How Technology Is Revamping the Real Estate Market
Wouldn’t it be amazing
to view a home or purchase a home or invest in real estate from your smartphone
or touch screen computer? That sounds great. But it’s also possible. Proptech
companies around the world are creating ways for people to blend technology
with real estate. This technology discards the old way of purchasing real
estate. This technology brings buying real estate to a new level of allowing
people to look at a touch screen and envision their brand-new home, commercial
building or investment property.
Proptech companies have created the means for a person to look through any touch screen pos monitor and view real estate in an entirely different city, state or country. Proptech companies have enabled people to make financial and home buying decisions merely form viewing a property from their touch screen phone or computer. These companies are matching real estate sellers with real estate buyers. This is changing the way people sell, buy and invest in real estate. All of this would not be made possible without technology.
So, what is proptech? The term was coined from the word’s property and technology. Together these two words have created proptech. The proptech industry comes from the invasion of modern technology into a traditional industry like real estate. Technology and real estate is such a big deal because the real estate industry has not always been an industry so that has been quick to adopt new technologies and methodologies. Some welcome this new wave of technology. Others feel that technology will threaten the jobs and livelihoods of others. Regardless of opinion, it is fair to say that technology and real estate are forming as one.
Some of the way’s technology are changing the way home buying is done is simply through smartphone applications. Yes, people still drive around a neighborhood to view homes that have been listed for sale. But people are also increasingly going to apps on their phone typing in the type of home they want and are seeing an array of properties appear that meet their specifications. This is a fine example of proptech.
Investing in a REIT or lending money to develop an office building of constructing cell phone towners can easily be done from a smartphone. This is what the proptech industry is making possible. If you need extra cash to flip a property, there are startups with the technology that allows people to get cash to flip homes. If you are seeking investment opportunities, there are proptech startups with the platforms to offer people real estate investment opportunities.
Who would have ever foreseen a time where people can sit at their computer monitor or touch screen smartphone and handle a home buying transaction? What will become of this budding proptech industry? No one knows for sure. But what is known for certain is that real estate will never be the same. The process of buying real estate and selling real estate is forever changed because of this new revolutionary industry.