Historically, real estate and property management have been in a sluggish shift, apart from the fast-paced digital turnaround and market innovation.
COVID-19, on the other hand, accelerated digital transformation by improving efficiency, affordability, virtual sustainability, and customer experience for both property managers and homeowners.
As a result, the PropTech boom had a significant impact on the multifamily real-estate market in terms of how we look for, buy, lease, and manage properties in this “new normal.”
PropTech is an abbreviation that stands for ‘Property’ and ‘Technology,’ and it refers to all aspects of real estate, whether residential, commercial, or retail.
PropTech has improved connectivity and bridged the communication gap between numerous parties involved in the digital era. Another benefit is that it improves the users’ level of living and ease of living as mentioned before.
What it brings to the table
Instead of physical site visits, homebuyers have turned to property search portals and PropTech solutions supplied by prominent developers to learn about property features, site amenities, and so on.
PropTech portals were created to assist homebuyers in overcoming the difficulty of a shortage of property selections.
The entire concept of PropTech is to use technology to improve the real estate transaction process in order to benefit the real estate ecosystem as efficiently as possible.
Most businesses in real estate are utilising Augmented Reality/Virtual Reality to provide the best customer experience.
AR/VR is quickly becoming popular because to the convenience, authenticity, and flexibility it provides to both developers and homebuyers.
Many players in the real estate industry are also utilising artificial intelligence to analyse client behaviour and recommend the best search alternatives or analytics-based recommendations.
Chatbots are employed by real estate companies to assist customers who visit their website or other social media platforms. This is a very simple method of engaging the consumer via a bot in order to grasp minute customer preferences.
The future of residential real estate will involve more than just wealth appreciation. The true worth of an asset will emerge when you use a technology-based customer service that goes into overdrive on the total tenant, residential, and commercial assets.
Without a doubt, sustainable community management technology will be a key differentiator in the multifamily real estate industry.
On one hand, PropTech solutions will be expected to automate housing activities and amenities, determine altering renter values, and reduce Enterprise workload, while also leveraging environmentally friendly digital solutions.
It’s no surprise that top players will go even further by integrating SaaS, AI, and ML with long-term business assets to accelerate digital transformation among homeowners, renters, and investors alike.