In this final instalment of our series, we examine how Web.03 is revolutionising the real estate industry. In our first part, we looked at what Web.03 is, while for our second, we learned about cryptocurrency. We now investigate how PropTech is transforming the property market. As we discovered, Web.03 is about liberating people. Finance and personal data are becoming decentralised. Our privacy is being restored thanks to the blockchain, which is rescuing us from the monopoly of tech giants. For real estate agents, Web.03 augers the end of the brick-and-mortar office. Agents are leaving the office and working in the cloud for a company within a company. Management layers are disappearing, which means more money for them. PropTech is freeing agents from time-consuming tasks that impede their ability to generate leads. And it’s making life easier for homebuyers.

Introducing PropTech

PropTech is jargon for property and technology that aims to revolutionise the buying, selling, and management of residential properties. It’s based on an information technology (IT) platform. People and companies are able to research, buy, sell, and manage residential real estate using it. PropTech streamlines the sale process, making lawyers and conveyancers a thing of the past. Doing so speeds up the property sale. Imagine it as something like FinTech, yet instead of analysing and collating enormous volumes of financial data, it focuses on the property market. Over half the country’s population already searches for properties on the internet. Websites like Realestate.com and Domain.com were incarnations of PropTech 0.2. We are now moving into PropTech 0.3.

PropCoin is a special cryptocurrency created for property transactions on Web.03. There is a myriad of cryptocurrencies, and nobody can predict which will be the standard for the Australian property market. Mind you, we won’t wait that long to find out. Tech companies are feverishly working on this new technology, which joins Web.03 and all its wonders. The PropTech Association of Australia was formed to advocate for these objectives. Agencies are shifting from bricks and mortars to the “cloud.” Agents that can’t find the capital to start their own business prosper in such companies. For instance, there is eXp, the American cloud-based brokerage company that’s expanding across the globe.

PropTech & Real Estate Agents

The real estate industry is slow to adopt new trends. Yet, every industry must adapt to change. PropTech is a baby of the Web.03 evolution. It is changing the way we buy, sell, and interact with our properties. Big data is a key asset of PropTech. Search sites have changed the real estate industry by using big data to collect details on buying and selling trends in specific areas. They gathered information on traffic, demographic data, and consumer survey results. This enabled them to analyse and collate that data to offer insights on home-value trends, pricing, and growth in specific neighbourhoods. Artificial Intelligence (AI) and machine learning are helping make that information more actionable. Property search sites currently display properties for sale based on simple preferences like location and size. In the future, AI may reorient those preferences according to a buyer’s personality traits, values, and tastes.

Homebuyers stand to benefit from these advances in technology. Chatboxes on search sites will answer their questions quickly and easily. And agents will conduct virtual showings with customers, meaning they’ll be able to conduct more showings in a day. It will empower buyers, sellers, and agents by allowing them to predict pricing trends more accurately. Apart from that, AI would examine a market area’s historic trends for crime, schools, transit, and marketplace activity. The advantages are manifold for the homebuyer. The process of buying and selling will be quicker and, by eliminating the need for solicitors, much cheaper too. Virtual and augmented reality promise to make searching for and buying a home a painless experience. Imagine fitting on your VR headset and inspecting every corner of a house without touching your car keys. The future always promised to make life easier.

Home Staging With PropTech

Home staging is about highlighting the best attributes your house offers. This involves renting furniture and engaging a home decorator with a snappy eye for detail. Decorative flourishes can mean the difference between a property remaining on an agent’s listing or selling within 30 days. Not everybody can afford to stage their home on top of all the other expenses. Many sellers are disadvantaged. Specialist companies now offer realtors the opportunity to stage homes by digitally adding furniture and accessories to interior photos. Without construction having begun, the buyer can experience their new home. By creating realistic architectural images and walkthroughs, virtual reality has the power to imagine a new building.

The Internet Of Things

The Internet of Things (IoT) refers to “smart devices” and appliances digitally connected to the cloud, constantly sending and receiving information. Machines with smart sensors will alert owners to potential problems. They even allow predictive maintenance. As such, in the future, homebuyers will be able to download a comprehensive history of a home’s maintenance. A record of the home’s upkeep will be available through its smart devices connected to the electrical, HVAC, and plumbing. This relieves the homebuyer of guessing about issues. Better yet, it saves them costly inspections. With the help of energy efficiency created by these devices, the owner can expect to save on costs. The miracle doesn’t stop with a single home: imagine the future as smart cities.

Conclusion

There is no denying that the future looks good with PropTech. Real Estate Industry Partners (REIP) has entered into a partnership with tech giant Valocity. The industry body has partnered with the ProTech Gurus to establish real-time property data and comparative market analysis (CMA) capabilities. Over half of Australia’s real estate industry are members already. Those members will benefit from this industry collaboration. Put simply, tiny real estate agents will connect with the biggest and innovations will be shared. Data will be available on a colossal network. Real estate agents will experience greater power, benefiting the property market in its entirety. Right now, today’s property owners can’t wait for a sale. If you’re in the market to sell your house and need an agent now, Perfect Agent can help. We’ll partner you with the best agent for you at no expense. Contact us today!