Today, every company is a technology company. No matter what product or service it provides, companies must embrace technology in order to shape this world and leave their mark. Social media, mobiles, wearables, and the Internet of Things, these are just some of the digital marvels that are disrupting the market. They change the way we connect, communicate and discover each other.
Take the real estate industry; nowadays browsing for listings on your phone or desktop is pretty much the norm. And, as technology continues to change, real estate will need to change alongside it. And as that happens, all those who deal in real estate – companies, agents, buyers, sellers and investors – will be forced to adapt to this technology or risk being left behind. Let us look into a few ways technology is changing business overall and the property sector in particular:
Investing online has become more common nowadays than ever before. Technology has made it much easier for us to invest in different products. Some Real Estate Websites make it their mission to let people invest in high-quality properties by pooling their resources online. Through this, it is possible for one person to invest in one property, or multiple properties. It is even possible for multiple people to invest in a property if they choose to do so.
With the advent of websites, it is easy to view inventory and see what product or service is available. And in the case of properties, you can even add in photos, detailed descriptions, neighborhood information and more. Websites such as iProperty and Propertyguru, use this in their business model to great effect.
Nowadays almost every website has an app that goes along with it. Apps act as a one-stop place to give you all the information, which that particular website has anytime. They are faster, have a user-friendly interface and you can get notifications about new properties and listings that fit your search criteria anytime. They can even help you with your budget and give you quick access to agents and property managers.
Real estate listing is slowly going beyond just showing photos. New software and hardware is now giving investors the ability to explore a property virtually through their mobile device or a VR headset. Now buyers and sellers can have a 3D virtual tour of a property before buying without having to be on site. It also helps speed up the viewing process as agents can show a client many different properties from the same place.
Thanks to blockchain and e-signing, it is now possible for parties conduct all their real estate transactions online, saving time and helping you stay neat and organized. From legal and secure e-signatures for documents to simple file sharing, this technology doesn’t just improve efficiency, it is changing the way agents connect and respond to their clients.
Augmented Reality (AR) will take real estate to previously unknown levels. AR will completely revamp the way we navigate indoors and outdoors. Imagine walking through a neighborhood, seeing a property you like and then opening an app on your phone and having all the information about that property pop up on your screen as you look at it. This is possible thanks to AR.
AR will also make it possible for us to visualize what a space will look like when it is filled with furniture without actually moving or placing anything. Want to know what your room will look like with a new bed? You can place a virtual model of that bed and see how it will look in your room with AR.
Even now, businesses in Asia are strategizing and working towards change. In Singapore for example, many local banks such as DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank, are racing to work with fintech start-ups in order to stay at the forefront of innovation.
In Malaysia, the Malaysia Proptech Association was formed on 25th June, 2017, by Swhengtee Group president Datuk Seri Gavin Tee, with the aim of supporting the new generation of young technopreneurs and proptech startups.
In conclusion, with technology moving forward in leaps and bounds, we need to start thinking ahead and adapting to this technology so that we may grow and evolve with it, or else we risk wasting time trying to catch up with it all after the event. Keep your eyes and ears open for what is to come, the future is here.