The Rise of PropTech
The upcoming prominence of PropTech
At the heart of many fields today, is innovation. It is impossible to stay ahead of the competition without digital workings. Cue PropTech, the property industry’s latest revolution.
PropTech, as its name suggests is all about incorporating information technology to aid individuals as well as companies when buying, selling, researching and managing property. PropTech acknowledges the shift in consumer mindsets in addition to the technological changes in real estate.
An example of PropTech’s major innovations would be smart homes. Smart homes are digital systems that give residents the freedom to monitor their homes remotely, from the convenience of their smartphones.
The influence of virtual and augmented reality is also apparent in PropTech, with simulated property walkthroughs being available, in addition to tours of construction sites that are far away. Developers also utilise AR software to simulate placements of furniture and interior design.
Not only that, there are upcoming digital platforms for buying and selling property, as well as platforms that deals with sharing or renting of property assets. In due time, we can even expect to see cryptocurrencies and blockchain also being used as payment methods as well.
A notable local startup that utilises PropTech would be Speedhome, an online platform for landlords and tenants. Speedhome allows landlords to post as many listings as they like, while the company’s internal viewing team conducts the property viewing.
Furthermore, MHub, a real estate financial business platform, had also rolled out its booking and inventories system showroom, which serves as a sales gallery in your pocket. MHub is also launching its Credit Check module, where consumers can check their creditworthiness relating to their property loans. The platform is also negotiating with some banks to hand buyers a pre-approved loan instantaneously.
Smart Decor, a business solutions provider for the interior design and furniture industries, offers 3D Modelling as well as high-speed 4K rendering, with the use of AR and VR technology. Their platform allows consumers to visualise their design options with simplicity so they are able to create their ideal living or working space with ease.
Additionally, another local startup called NexPlatform has its own platform where property developers, agencies, solicitors and banks are presented with many back-end marketing and sales solutions.
While PropTech is relatively still a baby, it is projected to increase in relevance and prominence in the near future. We anticipate its growth to happen much sooner than later.