Approaching PropTech: 4 Ways Technology Is Changing The Face Of Real Estate
Since 2011, approximately $6 billion in venture capital has been invested in Proptech – with about 70% within the recent years. As the volume of financing in Proptech has steadily increased by 36% per year, it is projected to reach 4 billion by 2019. Whether you’re looking to buy a home or becoming a property agent, searching for listings from your smartphone, getting virtual signatures, and automated bookings are becoming the norm these days – but that’s not the only way technology is influencing the way we follow the real estate market.
Artificial intelligence for instant search
Searching for a new home online makes it easy for anyone to view results instantly. In fact, 54% of buyers will not consider a property unless it has virtual images, according to the National Association of Realtors. When it comes to the real estate industry, the best way to secure a great deal on a home is to provide clients with the properties that fit their ideal needs. AI will be able to personalize every customer interaction, bringing all marketing data and activity on a day that will work at every touch point. This means AI-based bots will be able to provide instant coverage to customers who visit your website and “chat” on your behalf.
3D VR tours for home hunting
Nearly 84% of first-time homebuyers use the internet for the initial stages of home buying. In fact, 79% of repeat home buyers say real estate websites are the perfect platform for customers to see virtual tours. Proptech is going beyond the world of photos as new software allows home sellers to take 3D images of their property. A 3D virtual tour makes the experience feel as if you were walking through the space in reality. In fact, it allows you to get an up-close view of the property, “see” the home as you walk through, and determine whether the place is suitable for you.
Cryptocurrency’s effect on home buying
As cryptocurrency can be used for financial transactions online, it is also perfect for investors to sign contracts, store information, and monitor proper cash flow. This means due diligence will become easier when reliable sources of information. In fact, agents and homebuyers can available services such as liens, tenancy, property ownership, insurance, and loan financing become available through Blockchain.
E-signing to speed up the process
Electronic signatures or e-signature software, allows real estate agents and homebuyers to sign contracts digital with a formal signature. In fact, studies show that using digital signage on documents can improve turnaround time as much as 80%. When fully embraced, clients can complete the required documents for sales, financing, and purchase within the comforts of their own home. This helps to speed up the process that requires a legal signage, especially when the buyer is hours away or abroad.
Proptech data will continue to advance within the next coming years. Thus, it will become smarter, accessible, and ready to make highly accurate decisions – changing the face of real estate.