Property Technology famously known as “PropTech” has entered a layman’s world with all the glitter and fanfare. This new entrant has just been audible enough for all the investors and high-class people, but is all set to become louder over the coming years.
What is PropTech?
Property Technology famously known as “PropTech” has entered a layman’s world with all the glitter and fanfare. This new entrant has just been audible enough for all the investors and high-class people, but is all set to become louder over the coming years. Before we move forward, let me familiarize you with the concept of PropTech. PropTech is the newly emerging technical innovation in the Real Estate market. This term also includes the plenty of Real Estate startups and the ever-evolving technologies that are emerging to cut down the challenges that the traditional buying and selling of properties once had to carry with themselves. The idea of PropTech has been derived from FinTech(Financial Technology). After taking the financial sector on the online platform, the digital world is all gearing up to welcome the Real Estate market.
So how did technology join hands with the Real Estate industry? Was it accepted and how bright is the future for this PropTech industry? Read on to find out about them.
The journey of PropTech from 1.0 to 3.0 :
The journey of PropTech all began with the internet age. It was in its infancy where the online world was merely used for searching and hunting down property options. The first generation of PropTech was barely accepted by the masses with many misses and a few hits. The PropTech 1.0 had a very few audience due to lack of technical knowledge and the rigidity to accept technology in the Real Estate Sector. Moreover, its primary focus was on improving the searchability ratio. This was followed by the 2nd generation Real Estate innovations generously backed by heavy investments and innovative ideas by experts to make the Real Estate trades more fruitful. The expert and technical amendments are all set to bring about a huge difference to the world of Real Estate.
With such a positive vibe spreading across the industry, the 3rd Generation PropTech is all ready to be accepted by the masses at large. PropTech 3.0 will not only see an advancement in the Real Estate market, but will also witness the buying and selling of property in bitcoins. The United Nations predicts that 65% of the developing world and 86% of the developed world will be urbanized by 2050. This boost in urbanization will pave ways for Real Estate solutions. It is believed that PropTech is all ready to bring about a huge revolution in the global level, breaking the rigid Real Estate practices.
PropTech movements that will be playing an important role :
There are many factors that are generously contributing to the advancement of PropTech. Wherein the rise of the middle class and the millennials, tech-savvy consumers and rapid urbanization are the most important of them all. Having said this, there are yet other important movements that will bring about a change in this industry.
Let me introduce you to the three main PropTech movements that will be heading the Real Estate sector:
1. Smart buildings – After the Smart Phones, we have yet another smart entrant that will be soon ruling our hearts – the smart buildings. The generous use of technology in the Real Estate property is what we will be witnessing in the coming years.To be specific a smart building is a building that comprises of automated services controlling ventilation, security, lightings, etc. The use of microchips, sensors and actuators are some of the technical advances that will immensely help the Real Estate sector to optimize the resources with less environmental damage.
2. Shared economy – An economy that could be best defined as the mixture of Real Estate and technology on the online platform. This would facilitate a smooth transaction between the buyer and the seller coming together on a common ground.
3. The Real Estate FinTech – FinTech has made a remarkable impact on the online financial transactions. It now aims to bring about a revolution in the Real Estate Industry too. FinTech in the Real Estate will promote a smooth buying and selling of property on the online platform, generously supporting the Real Estate capital markets.
A 2025 PropTech revolution worth the chase :
Want to invest in a Real Estate property? All you would be having to do is get online and seal the deal. Yes! This is how the future of Real Estate is heading towards. Augmented reality, big data mining, 3D printing, cryptocurrency and many such advanced and advancing technologies will expand the PropTech opportunities in the coming few years. This change will not only prove to be beneficial for the consumers, but also for the sellers and various other Real Estate service providers. We will soon enter into an era where people will be using bitcoins to buy property. Having said this, the PropTech market is all gearing up for a promising future.
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Fuente: Value Bricks