Proptech's popularity is on the rise, as more investors are investing in it. Statista has shown that proptech industry funding increased to USD 18 million per year in 2018. This is three times as much as 2015's total funding.
This data shows there's a huge opportunity to profit from this area and make big returns if you choose to invest in proptech software. Let us first learn about what it is, and all its nuances.
Proptech is shorthand for "Property Technology." It's any technology or tool created to simplify the functions of the realty industry. It can be related to any aspect of property management, sales, operations, and so on.
Proptech is used to solve real estate-related problems, such as increasing efficiency and effectiveness and decreasing operating costs. Here are some of the most popular proptech firms and their services:
- Hover to view a 3D model. It will help you make home improvement projects easier and faster.
- Reonomy allows you to search for your commercial property using the power of AI.
- Guesty is a tool that automates your rental business.
- VergeSense is an AI-powered workplace analytics platform.
Transparency is essential. Transparency is key. Clients will respect you more if you're transparent. With Blockchain-enabled proptech solutions, you and your clients can keep track of all transactions for the property. This transparency increases transparency and your brand value.
The way you present your prospect with the property for sale will have an impact on whether or not they close the deal. Proptech is a way to make it easier than listing property features with pictures.
Hover and other proptech solutions allow you to create 3D models of your property. This will make your promotion stand out and leave a lasting impression.
Many landlords have difficulty managing their rental properties. They use manual methods to manage their rental business which is inefficient and takes up much of their energy. TurboTenant and other tech services help landlords to manage their properties and communicate with their tenants.
The way sellers and buyers interact today has changed a lot from ten years ago. It takes only minutes to find the right property. You can also take virtual tours of the property online to get the first look without ever visiting the location.
While the proptech market is growing rapidly all around the world, over 60% of all proptech startups and businesses are located within the USA. Over 2000 companies based in the US were involved with proptech by 2020.
Europe is second in the proptech industry's importance, home to more than 27% of all startup companies.
A majority (over 50%!) of proptech firms are focused on the business-to-business sector, while around 40% work in the B2C space. The remaining 3% concentrate on either B2B or B2C.
These stats can be very useful as they will allow you to choose which area or demographic you need to concentrate on if your goal is to enter this industry. Is it possible to compete in an established market such as the US or Europe, or tap into an underserved one like Asia?
Who are you going to serve? Businesses, customers, or both. Once you have answered these questions, let us get started with the step-by-step process for proptech software development.
We will now get to the core of what you need to do for you and your business to be a proptech startup. We will start by helping you get clearer on your business idea. After that, we'll provide you with many options to turn it into a reality. Here are the steps for developing your own proptech solutions:
You can't serve everyone. Proptech solutions can be tailored to solve specific problems and meet the needs of a few people. This is why it is so important to target your audience.
Once you answered all the questions in the previous section, then you are on your way to the next step. You can target a specific audience, such as the US or Asia. It is possible to work with other businesses and directly with consumers.
You can differentiate even by offering low- or high-quality services. Apple, for instance, makes premium-quality phones targeted at the rich. Mi, however, builds affordable phones.
Every great business idea stems from a problem that exists in the market or has been ignored for a long time.
Think about the problem your solution will solve for your target market. You can help them to reduce their operational cost, manage their properties more effectively, find their dream property at a lower price, track and reduce carbon emissions, and other things.
There are many options available to you when it comes to how you develop your proptech product. Your ability to develop your proptech solution depends on what you know and how much money you have. Here are the methods to create your proptech product.
#1: Develop it yourself
You may be able to develop it yourself if you have the necessary skills. Even if that is the case, I strongly recommend you to think carefully before you decide to do this. You may find it takes up too much of your time and effort which you can better use in other areas of your business.
#2 - Hire freelancers
Freelancers can be hired through platforms such as Upwork, Fiverr, and others if they don't have any programming skills. They are very cost-effective, which is the good news. You may have to hire many freelancers to help you develop such a large project.
It may prove difficult to manage them in a team because of their differences in time zones or geographical locations.
3 - Get in touch with a proptech development company
Remote developers can be hired by a tech development company. The team will consist of members who specialize in specific areas of the project.
They also look after your team, so you can focus on the important things in your business. This is the best option of the three, as it guarantees you a quality project while also saving your time.
Proptech is booming. You have the potential to make it big if your steps are taken correctly. So, what are you waiting for? I can help with your proptech development by providing remote developers. Only you are capable of stopping me from helping you with proptech development