Property technology, also known as Proptech, is one of the new trends that is gradually changing the real estate industry worldwide. Startups are taking advantage of technologies like Augmented reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) to enhance the visibility of real estate properties.
So, how are these technologies used in real estate?
- AI is used to estimate the evolution of the market or the price of your property. This enables buyers/sellers to connect with agents that fit your properties. AI also uses a wide range of data on the internet to determine if the host area/district of the property is safe.
- VR is mainly used to generate 3D cinematic views of buildings that buyers can see without physically visiting the property.
- AR enables buyers to create an imaginary arrangement of their items in a house to determine whether it can accommodate all the property they own.
These technologies have completely changed the decision-making framework of most real estate buyers in the world.
Proptexx is one of the prominent startups that is taking advantage of technology to change the way buyers view properties before making buying decisions. This platform (Proptexx) is designed for real estate agents and agencies to enable them to create a cinematic view of the properties they are selling.
This startup has a white label program where real estate agents and agencies can sign up and submit simple drawings of a property they are selling, and professionals at Proptexx will convert them into a 3D building with a cinematic view. All this is done within two days for just a few dollars. With these 3D drawings, a client can tour all the rooms that a house has with just a few clicks.
They can also rotate and zoom to clearly view the various aspects of the house before they choose. Most of these 3D visuals created almost look like real houses; a few people will actually notice that it is a drawing created using technology because they look so real.
Proptexx has already made templates that real estate agents and agencies can choose and have their 3D drawings created and published on their website quickly. This content can also be shared on social media platforms to reach more potential customers that could purchase these properties.
Why Proptech has become a big thing in world’s real estate industry
- It eliminates some costs during the purchasing process
While selling a property, a real estate agent has to take potential buyers for site visits before they can decide on which property to buy. However, with Proptech, clients can view the different properties in a 3D cinematic view to get a clear picture of what they are about to see. This tech enables clients to view every room in the house from all angles.
So, physical site visits can only be done after the client has decided on which property to buy. This saves both money and time that would have been wasted visiting different properties. At the end of the day, it is a win-win for both the client and the real-estate agent.
- It boosts conversions on the side of agents
When clients have prior knowledge of how the property they are going to visit looks like, they will most likely close the deal if the property actually looks like what they saw in the 3D cinematic version. The 3D visuals generated by startups like Proptexx usually reflect the actual setup that is on the ground.
- It eases the decision-making process for the clients
At times when you take a client for several property visits, they will often forget some of the aspects about the first properties they saw. However, if they have 3D visuals of all the properties you are selling, they can easily compare them on different screens and decide what suits them based on the features they care about.
There are some details that can only be compared when you put the properties side by side, and this is not possible with the physical site visits. It can only be done with virtual 3D visuals of properties when put on different screens, so the client can critically look at the properties’ aspects.
- Proptech enhances eCommerce in real estate
One of the major challenges real estate agents face while selling properties is having to take clients for site visits on several properties. However, now that clients can view the 3D version of their properties and even make a comparison, we are almost getting to the future where one can purchase a property without physically visiting it.
In the end, this will enhance the selling and buying of properties online since buyers will have most of the information they need to make a buying decision without physically viewing the property.
When you look at the possibilities that Proptech is bringing to real estate, you realize the future of this industry is only getting brighter. Real estate agents and agencies that take advantage of the tools that startups like Proptexx are offering will surely get ahead of their competition because they will make life much easier for their clients.
The fact that one doesn’t have to physically visit a property to know how it looks is something this industry has been looking forward to for many decades. As technologies like AI, VR, and AR continue to advance, we expect Proptech to benefit and even reach greater heights.