PropTech: Re-examining the world post

PROPTECH:

RE-EXAMINING THE WORLD POST-COVID-19. IS PROPTECH THE NEW DIRECTION?

COVID-19 made a strong wave across the world, with many businesses closing. Regulations were made to curtail the virus, and it brought about a new perspective of approaching things across the globe. Social distancing is one of the new rules and working from home is a new trend. Though the pandemic is not over yet, there has been a significant decrease in the way it spread, and the number of infected people has significantly reduced. Now, we should begin to talk about the world post-Covid-19. The truth is, things will never remain the same. The global pandemic challenged the world, hence, spurning many old methods of doing things and giving innovation a chance.

PropTech — Property technology or real estate technology is defined

by Wikipedia as the “application of information technology and platform economics to real estate markets.” PropTech has been used for years in the real estate industry, but it is not very popular. It involves the use of technological materials like smartphones for real estate transactions.

PropTech, therefore, helps to reduce paperwork or physical meetings. Its principle aligns with the social distancing regulations enforced around the world to curtail the virus. Thus, with PropTech, investors, agents, and homeowners were still able to deal during the lockdown. PropTech allows them to perform their transactions directly from the comfort of their home without stepping an inch outside. With it, they can see the property they desire to purchase, its features, and several other things they need to know.

It is no gainsaying that PropTech helps to increase the speed of transaction, reduce stress, saves time, and it’s more efficient. The question now is, will its use continue to be widely accepted post-Covid-19, the way it was adopted during the pandemic? The answer is yes. Seeking comfort is human nature. If I can get something done efficiently in my comfort, why should I leave my comfort to get the same thing done?

PropTech is the new Direction in the real estate world. The modern real estate market is beyond physical presence and interaction. It involves property management using digital dashboards. This means investors can be anywhere and still effectively manage their property. It allows them to invest their time in several other ventures. The contemporary modern real estate market also includes listing services/tech-enabled brokerages, smart home technology, 3D-modeling, and mobile application.

With this widely adopted approach, no one has anything to lose. It’s a win-win for both seller and buyer. Adopting a modern technology of this nature will help increase the number of estate transactions. Initially, purchasing a property depends mainly on the availability of the investor. Investors might have everything required, especially the needed fund, yet, if the time factor is out of it, then the transaction might be delayed for a longer time. Fortunately, Covid-19 has allowed everyone to adopt better approaches. Now, the factor of time is out of the equation. Investors and sellers can meet and complete a transaction online without necessarily having physical contact.

However, it seems the pandemic has been kept under control, and activities are already returning to normal. Some investors might still desire to meet their seller in person and also physically see the property they wish to purchase. This still doesn’t mean property technology will be thrown out of the window, and people will return to their traditional business ways. PropTech is the new direction, and it has come to stay because of its fantastic contributions to the real estate market. It is the latest trend that should be adopted by any homebuyer or seller that desires to save time and money.

References

https://news.crunchbase.com/news/the-new-proptechstartups-focused-on-saving-time-and-money-will-thrive/ https://en.m.wikipedia.org/wiki/Property_technology

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