Time has a way of effecting change. Through the course of the past three decades, advancements in technology have made life way easier than it’s ever been before. We can communicate with whoever we want, wherever they are. We can even order a taxi while perched on the toilet seat!
These technological advancements have found their way into the real estate industry as well, and are disrupting the status quo. Referred to as PropTech, or property technology, they’ve allowed property owners and managers to collect data and use it to predict future trends in the industry.
In today’s article, we’ll look at a few companies that are leveraging PropTech to make a name for themselves in the real estate industry.
Smart Home technology is a key example of how PropTech has revolutionized the real estate space. This technology has made it easier for tenants to automate their homes by providing remote access and control. This technology is typically connected to the air conditioning, entertainment system, and even the mains power supply.
Google is currently one of the leading companies in the smart home space. One of the company’s products is the Google Nest Hub, which has all the functionalities we’ve mentioned above and more.
This is the company everyone has been talking about these past few years. Airbnb has made big strides in the recent past, and if the things it’s already accomplished are anything to go by, the company is headed to even higher heights.
The company was established to make it easier for renters to find suitable rental listings for specific durations, and for landlords to showcase their properties.
Airbnb has done away with the need for real estate agents, who tend to charge expensive fees. The company has also made it possible for people to travel wherever without the fear of failing to find a decent hotel.
If you’ve ever hunted for a new house, then you know how hectic the process can be. It gets even more hectic when you’re moving to a new city, state, or country.
Blueground, a leading real estate tech company that provides furnished apartments in 15 major cities around the world, was established to make moving easier for expats, students and corporate executives.
The company, which was started in 2013, has a presence in more than 15 cities and offers move-in ready apartments. It also allows flexible month-to-month payments, making it ideal for people looking for short-term rentals.
Zillow is another company that leverages property technology to connect tenants and home buyers to suitable places to live. It is currently the most-viewed real estate website in the United States, proof that it’s providing both tenants and landlords with actual value.
Like Airbnb, Zillow allows landlords to post their properties. However, unlike its counterpart, listings on its website are typically for long-term lease and purchase.
Zillow uses big data to collect, analyze, and interpret tenant data, making it easier for them to provide specialized results whenever you’re looking for a home. For example, if you’re married and are always looking for homes with a two-car garage, Zillow tends to show you similar homes first whenever you use the service.
Opendoor is another real estate listing company that allows people to sell or buy homes on their platform. Selling a house is never an easy process for many as you have to look for a realtor, who will then take prospective buyers through your home, sometimes even when you’re present which can help to sell my property for cash.
Opendoor makes this process easier by offering to purchase homes right from the customer and then resell them to other people. Besides, it allows property owners to list their units privately and handle the transaction themselves.
Is PropTech The Future?
Property technology continues to play a crucial role in the modern real estate industry. Today, the industry is largely data-driven.
Companies such as Zillow and Airbnb collect user data to ensure that the listings they show prospective tenants are ideal for them and match their lifestyles, personality and even style.
PropTech has also brought about lots of innovation. In response to the Covid-19 pandemic, during which in-person home tours couldn’t happen, PropTech helped come up with a solution. Most of the companies we’ve mentioned now use 3D models to ensure prospects have a clear picture of the listing they’re looking through.
Real estate technology has made the process of buying and selling homes so much more straightforward. If you’re a landlord or an investor in the real estate space, the next couple years will be even bigger for PropTech, so you better embrace it now or get left behind.