Technology is slowly taking over some of the major industries in Nigeria, one of the first welcome tech was the financial sector by introducing FINTECH. Now the real estate sector has refused to be left behind. PropTech or property technology is one of the new words being heard in the real estate sector, it refers to the digital innovation of technologies used in processes related to searching, viewing, buying, selling, renting, and managing properties.
During the lockdown and throughout the first wave of the pandemic, technology was majorly used in the real estate sector, property owners and real estate companies had no choice but to conform with the tide. Virtual inspections were used to view properties, drones, and the likes. . Here’s how PropTech is changing the real estate game and reinventing the property market.
PropTech and Drones:
A few years ago, getting professional aerial photography of a property was an expensive option because you had to factor in so many things, like manpower and the likes. With Proptech and drone technology all you would be needing is a drone and someone who can properly fly a drone, thanks to their ability to easily create budget-friendly digital videos and photos from multiple perspectives, this has had a positive effect on the property market. The beauty of this is that they can be used for any size property in any location, however, they are most often used for large properties, grand scale mansions, or apartments in high rise buildings to provide potential buyers a better idea of their true size and positioning.
This technology is yet to make ground in the residential market- navigating a drone through such a small and enclosed space would be difficult. But the potential already exists for larger size spaces in the commercial and industrial sectors.
PropTech and Virtual Tours
Property inspections require you to spend your time and money viewing several properties. Sometimes, even after viewing multiple pictures on the property listing site, it almost always still requires physical viewings. With the introduction of Virtual reality, these problems can be solved benefiting all involved. Through VR technology and virtual tours, people can visit dozens of properties a day without leaving their homes. Investors and homeowners can experience an immersive, three-dimensional walkthrough of properties with tours and experiences ranging from guided visits to interactive virtual staging. Ultimately, both consumers and agents benefit greatly from VR technology.
PropTech and COVID-19
The social distancing and other restrictions on movement put in place for the ongoing COVID-19 pandemic have also had an impact on PropTech, just as it has with most other industries. The difference here though is that these restrictions have actually had a positive impact, as they have caused the real estate industry to accelerate their uptake and reliance on the digitization of properties.
Is the PropTech revolution here to stay? I strongly believe it is, Proptech is the future but for it to continue thriving real estate agencies around the world and here at home, all need to focus on identifying opportunities for PropTech innovation. Simply by incorporating the above digital PropTech solutions within their property processes, the real estate industry as a whole will view it as a necessity. In the end, PropTech is the future.
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