Commercial real estate is one such industry. Small real estate dealers and property owners who relied heavily on customer property visits and one-on-one connections to close deals were forced to drastically change their business model and offerings.
FREMONT, CA: Small and medium-sized businesses are the backbone of a thriving economy, and their significance cannot be overstated. Firms with 1 to 499 people makeup about 47.5 percent of the private sector employment and are critical to the local community's fabric. Regardless of the industry in which they work, the epidemic has had a significant impact on them.
Commercial real estate is one such industry. Small real estate dealers and property owners who relied heavily on customer property visits and one-on-one connections to close deals were forced to drastically change their business model and offerings. While this may imply immediate investment and change in year-long traditional working models, it has also resulted in rapid digital transformation, which would not have been possible otherwise, and has fueled the rise of Proptech — or property technology.
Various technologies, such as virtual reality for site visits, robotics for cleaning services, as well as digitization and automation of processes via artificial intelligence-based software are now shaping and will reshape the Proptech sector in the long run.
Online Listing of Properties
Companies that previously used a traditional brick-and-mortar model to complete property sales have shifted their offerings to the digital world. This is one of the most significant and widespread digital disruptions, and it has been widely adopted by property leasing and selling business owners. Photos and videos are used to display residential and commercial real estate properties on websites. The services are further refined using filters such as location, price range, and nearby transit-oriented development.
Real-Time Space Visualization
As social distancing has become the norm in order to reduce physical transmission, PropTech firms are increasingly turning to 3D scanning of the house and surrounding area to ensure that personal touch. Customers prefer to investigate the location firsthand before finalizing a large investment decision. As a result, virtual reality is being used to provide a life-like visualization of the property. Furthermore, CRE firms can make customized changes to the surroundings based on customer preferences.
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