If property technology (proptech) wasn’t already on the minds of intelligent real estate professionals prior to the epidemic, the last two years have undoubtedly served as a catalyst for it to become the buzz of the industry, with remote work taking centre stage.
Proptech, in its most basic form, is the use of information technology and platform economics to real estate markets, particularly in global cities. The goal is to make transactions smarter, smoother, and faster.
Ticket out of pandemic turmoil
According to the Subdivision and Housing Developers Association, the use of property technology will assist the real estate sector in recovering from the impact of the COVID-19 epidemic and building resilience to future shocks (SHDA).
According to May Rodriguez, national president of SDHA, technology is rapidly altering the future of the real estate and property market.
“Our coping with the pandemic is fueling the adoption of many new technologies. In order to keep up, modern real estate technology companies create more ways and models to satisfy their customers,” Rodriguez said.
According to the Center for Real Estate Technology & Innovation’s 2021 Real Estate Tech Venture Funding Report, global investment proptech would reach $32 billion in 2021, a 28 percent rise from 2020 and a 3.23 percent increase from 2019.
Overall, 49 percent of worldwide proptech funding went to residential tech, compared to 7.6 percent for tech aimed at commercial owners and tenants. However, the research predicts that this figure will continue to rise.
client management and sales automation
Pamela Belen, president and co-founder of Umpisa Inc., stated that some real estate developers outperformed themselves even during the epidemic, thanks to digital investments and initiatives.
Belen emphasised the importance of real estate players focusing on client management and sales automation that deliver end-user benefits.
HomeJoy, a platform integrated by the technology firm, allows buyers, developers, sellers, financiers, and property managers to deal and coordinate online.
To help enhance sales conversion, the platform offers cloud-based solutions like as lead generation, property document management, data protection, and client administration via task automation.
“Our goal is that by 2025, we want to modernize 1,000 developers in our country, which would equate to around 25 percent of the local real estate industry. These developers would have an end-to-end digital platform for automated home buying, selling, and financing,” Belen said.
Jeo Paz, founder and CEO of Nifty Hero Multimedia Services, demonstrated how augmented reality technology and artificial intelligence can connect home buyers and sellers in the midst of the epidemic.
