PropTech, or property technology, is a rapidly growing industry that is transforming the real estate market in ways that, frankly, are mindblowing. PropTech startups are using technology to disrupt traditional real estate practices and make the home buying and selling process more efficient, transparent, and affordable for consumers. Here’s what you should know about how PropTech works and how real estate professionals can capitalize on it.
How PropTech Does What It Does
PropTech is disrupting the housing market in a number of ways that you might not even consider possible. Here are a few of the biggest things to keep in mind:
- Changing the way people buy and sell homes: PropTech companies are making it easier for people to find and buy homes by providing them with access to information and tools that were previously only available to real estate professionals. For example, PropTech companies like Zillow and Trulia allow buyers to search for homes online, while companies like Opendoor and Offerpad offer instant cash offers for homes.
- Making the real estate market more transparent: PropTech companies are making the real estate market more transparent by providing consumers with access to data about home prices, sales trends, and other factors. This information is helping consumers make more informed decisions about buying and selling homes.
- Reducing the cost of real estate transactions: PropTech companies are reducing the cost of real estate transactions by automating tasks that were previously done manually by real estate agents. For example, companies like Knock and Ribbon are offering flat-fee real estate services, while companies like Simple Closing and Closing.com are automating the closing process.
How Real Estate Professionals Can Use PropTech
This is all well and good, but how can you as a real estate professional use PropTech to improve your own businesses? Don’t worry, we’ve got the answers right here:
- Generating leads: PropTech companies can help real estate professionals generate leads by providing them with access to data about potential buyers and sellers. For example, companies like LeadSteer and Zurple provide real estate professionals with lead-generation software and tools.
- Marketing your listings: PropTech companies can help real estate professionals market their listings by providing them with access to online and offline marketing tools. For example, companies like Matterport and Zillow 3D Home provide real estate professionals with 3D tours and virtual staging tools.
- Managing your businesses: PropTech companies can help real estate professionals manage their businesses by providing them with access to software and tools for managing their contacts, transactions, and other tasks. For example, companies like Salesforce and Real Estate Webmasters provide real estate professionals with CRM software and website development tools.
The Ever-Changing World of Real Estate
If there’s anything a good real estate professional knows, it’s that you need to remain on top of all the newest developments in the industry to remain relevant and successful. PropTech is just one more thing to not just be aware of but to embrace in order to accomplish just that. Without embracing PropTech developments, you won’t be able to keep up with competitors who have.
Overall, PropTech is a disruptive force in the housing market that is changing the way people buy and sell homes in ways that are easier, more convenient, and make a major difference in their lives. That’s why real estate professionals should use PropTech to improve their businesses by generating leads, marketing their listings, and managing their businesses more efficiently.
Ben Shepardson is a Realty Biz News Contributing Writer and has a long track record of success in online marketing and web development. While pursuing a bachelor’s degree in Computer Information Systems, he worked doing enterprise-level SEO and started an online business offering web development services to small business customers.
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