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Technology and the Real Estate Market

By Ben Shepardson | October 28, 2022

When it comes to technology and the real estate market, Proptech has been hailed as the latest, most disruptive force. Some of the most recent popular Proptech include Roofstock, a platform that makes single-family rental investing as simple and hassle-free as possible, as well as Nobul which offers a one-stop-shop tech-focused solution for both real estate agents and home buyers alike.

Proptech is also viewed by many experts as a new way to streamline and modernize business processes as it revolutionizes the real estate market in various ways. Other observers say this sector can be another lucrative opportunity for investors looking outside traditional markets.

Illustration of prop tech or property technology which is an application of information technology and platform economics to real estate markets
Illustration of prop tech or property technology which is an application of information technology and platform economics to real estate markets

But for us, it seems like as the real estate industry continues to expand, it will increasingly rely on technological advancements like Proptech for growth. With this, here are essential things real estate agents like you should know about technology and the real estate market with a focus on Proptech.

What Is Proptech?

The term "Proptech," a portmanteau from “property technology,” is used to describe any technology related to real estate. It is all of the technology tools that real estate professionals use to optimize their businesses: how they market, research and sell properties; as well as the tools used by consumers when looking for a home.

Proptech can be applied to any aspect of real estate, from the early stages of a property search to the final stage of closing. It is a broad term that encompasses many different types of technology, such as mobile applications and websites that help with home buying or renting.

Proptech addresses the problems that hinder users' experience and use of the real estate. It also helps solve current inefficiencies and offers new solutions to improve the real estate industry. Why? Because it is always the relationship between real estate and technology that propels forward-thinking developments in the field.

Common Types of Proptech in the Real Estate Market

Technology and the real estate market have changed a lot over the years. Today, it's not just about providing information; it's also about creating an experience that allows users to make informed decisions quickly and efficiently.

Below are some common types of Proptech used in real estate markets:

1. Real Estate Agent Tools

Nowadays, there are many more tools available for real estate agents. Agents can also use apps such as DocuSign to sign documents digitally or Zillow's Zestimate tool to get an estimate of how much a home is worth before putting it up for sale.

Most of all, having an all-in-one Proptech tool is a need for real estate professionals. It can be difficult to keep track of all the information you need, especially if you're working with multiple clients at one time. That's why it's so important to have a Proptech tool that provides everything you need in one place.

2. Property Search Tools

Another technology that can improve the daily routine of a real estate broker is property search tools. These tools allow you to search for a home based on location, size, price, schools, and much more. You can even get the price history of a property and see whether or not it has been sold before. Property search tools are an essential Proptech tool for real estate brokers because they make it easy to find the right home for your clients.

3. Property Management Tools

The management of a property is much more than just getting the rent checks. Property management tools are essential for real estate brokers because they enable you to manage all the aspects of a property's life cycle: from tenant screening and application, and management to lease processing, rent collection, maintenance scheduling, accounting, and reporting.

4. Construction Management

Construction Management tools assist with planning, documentation, and communication throughout construction projects. They help you manage budgets, materials, labor, and construction documents. You can use them to track the progress of a project in real-time, monitor compliance with building codes and regulations, and ensure that all parties involved are communicating effectively.

Looking back on the results above, it would seem that, yes, technology will continue to change the real estate market and, with the real estate market continuing to expand, we will first and foremost see more different types of Proptech available for property agents.

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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