Why PropTech is the Way of the Future

Ali Akram

Mikhail Nilov via Pexels

Even if you haven't heard of the term, you've probably used PropTech if you’ve ever searched for a home on your computer or mobile device. PropTech is short for property technology, and it’s the application of software or hardware to optimize how people engage with the real estate industry.

PropTech companies are drawing billions of dollars in yearly investments, and industry leaders say that funding will continue to rise as PropTech becomes the way of the future.

PropTech is the way of the future, and there are various elements that continue to secure PropTech’s role in the real estate industry and propel it forward in prevalence and popularity.

Empowering Real Estate

An excellent example of PropTech prowess is Nobul, a digital real estate marketplace platform that is the first of its kind. Created by Regan McGee, Nobul uses an advanced system to analyze millions of transactions and reviews in order to find the best agents for homebuyers and sellers.

In an industry infamous for its ambiguity, Nobul turns the tables by openly displaying an agent's commission rates, verified reviews, experience, home closures, and purchases. Naturally, some of the best agents charge higher rates, but Nobul lets users pick whom they wish to work with.

"It's all about what's right for the consumer,” Regan McGee explained in an interview with Cheddar News. “Do you want the most value-added services, or do you want the cheapest?” It’s all about being honest and open and consumer-centric."

Fighting Climate Change

Climate change’s impact on the future of real estate appears grim. For starters, rising sea levels will make homes uninhabitable in coastal areas globally. The trickle-down effect from this means that real estate inventory will shrink in several countries.

Moreover, climate change will result in more fires and flooding challenges for properties.

PropTech scientists are leading the fight by developing more resilient homes, eco-friendly neighborhoods, and technologically advanced buildings that reduce the risk of flooding.

Future homes will also have better temperature control for lower carbon footprints and greater comfort. For example, special windows will prevent cool air from escaping during hotter temperatures while keeping homes warm in the winter. PropTech developers are also working on greener concrete with fewer environmental costs.

Pandemic Resistance

Although the pandemic is slowing in some countries, other nations are experiencing an additional wave. Some scientists also believe that the pandemic is here to stay and encourage people to adopt physical distancing measures for good.

PropTech tools will help with physical distancing in several ways. For one, contactless entry tools will become more commonplace, allowing residents, hotel guests, and even visitors the ability to enter buildings without using keys or keypads.

For example, some real estate companies are developing apps that allow people to enter homes by unlocking doors with their mobile phones. Modern homes may also feature biometric verification technology for rapid and secure entry.

In just a few years, you may have to wait seconds for a device to scan your retinas or face and unlock your door. Some contactless entry tools will also employ voice recognition technology, letting people open doors by speaking to them.

The real estate sector faces many challenges in the future due to rising demand, shrinking supply, and climate change. But PropTech tools will help the industry meet many of these challenges head-on.

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Ali is a digital marketing expert that keeps himself updated on the latest business, e-commerce, and technology trends. He's a passionate content writer and SEO expert by day, a Netflix binging freak by night. You can catch him reading the latest works of J.K. Rowling and admiring Ogilvy's writing style.

Los Angeles, CA

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