What is PropTech and how it is changing the world of real estate.
    3 minute read

    What is PropTech and how it is changing the world of real estate.

    PropTech is a combination of two or more companies into a new entity and of two words i.e. Property and Technology. As the name suggests Proptech includes everything that is disruptive in the real estate sector regarding technology.

    Proptech seems like a catchword that has been appearing in many technology-oriented articles. The real estate industry has been using this technology in its everyday work to improve the efficiency and quality aspects.The word involves such a wide range of technologies that it can become quite confusing to understand. Over recent years, proptech in commercial real estate has been on the rise, owing to a hasty adoption due to the pandemic.

    The newly-evolved platforms for search and discovery of potential properties have evolved since the pandemic broke out. The platforms are helping the buyers track all the processes in a property-buying deal from the comfort of their homes.

    Technology has penetrate into almost all business and industries, and real estate is no exception. While on the one hand the real estate industry has been quick to identify opportunities in adoption of technology, at the same time on the other hand, the government has been coming up with various initiatives to drive in the same among the industry players.

    Corporate real estate technology or CRETech are the digital tools a company uses to efficiently run its facilities and the spaces within those buildings. This arena of Proptech Real Estate is often used synonymously with PropTech, though, PropTech refers to both commercial and residential technology.

    Another major way technology is helping the industry is cost effectiveness. The industry is able to control cost and able to dominate the industry. They are able to keep a close eye on the costs more effectively now. This is helps them in optimizing cost and give better rates to the customers.

    Here are some types of PropTech :

    1) Drones

    Monitoring properties and their progress is an essential part of real estate development, especially in the commercial sector. Drones can help top management monitor development in real-time and stay abreast of the progress without wasting time and energy.

    2) 3D modelling and printing

    3D printing, or additive manufacturing, is the construction of a three-dimensional object from a CAD model or a digital 3D model. The term "3D printing" can refer to a variety of processes in which material is deposited, joined or solidified under computer control to create a three-dimensional object. 3D modelling also helps design teams in collaborating on projects efficiently regardless of where they are located. Three-dimensional (3D) models represent a physical body using a collection of points in 3D space, connected by various geometric entities such as triangles, lines, curved surfaces, etc. Being a collection of data (points and other information), 3D models can be created manually, algorithmically (procedural modeling), or by scanning. Their surfaces may be further defined with texture mapping

    3) Artificial intelligence

    Artificial Intelligence has made its way into the real estate sector and it is here to stay. The technology takes account of everything from the sort of ads used by users to their buying behavior, to offer the correct property at the right moment. AI's ability to 'predict' the future is one of its most famous features. A very efficient system tracks and automatically estimates the profit value of installed products. Its AI system shows installation errors promptly and increases efficiency by 38%. It's changing the way we approach lending and transforming the home search process.

    Future of PropTech

    PropTech is one of the young industries that is expected to grow dramatically in the upcoming years. As the world population is predicted to double by 2050, the demand for real estate will also increase. Traditionally, the real estate sector in India was unorganized. The technological advancements adopted by PropTech firms are predicted to create a digitally impact and will stay for a long run. We will see companies inclined towards making decisions based on the data that Proptech provides them with.

    Dhruvi Shah
    Digital Marketing Intern