PropTech - Impact of digital revolution in the real estate industry

The real estate industry hit one of the all-time lows at the beginning of the pandemic. Things were looking ominous yet a revival was on the cards due to the increased adoption of technology into real estate. This amalgamation of technology in real estate has paved the way for virtual reality, augmented reality, drones, and the Internet of Things (IoT) to seamlessly integrate with the realty sector, optimize the way people buy, sell, and use a property.

According to NAR (National Association of Realtors), it is at an all-time high now in the US, reaching the highest level since 2006. In December 2020, the number of existing-home sales rose 5.6% from 2019 totaling over 5.6 million, with the median price being about $310,000 (a 12.9% increase from the previous year).

PropTech is now taking the realty sector by storm and making a difference in the way we experience anything related to real estate. It is solving several pain points in real estate by removing lethargic paper documentation and filing, reducing time constraints for property tours, enabling construction worker safety, helping in property management, interior design, sales & marketing of properties.

In this eBook, we will introduce you to PropTech, the impact digital transformation is making in the real estate industry, and also mention the emerging trends in PropTech. This eBook can help Real Estate business leaders identify the opportunities in PropTech, the ever-growing market demands, and help them understand why their organization needs a digital transformation. Topics include:

• Overview of technology in real estate, how it's making a dent.
• Emergence & evolution of PropTech in the current market and why it is necessary
• The state of PropTech around the world with relevant real-time examples from businesses.
• The areas where technology in the property ecosystem can play a role and the emerging trends in PropTech.
• Future of PropTech with the inclusion of newer technology every day yet determining factor still in the hands of people involved.