PropTech is the new buzzword in the real estate industry. Property technology is basically the use of information technology to help in the research, buy, sell and management of real estate. PropTech uses leading-edge digital technology to address the property industry’s every need.

This tech revolution in the real estate sector began in 2007 with the introduction of technology-based portals. From there, the industry has witnessed many technological advancements. The integration of technology has made it simpler for real estate companies to sell more properties and manage their businesses.

While real estate accounts for 13% of the world GDP, productivity growth has increased in leaps and bounds since the advent of proptech. The efficient use of proptech can eventually help increase the contribution of the Philippines’ real estate industry to the national economy. For instance, there is the rapid rise of shared economy business models such as Airbnb, where thousands of accommodations all over the Philippines are being offered that are managed by local hosts. It is evident that their rise in popularity is impacting other markets, particularly the private rented sector. 

We are living in a time where technology is rapidly changing the way we live and the way we conduct business. While the real estate industry may seem slower to adapt than most markets, there are 3 technologies that are expected to make a significant impact on the future of the real estate sector.

CLOUD COMPUTING. This has the potential to centralize several different processes in the real estate industry by delivering services over the internet. Resources are readily accessible from anywhere, making real estate brokers operate more efficiently and serve their clients better. Cloud services have been developed to make the execution of multi-party transactions and delivery systems more efficient in handling the submission of documents.

Electronic signature services is one-way real estate agents are already using the cloud. It doesn’t only eliminate the hassle and overhead that comes with working with paper documents, it also provides a more convenient way for agents and their clients to sign important documents and keep them organized.

VIRTUAL REALITY. VR has progressed significantly from those days when it was just a niche gaming technology. More businesses are starting to see the importance of VR in promoting their products and engage their clients. The technology, is in fact becoming more accessible with each passing year.

VR has some clear applications in the real estate industry, with its ability to put consumers in immersive experiences. Realtors are able to create 360 videos that provide buyers with a realistic view of a property. More than this, you can build a 3D representation of a property that will allow you to give a virtual tour that potential buyers can take from wherever they are.

BLOCKCHAIN. One of the primary advantages of using Blockchain is that it can provide better transparency for transactions without compromising the security and integrity of the information used for the deal.

It is also used to develop smart contacts and to verify transactions for real estate deals. A system like this provides a more convenient and an economical way for buyers and sellers to carry through a deal and it also establishes a more secure transaction.

Proptech is steadily gaining ground in the real estate industry. More businesses are developing and deploying services that make use of these technologies. Expect a massive change in the face of the industry in due time. Interesting and exciting are ahead, indeed.