry is moving along with it in order to embrace a digital future. With the kind of potential it offers, real estate is no exception

By Shailesh Goswami, CEO & founder, Foyr

Property technology fondly called Prop-tech is bringing in a new wave of radical changes that will alter the dynamics of the real estate landscape. With the current generation of internet savvy users, it is obvious that the integral mode of communicating with them is through technology; and sooner the realtors understand that they better can leverage it to transform their business and the market.

Here are the trends which will certainly revolutionalise real estate industry to engage and convert better.

Adoption of AR/VR
With augmented reality and virtual reality penetrating our lives, adopting the same into the realty market will do more wonders now than ever to the real estate sector. The ability to give your customers an immersive walkthrough experience just sitting in the comfort of their home by letting them actually see how the interiors of a space look like even before its ready is one of the best ways to hone the potential of this innovative technique. The high definition display that is accessible through smartphones enhances every bit of property feature that is relevant to the customer’s decision-making process. With the use of tech-enabled apps and tools, the real estate industry will not only become way more transparent than before, but the time taken on purchase decisions, and project completions will be faster than ever. In addition to that virtual reality can save a lot of money that goes into designing and development of individual spaces.

Big Data:
The ability to connect prospective buyers to a relevant property is a great transformation that will dismantle the traditional way of buying and selling properties.

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