When talking about disruption, terms like fintech, edtech and proptech are often brought up. We nod our heads as if we totally understand what these terms mean, but do we really?
Simply put, these words group together tech innovations that try to make the operations of an industry better. For example, fintech deals with tech in the financial services industry, edtech with the education industry and proptech with real estate.
Today’s article will be looking at the real estate industry. Proptech has come out in full force over the past few years. This is mostly because the real estate industry has typically been slow to use new technology and consequently, the industry is ripe for change.
What is Included in Proptech?
There are many categories under proptech that represent the different markets in the real estate industry. This includes: construction, home features, real estate investment and the buying/selling/renting of homes.
Leading PropTech Companies
Below is a list of proptech companies offering different services. Although not all companies are in Canada, their success abroad suggests that similar offerings will soon be made available here.
Loom. A platform that allows you to lead presentations remotely. Record your face, narrate and share your slides with co-workers and clients.
Eyespy 360. Helps you to create virtual tours of properties for sale. Showcase every part of the home, key features and dimensions without having to leave your office.
Goodlord. Makes the renting process easier for agents, landlords and tenants by gathering all tasks on one platform. Complete online payments, e-signatures and much more from the comfort of home.
Zillow. An online real estate and rental market place. Allows for easy access to information through sharing details about homes for sale, for rent, and home not already on the market.
Purplebricks. An online real estate agency connecting sellers, buyers, tenants and landlords with local experts. Removes real estate agents and their fees from the home-buying process to lower your costs when buying a home.
ChatFuel. Chatbot service that allows you to easily build a bot on Facebook Messenger, so you can improve your connections with customers, followers etc.
Riley. A texting services that adds an additional layer of customer engagement by helping you to schedule texts and text campaigns.
Bowery. Tech based appraisal firm. Uses technology to speed up and simplify the appraisal process so you can get consistent and detailed appraisals faster.
What Does this Mean for Real Estate Agents?
Although some of the companies above try to remove real estate agents in the home-buying process, there are also many companies that create tools to help agents make their jobs easier.
Companies such as Riley, ChatFeul and Loom are amazing tools to help agents keep up with digital trends in the industry. This is important as a new wave of young people start to purchase their first homes. As a generation that grew up with technology, they are used to researching and making purchases online. Being able to appeal to this digital habit will help agents appeal to and attract this client base.
More than keeping up with digital trends, proptech can also help you better use your time. Leading property tours and presentations online allows you to complete more work from your office and cut travel time from your day. Use this saved time to take on new clients or do all the other things you love!
Have questions about proptech or how you can improve your digital presence in the real estate space? We’d love to talk. Reach out at firstname.lastname@example.org