PropTech is the new buzz in the town. The current tech-driven world has benefited tremendously with the construction, real estate, and related finance sectors getting a technological and digitalization facelift.
PropTech stands for property technology. It simply indicates the use or incorporation of technology in the property or real estate industry.
PropTech has revolutionized the face of the real estate world with its less time-consuming techniques, labor-assistance tools, management-friendly innovations, and cost-efficient technologies.
The innovations the PropTech field holds know no bounds. But here are a few of the top eight examples of property technology.
PropTech enables virtual and self-guided touring of homes or premises using virtual reality (VR) or augmented reality (AR) technologies. In self-guided tours, one can take a tour of the premises using AR technology without the guidance of any staff. Virtual reality tours enable touring from remote places as well.
Smart home appliances are PropTech’s gift of easing the residential experience. Smart thermostats, electrical outlets, kitchen appliances, lights, ceiling fans, and other appliances can be managed remotely and through software applications. Smart residential appliances offer a smooth living experience and an enriching lifestyle.
Coworking spaces have emerged as the best alternative to corporate office rentals. Crafted exquisitely for entrepreneurs coworking spaces come with features designed to promote productivity and expand businesses. The web application facility is also integrated for easy booking, payments, and other support. This service has popularly earned the named Space as a Service (SaaS) as well.
Drones have been highly beneficial in examining the property from different angles and provide information extensively during construction. Buyers of properties also employ drones to get an aerial view of the property they wish to invest in. Maintenance and monitoring of properties for renovation and security purposes are also enabled via drones.
Smart apartment locks increase users’ convenience while maximizing security using smart technology. Apart from keycards smartphones can also be used to open the locks by the users. The smart locks can also be integrated with intercoms and access control systems and manage the access through a single application.
Property aggregation platforms are digital platforms that have been a great boon to the real estate industry. Clients and real estate agents get to list and look into listings from across boundaries and make decisions on buying, selling, crowdfunding, or co-investing online from any part of the world. These platforms also enable online financial transactions, storage of documents, and e-signatures through IoT (Internet of Things) and blockchain technologies.
Building Information Modeling (BIM) Platforms provide the opportunity to digitally represent the physical and functional aspects of buildings. BIM can be shared with all the stakeholders of the building and has all the information on the building from its inception to demolition. BIM platforms are widely today in the construction industry and are one of the greatest innovations of property technology.
Modular or prefabrication construction tools have enhanced the prefabrication construction field in many ways. Tools enabling building solution platforms, the flexibility of onsite and offsite construction, distributed manufacturing networks, platforms for sharing data, 3-D printing, etc. have streamlined the processes in the prefabrication industry.
The innovative tools of PropTech come with a multitude of benefits. The tools replace hard manual labor with easy and automated machine assistance and make even remote management of properties possible.
Solving modern problems with modern technologies PropTech will turn out to be the norm in the property world sooner or later.
Let the state-of-the-art PropTech technologies rule the real estate world and streamline processes cost-efficiently.
By Proptechbuzz
By Ravi Kumar
