PropTech is flourishing and is here to disrupt the real estate space by changing how we look at property investments.
With the second wave hitting our country, the movement has been limited; therefore, it is hard to visit the property that an investor/buyer is interested in.
Increased adaption of cloud-based technology to ease the work
The cloud service has been a boon to real estate stakeholders because they can now access data on any property anywhere. The clouds assist in storing large data sets on a remote server, which stakeholders can access to answer any customer questions about any property they are interested in. This lowers manual office work and saves significant time and energy spent searching for papers.
According to Rapid Scale's research, " about 80% of top PropTech companies are adopting some form of cloud technology." Cloud computing is available in three main service models, each caters to a particular set of corporate needs. SaaS(Software as a Service), PaaS(Platform as a Service), and Infrastructure as a Service (IaaS) are the three paradigms.
Virtual tour of the property
With the second wave hitting our country, the movement has been restricted, and thus it is hard to visit the property that an investor/buyer is interested in. Instead, they can now practically see the property and conclude. In this procedure, a video conference is scheduled between the stakeholder and the buyer, and all questions are answered related to the property, and a virtual tour is provided.
Virtual property tours give a realistic reflection of the actual look and feel of the subject property. In real estate, it has forever been the case that the investor/buyer feels the property quality did not match their expectation – rather than depending on one's imagination, individuals can now opt for virtual tours!
Robotic Process Automation
It refers to software or bots that automate regular clerical jobs at the site, which do not require high-level decision-making. For instance- regulating contracts and coordinating signatures and approvals amongst multiple vendors. Other typical clerical duties that can be automated using bots include data gathering on buyers and sellers, data maintenance, and data compliance reporting.
It is a more cost-effective option. Companies implementing RPA have witnessed a 10% to 40% reduction in operational costs. 1 RPA allows employees to focus on higher-value duties, such as interacting directly with potential buyers and sellers. This improves the likelihood of more deals being closed, directly contributing to a company's revenue. In addition, it considerably decreases human error, resulting in more dependable results. Thus, data compliance becomes simple.
Conventionally, the real estate space has been largely unorganized in India. Still, these emerging technological advancements have disrupted the industry, making it approachable for the retail investor, transparent, and more reliable for the end customer. These innovations and developments will support real estate's sustainability in this technology-driven world and secure its comfortable place in the competition.