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Role of PropTech in Shaping Real Estate Brokerage Industry

Tarun Bhatia(Immediate Past President ,NAR India) - April 23, 2023 - - 0 |
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Real Estate Brokerage Industry

PropTech, or property technology, relates to the use of technology in the real estate industry. It encompasses a wide range of applications, from online property listings and virtual tours to smart home systems and virtual reality tools for real estate. In the brokerage industry, PropTech has had a significant impact by providing new ways for realtors and agents to connect with clients and streamline their workflows.

One way that PropTech is shaping the brokerage industry is by providing new platforms for realtors and agents to advertise and sell properties. For example, online property listing websites such as 99acres, Realtor.com, Zillow, etc. allow realtors and agents to list properties and reach a wider audience of potential buyers and renters. These platforms also provide tools for realtors and agents to manage their listings and communicate with clients, such as scheduling showings and receiving offers.

Another way that PropTech is impacting the brokerage industry is through the use of virtual reality (VR) and augmented reality (AR) tools. These technologies allow realtors and agents to create immersive experiences for clients, such as virtual tours of properties or interactive floor plans. This can make it easier for clients to visualize a property and make a decision, and it can also save time for realtors and agents by reducing the need for in-person showings.

Overall, PropTech is changing the way that real estate agents do business by providing new tools and platforms for connecting with clients and managing their work.

It is difficult to predict exactly what the future holds for PropTech, but it is likely that technology will continue to play a significant role in the real estate industry. Here are a few potential developments that could shape the future of PropTech:

Increased use of virtual reality and augmented reality: As VR and AR technologies continue to improve, it is likely that they will be used more frequently in the real estate industry for tasks such as virtual property tours and interactive floor plans.

Greater adoption of smart home systems: As the market for smart home devices continues to grow, it is possible that more properties will be equipped with connected devices such as smart thermostats, security systems, and appliances. These systems could make it easier for realtors and agents to manage properties and for buyers and renters to control their living environments.

The continued growth of online property listings: Online property listing websites are already popular among realtors /agents and consumers, and it is likely that these platforms will continue to evolve and expand in the future.

Development of new PropTech applications: As technology advances, it is possible that new PropTech applications and tools will be developed to meet the changing needs of the real estate industry. These could include anything from automated property valuation tools to virtual assistants for managing rentals.

Overall, the future of PropTech is likely to involve a combination of these and other developments, as technology continues to transform the way real estate agents do business.

There are a number of ways that real estate agents can embrace PropTech and integrate technology into their work:

Use online property listings: Online property listing websites such as 99acres, Realtor.com, Zillow etc. can be a valuable tool for agents to advertise and sell properties. These platforms provide tools for realtors and agents to manage their listings and communicate with clients.

Utilize virtual reality and augmented reality tools: VR and AR technologies can provide immersive experiences for clients, such as virtual tours of properties or interactive floor plans.

Take advantage of smart home systems: Smart home systems can make it easier for realtors and agents to manage properties and for buyers and renters to control their living environments.

Explore new PropTech applications: As new PropTech tools and applications are developed, realtors and agents should consider how these could be used to improve their workflows and better serve their clients.

Stay up to date with industry developments: To stay competitive in the PropTech age, it is important for realtors to stay informed about new technologies and trends in the industry. This could involve reading industry publications, attending conferences and workshops, or joining professional organizations.

As an apex body of realtors, NAR India has tied up with Keydemand for commercial real estate enquiries for its members to reap the benefits of prop-tech It is India’s first B2B demand-led prop-tech platform that allows realtors to access live leads submitted by brands and corporates having requirements for retail and office spaces. The platform is focused on B2B commercial real estate requirements wherein demand of brands will be listed on the platform and realtors will be able to use the proptech to submit their inventory directly to brands. Key features of the platform include:- 100% verified leads, showcasing lessor’s detailed requirements for suppliers to access and submit relevant property, and options, exploring current demand across various asset classes, sizes, cities, localities, and businesses, An in-app messaging module for the lessors and suppliers to connect without disclosing either user contact information to maintain privacy, automatic matchmaking of inventory with demand, with inventory visible only to commercial tenants and not to other realtors and developers and listing of demand notifications for new leads.

Thus by embracing PropTech and integrating technology into their work, real estate agents can improve their efficiency and better serve their clients in the modern age.

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