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Proptech: Real estate transformation through technology

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real estate and technology

Nowadays, the way many businesses are run has had to be radically changed. This is because today, there are tools that were not around before, which offer many benefits. As a result, everyone in all areas wishes to be updated. For example, those working in the property market should realize that it is an excellent idea to put real estate and technology work together.

In this article, we will give you the information you need to know about proptech. In addition, we will show you everything involved in having a proptech. We will also give you a little how-to on how to transform your company into a proptech. Specifically, we will discuss the following:

  1. What is proptech?
  2. Why is proptech a good idea?
  3. What are the areas of development that include proptech?
  4. How can you make this transformation for your company?
  5. What have been the challenges of this transformation?
  6. Benefits of proptech
  7. Contact Connect Property to obtain your proptech!

1. What is proptech?

Today, a huge discovery has been made that has changed the world’s perspective. This discovery has helped people around the world to do two things in particular. The first one is to have communication with other individuals all over the planet. The second is to have much greater ease in everyday activities. This discovery is technology.

Now, let us start by explaining what technology is. This is a more complicated concept to understand than it seems. Because it is generally understood as things or a set of artifacts. But, the truth is that it has nothing to do with something tangible. Technology is known as a process of change. It is changing something that already exists and turning it into something much better.

Another concept to know is that of real estate. This is a set of properties, such as houses, flats, offices, and more. It is characterized by the fact that everything that encompasses real estate is property attached to the ground; that is to say, you cannot move it. To get them out of position, they must be destroyed.

Finally, you will know what proptech is. You may wonder why these two definitions were previously given. The answer is that proptech is the union of these two concepts. In summary, proptech refers to all those properties that are part of real estate that use technology. Therefore, you can say that this is the real estate future.

2. Why is proptech a good idea?

In a day and age where technology is advancing by leaps and bounds, real estate cannot be left behind. You find that everything you do is going digital and real estate is no exception to this change. Clients today are looking for places to live that can offer many facilities and proptech is the best investment.

Many customers are now looking for a place to live that is compatible with smart devices; making some tasks easier. In this case, real estate and technology started to adapt to the needs of their customers nowadays. In addition, the great technological advances have helped this project to grow in the best possible way.

You can say that the best way to invest in property in today’s digitalized world is proptech. They offer you many ways to change your daily lives through new technologies designed to help you. More and more real estate is joining this change, attracting the attention of all technology lovers.

The future of real estate is proptech, and over time everything will be digitized. Real estate buyers will want a house that can meet our needs with just one command to a device. It is also important to note that this type of property has a very high-security system; compared to the traditional one.

3. What are the areas of development that include proptech?

When associating real estate and technology to form proptech, there are certain areas that this involves. In this section, you will see different areas for proptech; so you can also get ideas for your company.

3.1 Artificial intelligence

Artificial intelligence, abbreviated as AI. This refers to using technology to recreate human characteristics and activities. As you can see, this is part of the real estate future. Because different artifacts have been created that can help in the real estate sector. For instance, some apps are used to be able to show houses and keep a count.

3.2 Drones

This is another tool used to establish the technology in real estate. A drone is a small device that is used to view environments from the skies. It is like a small aero plane with a camera and no crew. In the real estate industry, they are used a lot to take pictures or videos of houses or buildings from above.

3.3 Autonomous cars

The first thing to ask ourselves is what an autonomous car is. These are cars that literally do their own thing, activities like driving, parking, and so on. People just have to call from their phones and the car arrives and takes you where you want to go. This is a great benefit of mixing real estate and technology. Because, you do not need that parking space anymore; therefore, you have more land for buildings or houses.

3.4 Robots

Robots are machines that recreate human beings. They have the shape and size of people. Although it is true, this branch is a bit weak because, despite the advances, there have been few. However, if it grows, it could be of great help for real estate. Because, this would reduce the manpower and as well as, it serves as a support for the sellers.

3.5 Printing 3D

This is another example of how combining real estate and technology can help the industry grow. Now, a 3D printer is a device that gives you a model that you make from a computer in 3D. This is very supportive for architects and engineers. Because of the models of buildings that they make in 2D, they can see them as they are in reality. And they realize what faults there might be.

