Property technology, also known as ‘PropTech’, can be defined as the application of technology and software to real estate markets. It embraces the numerous tech companies that work on evolving and transforming the property industry.
Referred to as ‘real estate technology’, PropTech strives to make the lives of owners, landlords, and tenants easier by implementing various technologies, aimed to make property management and other real estate operations more efficient. In other words, PropTech endeavours to make owning, leasing, or working in a building as easy as possible for all parties involved.
There are other sectors that often intersect with Proptech, including:
FinTech, which involves financial technology startups, such as mobile banking platforms;
Smart Real Estate, which refers to technologies involved in building and operating smart cities and smart homes;
ConTech, which refers to construction technology products and startups, such as aerial mapping drones.
Some people had been afraid that the pandemic would cause significant damage to the real estate industry, but, despite everything, it keeps thriving, not least thanks to various online platforms that have been helping people find, choose, and buy a property without the need to leave their homes.
To get a better understanding of the market, let’s take a closer look at real estate software development trends.
#1 - Administration automation
The simplest tasks sometimes can be the most time-consuming. Therefore, the most obvious solution is to automate all mundane tasks, such as routine customer services, communication, maintenance management, leasing, and scheduling viewing appointments.
#2 - AR and VR
It’s hard to sell a product that hasn’t been created yet, and sometimes no number of beautiful words can convey what the end result will look like. Numerous property development companies have found out that the best way to tackle this issue is to provide the most detailed and realistic remote property viewings using modern technology, such as augmented and virtual reality. Such viewings not only let you take stock of each and every corner of a future home but also emotionally engage a potential home buyer.
#3 - Blockchain
The invention of blockchain has stirred the world. In PropTech, blockchain technology can be used for storing data as well as registering real estate transactions and contracts, helping automate and accelerate various operations. Blockchain allows companies to significantly improve data security and ensure maximum efficiency.
#4 - Customer Relationship Management (CRM)
CRM software helps companies manage their relationships and interactions with customers. It’s usually responsible for tracking leads, storing data, managing contacts, as well as monitoring potential leads. With CRM software, real estate agents are able to inspect all their correspondence with potential and current customers as well as redirect messages to other people who can take care of those requests.
#5 - Geolocation
In the real estate industry, location is one of the most important aspects that influence the property’s price and attractiveness. People pay just as close attention to neighbourhoods and districts as to the properties themselves. Geolocation technology helps you create a detailed replica of landscapes. It deals with county maps, flood zone maps, real estate data, and topography, in general.
#6 - Internet of Things (IoT)
In addition, one of the most popular trends is associated with implementing applications that transform a regular home into a smart one, making your home routine much easier. To achieve that, you usually need to place sensors around your home and insert computing technology into different day-to-day items. Such features used to be part of the science fiction genre. However, now IoT is getting more and more common. There are mobile applications that help people control lighting, room temperature, and parcel delivery, among other features. Moreover, another essential part of IoT is a virtual assistant that deals with the communication aspect.
It’s important to note that such technologies demand a good Internet connection to ensure smooth operation. 5G can help you tackle this issue.
#7 - Mobile Apps
It has been shown that more and more people are using smartphones instead of computers in their day-to-day life. Smartphones are, after all, always close at hand. There is no need to turn on your PC when all essential tasks can be done via a smartphone, including shopping, socializing, playing, studying, planning, and much more. Therefore, having a mobile app is crucial for a successful business project.
#8 - Security
As more transactions are done on the Internet, the question of security is as relevant as ever. Now, dozens of apps have access to your confidential data, such as your credit card details and other personal information. It’s crucially important to be careful with what applications you decide to trust with such delicate matters. Information security threats are getting more and more complex with hackers constantly learning and improving their skills. Therefore, software developers need to keep up with them.
When setting up a real estate business website, it might be tempting to use a simple template instead of opting for a custom-built website. However, it’s important to remember that website designs are supposed to present information in the most coherent way as well as create a strong brand image and attract more customers. This can’t be achieved by using a template that hasn’t been customized.
Your real estate company’s brand colours should be incorporated into your website to make it more recognizable and distinctive. Another important requirement of a good website is choosing the correct font for the website’s information. Stock images featured on your website might undo all of your efforts, so instead try to use original, professional-quality photos.
To get a better understanding of what we have in mind, you can visit some of the most popular real estate websites, such as Zoopla, Korter UK and Rightmove. Each of these websites is highly customized for maximum brand recognition. You can take one look at them and get a clear idea of what their branding involves, including special fonts and brand colour schemes.
According to NAR Home Buyer and Seller Generational Trends Report, users claim that the most useful elements on a website are:
- Photos (89%)
- Detailed information about properties (85%)
- Virtual tours (50%)
- Neighbourhood information (44%)
- Interactive maps (41%)
For better incorporation of the above-mentioned elements and easier navigation, it’s best to develop a real estate website from scratch. Although a custom-built website might seem like a much more expensive solution than a simple template, many people admitted having regretted opting for the latter as some of them had to pay a small amount for a template and then, after being dissatisfied with the results, purchase a custom-built website. We are convinced that investing your time and efforts in a long-term solution at the very beginning is absolutely worth it in the end.