How PropTech is rebuilding the housing industry

By Tim Ng
March 06, 2023

Technology is transforming every aspect of our lives. When you wake up in the morning, without getting out of bed, you can ask Siri or Google for the weather forecast. Then, you can use an app on your phone to turn on the lights and your coffee maker. Commuting to work? Getting behind the wheel of a self-driving car is now a legitimate option.

So, it should be no surprise that tech is changing the real estate industry. Known collectively as PropTech, various platforms, software, algorithms and other tools are transforming how people buy, sell, rent, build and manage properties around the world.

Here’s how PropTech is impacting the various stakeholders.

Homebuyers and owners

Digital tools make it possible to buy or lease real estate from anywhere at any time of day or night. With virtual tours, you can view properties if you can’t physically be there, there are treasure troves of neighbourhood information and a property’s sales history available online, and secure digital contracts make it easy to close the deal. Smart contracts use the blockchain network for complete transparency and traceability.

Investors

The real estate world is flush with data and it can be used. Data can be used to do everything from assessing a property’s future risks and opportunities and forecasting future rental rates to identifying potentially profitable areas for development. Once a purchase has been made, investment management software makes it possible to monitor your portfolio.

Top investment software used in Canada
1. Alluve
2 Suitespot
3. Stratafolio
4. Equance

Builders and developers

Construction management software makes it possible to plan, track and execute the countless moving parts necessary to build a home or multi-unit property. Managers can create workback schedules and punch lists, share documentation, track budgets, communicate with the various stakeholders and more, all from one secure platform.

Top construction management software
1. Buildertrend
2. Procore
3. Redteam

Realtors

In addition to being able to host virtual tools and conduct sales around the clock and around the world, automation of paperwork streamlines back-office processes, freeing up time and money to focus on market research, client relations and closing deals.

Property managers

Property managers have access to tools that allow them to do everything from managing listings to running tenant screenings, and then sign a digital contract.

Once the tenants are in place, smart technology makes it possible to remotely monitor everything from HVAC and security systems to appliances to lighting. Some equipment can even self-perform diagnostics and send routine maintenance reminders.

Top property management software
1. Bildium
2. Total Management
3. Doorloop
4. Re-Leased

Tenants

When apartment hunting, tenants can use tools such as 360-degree views and satellite images of neighbourhoods to check out a potential new home whenever and wherever it is convenient for them. If issues arise after they move in, tenants can share photos, errors codes and diagnostics reports from the equipment, or have real-time video calls with a technician to troubleshoot before scheduling a site visit.
Stay tuned to my upcoming columns to learn more about how PropTech is transforming real estate.

About Tim Ng

Tim Ng is the Principal and Founder of ADHOC Studio which builds best-in- class digital products and narratives for urban developments.

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