Analysis

Are proptech start-ups revolutionising the property sector?

When it comes to real estate, the development of “proptech” – or property technology – has changed the world of buying and selling property online. In essence, proptech refers to the way that the internet and other digital technology is changing how consumers take on decisions such as buying and obligations such as renting. Whether it’s the emergence of online property comparison sites, services that can help people sell their house, or ones that help them take out a rental at a cheaper price, there are lots of different aspects to the development of proptech. Here are just some of the ways that it’s changing the property sector.

The rise of filters 

Searching for a dream property used to be quite tough. Often, the marketing material provided by a real estate agent’s office was the only way that your consumers could find out what was on the market in the local area. Now, sophisticated search functions on automated property websites allow people to filter their search on everything from price to location, so the days of having to rely on curated information have gone

Saving cash 

In many cases, proptech websites have led to money saved for both tenants and landlords. Take the example of mortgage advisors: whereas in the past, those looking for a mortgage would have had to pay an advisor to find the best deal for them, online tools now mean that this service can be done for free. There are countless other examples of how proptech is breaking apart old business models in this sector, and while for the consumer this is good news, for real estate agents it means that you have to adapt. 

New media

For someone who is planning to sell a property online either off their own bat or through a real estate service, making full use of the new media options available to them is a good idea. Often, all it takes for this endeavor to be successful is to ensure that the written description is strong and that the photos are clear and appealing. However, for those who are concerned about whether or not the property will shift, using video maker software is a great idea. By associating the property with a video, it’s likely that it will get more views when it’s listed online.

Staying organised

 The benefits of proptech don’t end once someone has moved in. There are services out there that are designed to make renting or living in a bought property easier and more convenient, ranging from apps that tell people how much they’re spending on energy to ones that keep track of shared bills if they’re living with housemates. No matter what sort of service your tenant or client needs, proptech can help – and by positioning yourself as a provider, you can keep a role for yourself even in this changing world.

The advance of the world of proptech is making a huge difference to the way that people buy, sell, and rent property online. Whether it’s the growth in popularity of new media formats such as video or simply the ability to organise listings into one format or another, there are lots of ways that these technological developments are altering our experience of property – and for real estate agents, it’s vital that we stay ahead of the game.

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