3.6 Virtual reality

This is another tool, which is very helpful for engineers and architects. Virtual reality is being able to visualize images or objects in their real form, using a set of computational techniques. This does more or less the function of the 3D printer because you can visualize houses and buildings in 3D. The difference is that with these models you can be much more detailed.

4. How can you make this transformation for your company?

It is important to note that, nowadays, it has become essential to unite the concepts of real estate and technology. This would attract the attention of any real estate buyer. Therefore, in this part, we will show you how to make your company become a proptech company.

4.1 Prepare your business

For any change that needs to be made in a company, the first step has to be preparation. If you want to merge real estate and technology, there are things you need to consider. The first is whether you have the capital and materials necessary for this change. And the second is whether you have the right people to handle it.

4.2 Data analysis 

When it comes to making changes in a company, you have to have an idea of how beneficial it can be. There is only one way to do this, and that is to analyze the data. This data can be obtained by asking the staff what they think about the issue. In addition, information from other companies that have gone through this process can be found on the internet; and can be used as a reference.

4.3 Researching the benefits

Before making changes to the company, you have to know two things in particular. The first is what they are, in this case, that we are implementing technology in real estate; you have to see what artifacts you want to use. The second step is to think about how all these things can help benefit the company. For instance, the 3D printer is a good way to start.

4.4 Nothing is ever enough

When it comes to real estate and technology, there is an infinite number of inventions that can be implemented. And not only those that are already on the market, but there are also several projects that are still to come. Therefore, as technology provides so many facilities, the implementations are not enough. As a consequence, it is necessary to be in constant research to evolve the company.

5. What have been the challenges of this transformation?

It is always a challenge to set new trends and even more so when it comes to your new home. Motivated by you will see what problems you can encounter when trying to implement new technologies in real estate:

5.1 People who are not used to technology

Even though the world is advancing technologically, some people are not keeping up with the pace. Many clients, despite the facilities they can gain from technology, will prefer traditional style homes. There will always be such clients; the important thing is to try to strike a balance between the traditional and the new.

5.2 A large investment is required

Building smart homes and buildings is not an easy task, and it requires a large investment. Adapting new technologies is very costly for real estate and this can be a problem. In addition, it also raises the cost of the properties, making them unaffordable for many clients.

It is important to note that this type of property is currently targeted at a very specific clientele. In the future, most things will be digitized and more customers will have access to these properties. However, in today’s times, it is too expensive for many to afford such a property.

5.3 Technological problems

Even though the technology is advancing by leaps and bounds, many errors can still occur in practice. Although there are many countermeasures, sometimes technology can fail and this can cause many problems. Many unexpected situations are beyond the capacity of the technology and many tests are needed to avoid this.

6. Benefits of proptech

Real estate and technology have established a new way of living, facilitating our obligations at home. Thanks to these new properties you can have a better quality of life. Here you will know about their benefits:

  • You can perform many activities at the touch of a button or with a simple word.
  • It is easier for the seller to show properties.
  • You do not waste time doing chores around the house and use it for other things.
  • It allows you to save more energy than traditional homes and in a simpler way.
  • You can personalize your home more easily.
  • It creates a safer environment for your family.
  • You can control every aspect of your home even if you are away from it.

7. Contact Connect Property to obtain your proptech!

As you can see, mixing real estate and technology and creating proptech has been a very useful idea. It has a lot of advantages and therefore, all companies want to enter this world. However, you have to go through a series of steps to succeed. By fulfilling all that, you will be able to evolve your company and thus, have access to all the benefits.

On Connect Property, we offer you an extensive variety of services related to real estate in the UAE. In addition, if you are looking for the best places to rent or buy, take a look at our property listings.

If you need a building rental property or real estate apartments for sale, do not hesitate to contact Connect Property. You can call us on this number +971 43 316 688. Or if it is easier for you, send us an email at connect@connectproperty.ae. We will give you the personal attention you require, as soon as possible.

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