Grasping what propetech is, why it is so important and the various forms of property technology that are dominating the sector.
The housing sector continues to become more advanced and versatile through its use of digital and technological innovations and methods. Especially when it comes to methods of real estate, housing advertisements and selling, digital techniques have done wonders and created a new and successful medium for the industry to utilise. The use of digital methods in this industry is known as property technology. Property technology is an incredibly vast subject matter; therefore, this feature wishes to establish what property technology is and the various forms of property technology. Whether it is virtual reality techniques, blogging, virtual doll houses or more, these developments are paramount in changing the landscape of property marketing and development.
What is property technology and why is it important
Property technology, also known simply as Proptech, can be defined as the usage of technology and software to assist in today’s real estate needs. It refers to the myriad tech companies working to transform the real estate industry, based on a rapidly changing digital landscape and ever-shifting consumption trends and patterns.
Property technology is so vital in the housing sector now because it can increase the speed of innovation in the real estate market as it provides data at a quicker rate which helps boost the market. Technology can also improve communication as there are more platforms available that provide easy access to information in a quicker manner. Finally, property technology is known to increase the value of real estate which in turn, will result in higher rental returns. This is because buildings that use property technology are believed to be of a higher quality which elevates this idea of them being more valuable. In turn, property technology has left a huge stamp on the housing sector which explains why so many more companies are incorporating it into their development and marketing strategies.
But what are the various types of property technology and how are they shaping the housing sector for developers and first-time buyers?
Virtual reality technology
With regards to the housing sector, virtual reality has been used to transform the industry. This is when technology is used to create realistic and live images of an environment that can be interacted with. Typically, this can be found on a certain website or used via a VR headset. A VR headset is a head-mounted device that provides virtual reality for the wearer. These types of headsets are commonly used in video gaming but are now transpiring into other sectors. In turn, this provides a simulated experience that can reflect the real world. A recent study found that, “One in five (19%) of US consumers have used VR in 2020”, highlighting how this technology has now become commonplace amongst consumers. It therefore makes sense that the housing sector is utilising an innovative yet familiar product to attract consumers. The headsets are easy to understand because consumers have already dabbled in them, yet they are innovative enough to promote the broader capabilities of house selling and more.
Read more of the latest developments in our new edition: May 2022 Issue Form – Show Home Magazine (yourshow-home.com)