How pandemic has had an impact on the property technology space and what can investors expect in the coming years.
FREMONT, CA: There is no surprise that the pandemic has taken over the past couple of years, as it was devastating for people as well as businesses. However, some organizations and technology sectors have managed to thrive even under these socially distanced, safer-at-home conditions and have uniquely positioned themselves to survive it. For instance, dollar stores that we're unable to stay open during shutdowns became more desirable when e-commerce shifted into overdrive owing to their essential retailer status, digital meal ordering, and industrial real estate.
Suddenly almost every step of the home buying process seemed to create a health risk as the pandemic is at its peak. From getting finance by touring home and to signing the closing dotted line. However, in the coming years, some of the changes will probably remain while things that are monotonous in nature will be continued virtually. But most of the buyers prefer to physically contact at certain points in the process, especially while walking through a property and a real estate agent on their side, answering their questions and helping them walk through the process.
An increase in tools designed to integrate the virtual and physical sides of the home buying equation can be expected by investors. So instead of having different apps for scheduling shows, another for financing, etc, one can expect to see the industry move toward broader platforms that will help coordinate the entire process in one place. The Proptech Breakthrough's Real Estate Mobile App of the year for 2021 was won by Real estate fintech company Reali. Real estate investors of all types must look out in the New Year as Proptech is an incredibly imaginative space, as its developments could benefit them.
See also: Real Estate Business Review