Our world became increasingly technological with the dawn of the new millennium.
Over the last decade, the real estate industry has embraced the digital age with a wide variety of tech-enabled real estate software and hardware known as PropTech. Proptech has consistently been launched recently which helps improve every aspect of the property market, from client analytics to sales projections.
A portmanteau of property and technology, PropTech can be any type of new innovation in software or hardware that can be used in some way to improve customer experience, optimize real estate sales, or provide automates solutions for property management. So with access to this new technology that provides them with property resources and sales channels, how exactly can managers and agents leverage it to boost their success?
Property management
Dashboard-style software is now available that helps facilitate all aspects of property management. In order to streamline property investment, there’s a wide variety of phone applications and computer programs in all aspects of property management. PropTech can now save time by automating any tasks which increase the efficiency of day-to-day property operations.
Simply clicking on a property portal will allow clients to manage all aspects of currently owned properties. Property management software will help with handling tenancies, requesting repairs, and automating the payments of rates, bills, and staff wages from their laptop or smartphone. All of which reduces portfolio downtime so you can concentrate on other decisions.
Social media marketing
Social media should always be used to market your brand online. Thankfully, PropTech can be used to leverage your social media in order to build a community of existing and potential clients who trust you. Real estate professionals can use cost-effective marketing for their properties via social media platforms, which enables end-to-end communication for more consistent growth.
Social media are visual mediums that are designed specifically to facilitate connections, while also tracking their engagement. By using PropTech that keeps potential clients informed with the latest market information, you can ensure that you’re always in touch with them. Remember that the value of your social media will depend entirely on how well you can be authentic with your engagement.
Virtual reality properties
Virtual and augmented reality tools are both helping transform the real estate industry as a whole. Not only can these architectural 3D renderings enhance their experiences, but they also provide tremendous value to potential buyers and sellers alike, as well as property developers and those in the construction industry.
Advancements in Virtual Reality allow clients all to explore properties from almost anywhere on earth, which is also becoming even more important in a post-COVID-19 world. By leveraging platforms that allow immersive 3D tours, you not only ensure prospective clients can engage with properties, but you can also save time by avoiding tire kickers.
Data mining
Data is now the most profitable resource on the planet, which is even worth more than gold. The date is being used by companies the world over to understand client demographics and shopping habits of buyers and tenants everywhere. Data accessed via PropTech for example
can be matched with other sources of data to provide dynamically rich insight into property buyers and purchasing trends.
Agents and property managers can invest in PropTech software with data collection tools that allow for cross-matching of prospective buyers. This information can then be used in a wide variety of ways, from educating buyers about specific areas to showing them properties they will be more likely to purchase. Ultimately, this will allow them to maintain closer relationships with buyers and sellers alike, as well as increasing the number of property sales.
Drone imagery
While drone photography of properties was initially more of a niche novelty, it has more recently become a much more important aspect of real-estate photography. That’s because drone photos and videos are made using a range of equipment that can provide images of target properties that conventional photography has simply never been able to.
Drones provide angles and views of properties that would have cost thousands of dollars only a few short years ago. For example, drones can help prospective buyers visualize the proximity of a property to the CBD, local schools, shopping centers, major roads, or public transport lines. Images provided by drones can ultimately provide key information to buyers which helps them make their final decisions.
Final thoughts
While some agents and managers will obviously choose to rely on PropTech more than others, those who refuse these new innovations completely will eventually be left behind. Because ultimately, the long-term value of PropTech is becoming increasingly invaluable.