International Finance
Magazine November- December 2019 Issue Real Estate

Proptech: Streamlining real estate buying with technology

Technology is transforming how buyers and brokers approach the property market and it may be just the time for a property social network

Today real estate technology has developed to help potential buyers and renters to view properties instantly through their own devices.
360-degree videos capture the details of the property much more so than images, allowing for a more realistic depiction. Augmented reality (AR) and virtual reality technologies (VR) have many benefits for both real estate brokers and buyers.. For instance, those looking to relocate can easily view properties in different locations without having to travel and physically see the property. The real estate broker is also likely to attract more sales this way as more properties will be viewed closely and objectively by more prospective buyers.

The cost of such technologies has declined massively in recent years and they should be accessible to all brokers now at some level. Real estate and letting brokers are increasingly using review sites to boost their online presence. The value of these review
sites, however, is debatable since decisions on what property to buy or rent is normally down to personal choice with perhaps some inputs from family and friends. The emergence of property-specific social networks is enabling a greater dialogue between local residents, fellow purchasers, landlords, tradespeople, and those selling their houses.
Property specific social networks go deeper to help provide a greater depth of information to prospective buyers aiding better decision making. For example, they provide information regarding local schools and amenities as well as the best local builders to help with renovations.

Data and transparency enable fairer pricing

The amount of data now available online can enable prospective owners, investors and other stakeholders to gain a detailed picture of property prices, trends, and influencing factors. Transparency allows for fairer pricing as it helps the market to self-regulate, giving prospective buyers and renters greater confidence in their decisions.
Using data also allows for the personalisation of property search. Real estate brokers can recommend properties based on personal wants and needs, such as number of bedrooms, providing recommendations more tailored to the individual. This technique inevitably saves the buyer time and unnecessary stress, making the property search an easy and smooth process. The harnessing of data also offers the opportunity for forward-thinking brokers to demonstrate their local property market expertise through informative social media posts, and as further collateral to achieve the best possible price for their vendors and landlords.

Automation tools help brokers focus on core tasks

Gathering and analysing property data can be time consuming, but brokers can use automation tools in a number of ways to speed up this process. Using automation tools means less manual work to complete, freeing up time to generate leads and close deals. They also help with the pricing stage of the deal as data from similar properties can be gathered and used to come to a quicker and more accurate agreement. Real estate brokers can also put this data into an algorithm, allowing them to predict prices for certain areas easily.

Automation tools are also a powerful way to help brokers eliminate unnecessary communication with clients, allowing deals to process faster as market data is always up to date and quick to access. Real estate brokers can also use automation tools within their marketing strategies, enabling them to post on social media, update ads, send emails, and text messages all while out and on the go.

A property social network has its own tech value proposition

There is an app for everything these days and real estate apps are no exception to this trend. Such apps allow the user to buy, sell, find a broker and browse properties from the comfort of their own home. They also notify users when a new listing hits the market so you can always be up to date on new developments.

Technology has greatly impacted real estate and the way buyers and renters search for property, making the process much faster and more efficient. The availability of information and contacts through is a unique contributor to these developments, acting as the first social network for homebuyers and tenants, helping them to gain true to life insights into their future property moves. Technology will continue to transform the way we buy, sell, and search for real estate, providing buyers with short sales cycles and tenants with top service.

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