Factors shaping proptech sector in the near future
From focussing on solving problems of profit-making sub segments to knowing what the customer wants and being able to translate that into products and offerings will go a long way in shaping the proptech sector in the near future.
Technology has been fast infesting in all aspects of our life over the last decade. Digitisation has become the norm of the day, and any industry looking for progress or even sustenance in these tech savvy times has to transition into technology and internet-based platforms.
In this scenario, the real estate industry is no exception and proptech has emerged as a new and fast-developing field in today's time.
Proptech, as the name suggests, is the introduction of technology in all processes pertaining to property. The inclusion of tech in the processes has admittedly made them much more efficient, time-effective, and economic.
Naturally, these benefits serve immensely, especially in a high growing and profitable field like that of real estate. Further, with the advent of the Covid-19 pandemic, the need for technology has become a necessity and thus, any industry wishing to be a part of tomorrow has to make the digital leap soon.
Some factors that are critical in shaping the proptech sector in the near future are discussed as follows:
Focus on the profitable subparts
One of the most common rookie mistakes in the field of real estate is trying to 'fix' the loss-making sub-sectors of the industry instead of capitalising on the profitable ones. Though minimising the losses makes sense in a lot of scenarios, the property industry works a bit differently. Here, there isn't really a winner or loser division.
Instead, the focus is on listing the players as the winners and the bigger winners.
By maintaining focus on the main profit-making players, you can derive substantial monetary returns in the long run as real estate is one of the most prominent investment return-generating fields, if played correctly.
The past functioning of the industry has served as ample evidence of the fact that real estate, even without much advancement, is a solid money-making arena.
Thus, the focus should be on solving problems of profit-making sub segments of the field in order to further enhance their profitability quotient instead of trying to alleviate the loss-making segments and losing valuable time and money resources in the process. With your focus in the correct direction, the efforts are bound to produce visible results.
Innovation based on customer preferences
Any industry that experiences long-term growth does so because it holds customer preferences and feedback as the main pillar of all innovation that goes on. Similarly, the real estate industry and proptech too need to consider the needs and wants of customers when it comes to planning the next steps.
Knowing what your customer wants and being able to translate that into your products and offerings strives to show that you care about your customers, which in turn helps boost sales and revenue. This is because working together and delivering products and services based on an in-depth understanding of public demand undeniably translates into a strong brand image and presence, which ropes in customer loyalty.
As the loyalty becomes concrete, the company and the field at large are bound to undergo tremendous growth.
Word of mouth is sales fodder
The real estate industry holds sales as its principal foundation, and sales have people relations at its core. Thus, making and maintaining warm relationships with people is absolutely indispensable for any firm functioning in the real estate industry.
Since property purchases are a huge decision for most people, they tend to sway towards trusted sources and recommendations while choosing their broker. Hence, word of mouth serves as the ultimate marketing and publicising tool in the industry.
When you serve a customer well, they are bound to recommend your services to close connections looking for a reliable source in the real estate market to provide them quality services. This simple technique can help you generate multiple leads in a fast and secure manner.
The bottom line
Technology has been spearheading the way forward in all the industries for the most part of the last decade, and the Covid-19 pandemic has only accelerated technology adoption and necessitated further advancements. This phenomenon has also been experienced in the realm of real estate in recent times as proptech has emerged in the field.
With the world transitioning to the virtual space so quickly, domains like proptech definitely have a prominent presence in the future. By making the processes involved in all that is real estate efficient and quick, proptech will make a noticeable difference in the way things work in the coming years.
Edited by Megha Reddy
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
