Why Prop-tech is essential for brokers?
    Article11th Dec 2021
    3 minute read

    Why Prop-tech is essential for brokers?

    Technological growth has affected almost every industrial space we could think of, and commercial real estate isn’t any exception. Nonetheless, adoption of technology has been slow but it’s changing the way brokers assess opportunities, cater them to their clients and conclude the deal.


    Prop-tech at a glance

    Prop-tech is a recent jargon within the commercial real estate industry. It is a leading-edge approach to real estate in which technology optimizes the strategy of discovering, renting, buying, selling, and managing an asset.

    Prop-tech is a cross-industry technology that aims to benefit all parties involved.

    Prop-tech start-ups like PropReturns are attempting to create a better, more efficient, and transparent space for both investors and brokers.


    Pain points of traditional realty

    Traditionally, brokers held all the information. Real estate brokers have been the sentinel of industry data, market insights, and critical lease information all of which are opportune to tenants.


    Traditional real estate suffers from various pain points such as:

    • Unaffordability (supply-constrained)
    • Manual, mind-numbing leasing and transaction process.
    • Lack of flexibility
    • Lack of community
    • Lack of exposure


    Why is it necessary for brokers?

    -Selling assets demands brokers to be responsive and reduce turnaround for supplying critical information or sharing important documents. Realty brokers who want to compete withitextn the market can now employ tech to assist them market their business and shut deals on the go.

    -Clients today expect a brisk and seamless experience from beginning to end along with having augmented search capabilities, crystal brokerage process, and flexibility at each stage.

    -With the increase in demands, brokers are always on the look for reliable real estate technology that enhances their tool stacks and helps them to cater to those kinds of clients.

    -Successful real estate brokers spend a considerable time away from their office, and they require tools that would help them stay connected with their business together with being more productive.

    -An adequate prop-tech platform will allow them to work not only efficiently and effectively, but also will enable much greater association with their client base.

    -Along with the ability to analyze proposal documents, record site visits, track property inquiries, view analytics, automate tasks, and assistance through the whole lease cycle. It should also provide access to raw market data, track deals, and automate countless processes, which in result would minimize errors, optimize resources, reduce costs and help to create better client relationships.

    The Bottom line

    Technology should automate processes a personal or organization already uses. Speed and efficiency are critical in today’s world, and to achieve a grip in this competitive environment one needs to keep adapting to new trends and technologies.

    Syed Anique Hussain
    Full Stack Engineer