Everyone benefits as ‘prop-tech’ revolutionises property transactions. Here’s why.
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When looking to rent or buy property, what is the first thing that you do? Apart from engaging with friends and family, in the past you probably opened the property section of your weekly newspaper or scanned the classifieds of a local daily.
These days, property searches are being done differently.
Over 85% of Millennials (those born post early 80’s) and generation Xers (born mid-60s and beyond) no longer rely on the property section in the print media, but access the Internet when looking for property to buy or rent.
What does this mean for property seeking clients and where does it leave property professionals?
Proptech, or property technology, is revolutionising the way property transactions are concluded today, and everyone wins.
Proptech benefits for clients
- At-your-fingertips access to a wide, yet customisable, choice of properties
- Added convenience of searching for property from anywhere and at any time
- Quicker, easier and simpler processes
- Delays and frustrations in the property process are eliminated.
Related: Technology trends that are altering the commercial real estate landscape forever
For today’s property seeking clients, Proptech delivers convenience, choice, cost-savings and time-savings, as well as more personalised service, with a simple swipe on their mobile device’s screen.
Proptech benefits for property professionals
- Streamlined, responsive business
- Efficient business processes
- Market differentiation and creative marketing
- Personalised, convenience-driven client engagement
- Opportunities to significantly reduce costs
- Reduction in time, effort and document-processing involved
- Professional, reliable record-keeping.
PropTech enables today’s property agencies to operate virtually, using online video and virtual reality to allow potential buyers to inspect a property from any location at any time. Furthermore, live-streaming enables property professionals to communicate via video with buyers, sellers and renters in real time, making it easy to manage local, out of town or even international transactions.
Related: How digitalisation affects the real estate sector
Social media provides instant platforms of interaction, feedback and review. Video meetings allow property professionals to connect with sellers, buyers and other professionals involved in a property transaction on a more personal level.
Gone are the days of print, sign, scan, email
Advanced PropTech now gives contracting parties the option to digitally sign agreements, anywhere and at any time.
Digital identity certification further enables contracts and agreements such as mandates, offers and counter-offers to be discussed, reviewed, signed and managed digitally during virtual sessions. Automatic records of the discussions are created, protecting both the property professional and the client.