PROPTECH: WHAT IS IT AND 4 TOOLS THAT BENEFIT THE REAL ESTATE SECTOR

In this post, we talk about the Real Estate market, a sector that until relatively recently has maintained its economic activity with the most standardized and traditional practices. An industry that in the last years is being completely reformed tanks to digitization and that, nowadays, takes advantage of the crisis generated by the pandemic as an opportunity for its technological transformation.

We talk about PropTech and 4 of its tools that benefit the Real Estate sector:

What is PropTech?

PropTech is the term derived from the words Property and Technology which designates those companies that apply technology to the Real Estate sector to digitize and reinvent their activity.

Therefore, PropTech covers not only the technological transformation of the rental, purchase or sale of properties, but also other phases of the Real Estate market such as planning, construction, management or maintenance of commercial or residential assets.

The PropTech market has actually existed for two decades, when in the 2000s the first Real Estate portals such as Idealista or Rightmove were born. The avant-garde was later led by the platforms “peer to peer” like Airbnb or Homeaway (born in 2008). However, PropTech goes much further. Let’s explain four of the main PropTech tools that benefit the Real Estate sector:

4 PropTech tools

– Virtual visits

One of the most used PropTech resources in Real Estate sales and rental platforms is to offer pictures that allow a virtual visit to a property. Solutions such as 3D modeling, 360º photographs and videos or virtual reality software allow the user to see in a better way the property of their interest. In addition, today, this tool has gained in popularity by avoiding physical contact and movement from one place to another.

– Big Data and Predictive Analytics

Big Data is reaching all economic sectors and Real Estate is no less: through the collection and analysis of large amounts of data on the behavior of users and the market, it allows to predict future scenarios and identify the best opportunities for the sector.

This includes from the recognition of potential clients to the identification of geographical areas of greater profitability or the total customization of a user’s search on a platform.

– Marketplace and peer to peer platforms

As we said, property rental and sale portals were the first forms of PropTech to grown in Spain. These are known as marketplaces and they increasingly incorporate more PropTech tools such as the aforementioned virtual visits or the use of chats that connect sellers, Real Estate agencies and clients.

As for peer to peer (or p2p), they allow the owner of a property to be directly linked with the potential buyer or landlord through technology such as chats and instant online booking applications.

– Smart properties

Many properties use technology to digitize and facilitate typical processes of the Real Estate market. Kiploc is the clear example: the use of our smart lock on a property makes it possible to delegate access to that property temporarily, which means that any interested party can visit a home in person (and not virtually) without any physical contact.

This is, in turn, an advantage for the Real Estate firm, which does not need to assign a commercial agent to all its properties each time they want to be visited. Similarly, the professionals in charge of displaying properties will not be obliged to carry the keys to all the properties to which they have access. PropTech makes it much easy: with Kiploc, a smartphone is enough to visit or show all the properties to which you have access.

That is why Kiploc is included in the PropTech companies that facilitate the typical processes of the Real Estate industry through technology. Do you want to know more about how our smart locks help the Real Estate sector in its management and buying- selling operations? E-mail us at hello@kiploc.com!

Es por eso que Kiploc se engloba en las empresas PropTech que facilitan los procesos típicos de la industria inmobiliaria a través de la tecnología. ¿Quieres saber más sobre cómo nuestras cerraduras ayudan a la gestión y compra-venta inmobiliaria? ¡Escríbenos a hello@kiploc.com!