More and more portals and experts are talking about the revolution proptech is bringing to the real estate sector. If you too want to know what it’s all about, and how it is transforming the field, keep reading. Below, we tell you what proptech companies are, the importance they have in our country and some of the areas in which their developments are standing out.
What is proptech?
This term comes from the English expression property technology, and it’s used to refer to all those business that use technology to improve one part or all of the real estate process. It covers a wide variety of topics ranging from, among others, the creation of apps and real estate portals, to specific software for managing the day-to-day running of real estate agencies, augmented reality tools or other applications related to energy efficiency.
In a sector that revolves around service and with a strong traditional component such as real estate, these types of applications are streamlining business development. If you work with them, your company will modernise and improve the efficiency of its processes and the quality of its services. Your contacts will be managed more efficiently, the information will be more clear and more organised and you’ll enjoy greater transparency and flexibility.
Proptech ecosystems in Spain
If you think about the structural importance of the real estate market for the Spanish economy, you will soon understand that the climate is favourable for companies involved in real estate technology. Especially when you consider that the solutions they offer are not just about buying and selling, but also cover property construction and even the development of materials and sustainability.
In the year 2018, the portal proptech.es declared announced there were 200 businesses of this type in Spain. There are now more than 275, and they employ, according to the same source, 5,500 professionals. Investment in the sector exceeds 150 million dollars, and the quality of its talent is not only allowing companies to proliferate in number: they are also being accompanied by commercial success.
Construction and real estate companies like yours are investing in the products proptech offers, and enjoying greater efficiency, thanks to the renewal that the application of new technologies to the real estate sector is bringing. If you don’t want to be left behind, you must invest in tools that will help improve your competitiveness. Today proptech is leading the way to the future. It is in your interest to keep a close eye on them!
Digital transformation in the real estate sector
We can’t understand the impact technology has had on the real estate sector without bearing in mind the effect the pandemic has had as a driver of digitalization. If two years ago you had no problems attracting clients to a property, today the precautions they take are even greater. That’s why you need tools that allow you to give buyers confidence and help them get an accurate picture from a distance of what awaits them in real life.
This turning point caught many property agents off guard at its most critical moment, which has meant that over the last year the search for solutions has been sped up. The change was foreseeable, but social distancing has been the perfect trigger. However all experts in the sector agree that there is still a long way to go and much room for improvement. The most visible effects of this digitalization have been the following.
- Increase in the management of tasks remotely. What was previously managed with a visit you can now do through video-calls.
- Increase in the efficiency of data management. One of the advantages of virtualizing your business is the amount of information you can obtain about the customer. With the help of the right technology, you will work less and be more efficient.
- Demand for virtual solutions. Beyond video calls, if you want to provide a quality service, you have to use tools that help you to convey the value of properties remotely.
Among the solutions created by these real estate technology companies, the use of virtual reality is one of the most useful if you work as a real estate agent. With it, you can help buyers or tenants get an idea of what awaits them in their next property. One of its biggest advantages? That in the same meeting you can visit several flats with clients and get the most out of your time.
A home of the future could be controlled from a mobile phone, and this technology appeals to many customers from the younger generation. There are an increasing number of higher quality solutions you can find in this field, from programming the air-conditioning before you get home to opening your front door without the need for keys. Although some of these uses are already extensive, nowadays automation goes one step further, and is also concerned with responsible consumption and energy efficiency.
Real estate portals
Although they have been around for many years, real estate portals are constantly evolving and benefiting from the innovations that real estate technology companies are bringing with them. More and more precise algorithms are being developed to help customers find what they are looking for more easily. They are also incorporating services that allow them to better show the attributes of the property being viewed, such as virtual tours or 360° images.
As we have mentioned, one of obvious advantages of virtualization is the quality and quantity of information that is collected and stored. This can help you to be more efficient in offering appropriate properties for each consumer profile and getting to know your clients better. Therefore, not only can you be more attentive to their demands, you will also be able to anticipate them by predicting their behaviour.
We can say without a doubt that proptech is the driving force behind the digital transformation in real estate and construction. It is up to you to decide whether to opt for them and move forward into the future, or continue using techniques and methods that are already part of the past.