The wave of digitalization is all set to transform the conventional ways and create amazing opportunities for realtors.
FREMONT, CA: As proptech tends to deploy technology into property assets, digitalization cannot be kept at bay. With ever-increasing data, digitization offers a platform for those data to be shared among the property stakeholders. Further, digitization of the massive internal data in the highly dynamic market scenarios enables the proptech leaders to make agile business decisions. Digitalization is the next step that aims at transforming the internal procedures and processes to match the current business requirements.
According to market research, 97 percent of real estate market respondents consider technological and digital transformations will have an impact on the business, while 60 percent of the respondents were convinced of a major impact of the transformations on business. Further, new opportunities are arising in proptech as a result of tech investments by large scale investors. Further, digital innovations will also mean transparent information sharing. In some cases, the digital incorporations are also allowing the customers to find the ideal properties without the involvement of a broker or a third party.
Various technologies such as virtual reality (VR) and digital twins are also adding to the digitalization pursuit in the proptech sector. In particular, VR is a game-changing innovation for the proptech industry due to its invaluable applications. For instance, VR enables proptech firms to market properties. Potential customers are also benefited as they don’t need to visit the property for inspection physically. The property inspection process can be carried out remotely using a VR headset. Not only does it save the firms and the customers’ efforts, but it also enables a virtual tour of the property in a short amount of time.
A digital twin is another innovation which is adding value to the proptech sector. Creating a digital twin allows a proptech firm to consider users and their preferences at its core while designing, constructing, and managing buildings. Although a digital twin can be compared to a 3D BIM model, its use cases largely exceed those of a conventional BIM model. For instance, a digital twin enables the firms to understand the performance of their assets better. It also allows the firms to make predictions and easily alter the designs based on new requirements or complications. In some cases, digital twins can also be used as a guinea pig before endorsing activities in the real world. Property owners can build a scenario or a property and perform test simulations on the models to find the area for improvement.
The internet of things (IoT) is yet another technology which is contributing to the proptech sector. IoT is increasingly pervading buildings and homes. Smart properties can notify the concerned person automatically in case of routine maintenance tasks. Smart buildings also detect defects and malfunctions even before the issue becomes difficult to manage. Against the conventional methods that used manual support for the above cause, smart solutions save money as the impending issues could be addressed before they become a problem. Sensors would further add to the convenience and safety of the tenants. Smart properties are also known for their ability to efficient energy utilization. For instance, smart homes automatically control temperature and lighting systems accounting for an easier and efficient system.
Thus, digital transformations will continue to transform proptech as the technologies, processes, analyses, and capabilities evolve. Digital transformations will not only impact the businesses but also assist in restructuring the economy, improving overall efficiency and effectiveness of the processes. In short, digital transformations are beginning to unlock the new set of potentials in proptech.
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