Proptech, short for “property technology,” refers to the use of technology to improve and innovate in the real estate industry. The real estate industry is developing at a faster rate with the help of PropTech companies. Some examples of PropTech applications in the real estate industry include:

Online real estate marketplaces: These platforms allow buyers and sellers to list, search, and purchase properties online.

‣ Online real estate marketplaces: These platforms allow buyers and sellers to list, search, and purchase properties online.

‣ Virtual reality and 3D modeling: These technologies allow buyers to virtually tour properties from anywhere, reducing the need for in-person showings.

‣ Property management software: It helps real estate developers and property buyers streamline tasks to make real estate transactions seamless.

‣ CRM – Customer Relationship Management (CRM) is a technology that manages all of your business interactions and relationships with current and potential clients. Improving business relationships is the simple objective. Companies can improve profitability, process efficiency, and client retention using a CRM system. Some examples of CRM software are –

• LeadSquared is a Complete Marketing Automation and CRM software for businesses. With the help of such software, you can organize your lead capture, lead management, sales management & analytics in one platform.
• Farvision ERP is an Enterprise Resource Planning (ERP) and property management software solution that aids construction companies in cost control and on-time project completion.

The future of PropTech is likely to involve the continued integration of technology into various aspects of the real estate industry, such as property management, marketing, and real estate transactions.

Some specific areas that may see growth and development in PropTech include:

• Virtual and augmented reality: These technologies have the potential to revolutionize the way properties are marketed and viewed, allowing buyers to “visit” properties remotely and get a sense of the layout and design without physically being there.
• Predictive analytics: Machine learning and data analytics can be used to predict market trends and help buyers and sellers make informed decisions about their real estate investments.
• Audience based marketing: The customer aspiration is different for various audiences, for example, a young parent’s needs are different from that of an investor’s or of a senior citizen’s. Ideally, marketing shift in terms of amenities (digital and physical) must be done targeting different audiences. With the help of PropTech, developers can now target different audiences and give a satisfactory experience by providing audience-based services.

How PropTech is transforming the future of real estate?

Proptech companies play a significant role in shaping the future of the real estate industry. They help by developing and implementing new technologies that improve various aspects that has helped in the evolution of the industry.

Here are some ways that PropTech companies may influence the future of real estate:

1. Streamlining processes: Proptech companies can develop technologies that automate and streamline various real estate processes, such as property management, marketing, and transactions. This can lead to increased efficiency and convenience for industry professionals and consumers. A great example for this is Reloy’s WinnRE app that helps builders manage their channel partner network efficiently and streamline home-selling processes.
2. Improving accessibility: Proptech companies can develop technologies that make it easier for people to access real estate information and services, such as virtual and augmented reality tools that allow buyers to view properties remotely. This was seen during the Covid-19 pandemic, when people realised the importance of owning a home, although they could not physically visit properties to have a look. Virtual home tours, online market search and other online processes became a crucial part of a real estate transaction.
3. Enhancing security: Nowadays, with enhanced technology, there are several applications that can improve security for a residential property. Builders are using applications such as MyGate, a security and community management platform that provides information about people entering the community and tracks visitor history.
4. Building customer trust and a better lifestyle for homeowners: Most real estate developers focus on providing the final product to their customers and miss out on giving them a delightful experience. Home-buying is a very emotional journey and it is a once-in-a-lifetime experience for most homeowners. With the help of PropTech, developers can now provide services that will make the process of moving-in a pleasant experience for all customers and create a better lifestyle for their homeowners.
5. Improving customer’s home-owning journey: A customer’s homeowning journey has different stages such as, site visit, booking, registration, waiting period, customer moving in and finally, the handover. Developers can maintain a constant, non-intrusive communication with their customers through each of these stages with the help of automated communication which will help in maintaining transparency with the customers. Reloy’s ConnectRE platform, aid real estate developers in providing non-intrusive notifications to customers on various property related updates such as construction updates, payment updates, documents repository and more.

Reloy, as a PropTech company, works with top real estate developers in the country and helps them provide a memorable homebuying experience for their homeowners. We provide digital amenities like deals and discounts, moving-in benefits, lifestyle benefits, events & workshops and more that will improve a customer’s journey. A happy customer is the one who refers. By giving them a delightful home-buying experience, developers can see a significant increase in their referral sales.

Overall, PropTech companies are likely to continue to change the landscape of real estate industry. PropTech will also help shape the future of the real estate industry with new and driving innovations and improving each stage of a real estate transaction.