Since the beginning of the global COVID-19 outbreak, real estate markets in various cities and towns have felt the ‘pandemic burden,’ and they are facing unprecedented levels of challenges and hardships. On the bright side, proptech has come to their rescue in terms of mitigating these issues.
Industry experts and key stakeholders are now betting big on the future success of proptech in the real estate sector. Proptech can have a positive and long-term impact at all levels, whether local, national, or international.
As a result, it is more important than ever to keep up with the latest prop-tech trends and developments that are shaping (or will shape in the near future) the future of the real estate and property market.
Here are five emerging trends in the proptech domain gaining solid momentum.
Property search and transactions take the online route
In the absence of alternative options, online and digital property search and listing have become ‘necessities’.
According to various industry reports, online property search volumes and queries increased significantly across major real estate markets in India during the previous fiscal year — especially when compared to pre-COVID — and this trend is forecast to continue and grow throughout the current fiscal year as well.
Even the global scenario appears to be the same — the global online property market is booming. Traditionally, payments were mainly made through cheques or cash, but now they are made online via UPI, platforms, apps, etc.
Property owners becoming ‘Aatmanirbhar’ using technology
Real estate/property owners and landlords in our country, who previously relied on property agents, realtors, or middlemen to sell or rent their properties, are increasingly becoming self-sufficient in post-pandemic times, thanks to increased adaptation and use of technology and digital and social media channels.
As the call for ‘Aatmanirbhar Bharat’ grows louder, we can see how property owners are now shooting and posting pictures and videos of their properties online in order to attract tenants, buyers, and property investors — all of whom are actively looking for best-fit properties online.
Virtual home tours — the ‘new norm’ to woo buyers
But since COVID-induced mobility restrictions prevent in-person property visits, real estate developers, agents, and residential property owners worldwide are increasingly relying on virtual home tours to showcase their properties to prospective clients/customers and aspiring homebuyers.
Enhanced 3D experiences and 360-degree property views can be provided by using virtual reality and other technologies.
A balance between physical and virtual inspection of houses will be important in the real estate sector after the pandemic.
Esigning and online property agreements on the rise
Another notable proptech trend that has assumed significance is the increased use of esigning and online property agreements.
Now that video conferencing has become the norm (rather than face-to-face meetings), electronic signatures are becoming more common.
Digitally signing a lease, rent or purchase agreement, contract, etc., and sharing the documents with parties is also possible.
Real estate stakeholders can go paperless with this solution, which is both environmentally friendly and sustainable in the long run.
Home automation and smart homes gain popularity
Finally, home automation and smart homes — a concept that has been around for more than a decade — are now becoming increasingly popular in residential real estate markets around the world, thanks to advancements in technology adoption and an increase in millennial and Gen-Z homebuyers.
Internet-connected smart homes can automate a variety of household tasks, including lighting and air conditioning.
Increasingly, developers and large construction firms are incorporating smart home technology into their buildings to meet customer preferences and expectations.
With devices like Amazon Echo and Google Home, the Indian smart home market is growing steadily.