PropTech: Does The Industry Fully Understand The Massive Potential of this

PropTech: Does the Industry Fully Understand the Massive Potential of this Technology?

Many niches are leveraging technology to improve service delivery and foster efficiency. The real estate industry is no different from those niches. Recently, the housing market has started to leverage technology, and various companies are pushing for ways to transform the ever-changing digital landscape.

PropTech is a name that is becoming associated with the real estate industry. Also known as Property Technology, this refers to a wider use of technology to help property owners, tenants, and even landlords to manage their assets conveniently. The aim of property technology is to owning, renting, and building straightforward and efficient for everyone, whether it is facilitating transactions between tenants and landlords, buyers, and sellers, or reducing paperwork. Yet, not everyone understands this potent tool and its application in

the housing market?

PropTech overlaps with the FinTech sector - financial technology companies that use digital methods to improve financial services, Smart Real Estate - innovative tech devices that help in the building of smart homes, and ConTech - the use of technology for construction. So, you can say that PropTech comprises of all the above. Why PropTech Is Important PropTech in recent times have dominated the real estate market, particularly because of the amount of money flowing into the sector. In the early 2000s, PropTech companies weren’t so popular because the industry at the time wasn’t ready to adopt the digitalization process just yet. Then, it was called PropTech 2.0.

However, the pandemic accelerated the adoption of PropTechs, currently known as 3.0. The lockdown restricted movements, so the art of physically buying and selling properties was limited. Hence, the need for property technologies. With these, you can schedule virtual tours around properties and facilitate the purchase of homes securely. These innovations can also help tenants make payments via mobile apps. Landlords can send push notifications to alert tenants of new property listings, and even remind them when their rents are due.

PropTechs are here to stay. At least, for a long time because they make the process of buying and selling alongside property management easier than ever. This innovation can help in a post-pandemic world by saving people time and money, while fostering automation.

Selling a property isn’t easy, considering the number of houses available available for sale. However, you can leverage technology to improve your chances of selling, and there’s no better place to reach out to than The Power Is Now agents. Here, we leverage technology to maximize sales and manage properties efficiently. Contact Johnnie Morine on how to get started.

ABOUT ERIC L. FRAZIER

Eric L. Frazier MBA is a licensed Mortage Advisor NMLS 461807 with First Bank. He is the founder and CEO of The Power Is Now Media, a multimedia company that helps investors create wealth through real estate. Eric L. Frazier is vastly experienced and has been in the real estate industry for decades.

ABOUT THE POWER IS NOW MEDIA

The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow. com.

Published by Eric Lawrence Frazier, MBA.

References

https://www.theimpactivate.com/how-proptech3-0s-innovations-in-real-estate-technology-cantransform-the-industry/ https://bungalow.com/articles/proptech-what-it-isand-why-it-matters-to-homeowners