3 Transitions Technology Caters to the Property Industry

Advanced technologies are driving unimaginable levels of convenience into various aspects of property management.

FREMONT, CA: Various aspects of property management are today being driven by technological interventions. The proptech revolution has empowered stakeholders in the property sector to take advantage of innovative solutions and overcome long-standing issues. The extent of technology’s influence on the sector becomes apparent when one takes into consideration how commercial, as well as residential properties, are managed today. Fundamental models through which agents, brokers, property owners, buyers, and tenants operated traditionally have undergone a technology-centric makeover. A few such exciting areas of transformation are enlisted here.  

• From Traditional to Blockchain-based Property Record Management

Conventionally, property-related documentation has been slow and complicated. Every time a customer buys a property, it takes a significant amount of time and effort to carry out the legal transfer. Introducing blockchain technology into property records brings the promise of streamlined, transparent, and rapid documentation and ownership transfer. Owing to the distributed ledgers in blockchain, involved parties also have the accessibility to the secure and immutable records containing transaction details.  

• From Mismanagement of Tenants to Cloud-backed Compliance

Today, there are significant amounts of regulations in the domain of tenancy. This is making agents and property owners wary of mismanagement and fines. Cloud-backed solutions have the potential to help stakeholders navigate these challenges. By deploying a solution from the cloud, stakeholders are enabling automated generation of holding deposits, alerts for refunds, and access to tenancy agreements. The transparency and accessibility of the cloud is contributing to the simplification of compliance.

• From Errors to Accuracies in Measurements with 3D Capabilities

Stakeholders in the property sector can now overcome errors in the measurement of floor plans by leveraging 3D mapping technologies. Errors in calculating dimensions result in extra expenses, along with causing reputational damages. With the emergence of portable 3D scanners, property surveys are becoming convenient and fast while bringing down the chance of miscalculations.

The above instances of technology finding use in the property sector are expected to multiply rapidly as proptech gains momentum. As a consequence, processes are bound to become streamlined and smarter. 

See Also: Top Blockchain Consulting/Service Companies

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