Those who follow my social media channels will know that I am passionate about the real estate sector and a great proponent of Proptech. I even founded my first Proptech business, PRYPCO, last year. Proptech has excellent potential for making all of our lives easier, whether you’re in the industry or investing in the industry. However, it is easy to understand why some people are unsure of what it is or how it works, but once familiar with Proptech, you will be eager to take advantage of its many perks.

What is Proptech?

Proptech is a blend between the words ‘property’ and ‘technology’. As its name suggests, it refers to the technology used within the property sector. Using real estate-specific tech tools, Proptech allows buyers and sellers to research, market and manage properties swiftly and professionally. It further helps to improve the sector’s efficiency, such as through online listings and automated payments. In a world that is becoming more digitised, I feel that the introduction of Proptech in recent years can only help further simplify real estate transactions and processes, allowing the market to continue expanding. In my experience, it is already streamlining the industry, especially here in the UAE. Here’s how:

Providing buyers with more options

Thanks to advanced technology, companies such as PRYPCO can provide buyers and investors with more options throughout the process. For example, virtual viewings are available instead of scheduling and physically visiting properties, which sometimes requires weeks of notice and hours of your time. This not only helps to streamline the viewing process for clients, but it also benefits realtors as the ‘reach’ of each property increases. With properties available to view online, accessibility grows significantly, and more people can view properties over a shorter period, leading to a potential uptick in the sales rate. As in almost any sector, having more choices can only help to expand the market by increasing availability. Therefore, to support a broader range of people in finding their dream homes, PRYPCO has introduced Rent Now Pay Later. This service will help to remove the stresses of payments from the property-buying process, which I believe should be exciting and simplistic. This is just one of the many ways Proptech, and PRYPCO in particular, is helping to improve the real estate sector.

Better engagement/ communication

Proptech improves communication and engagement, which is undoubtedly advantageous. For example, buyers can access online channels to receive prompt chatbot responses to their queries on a 24/7 basis, a feature unavailable within traditional real estate models. Similarly, PRYPCO serves as a one-stop shop for investors and sellers alike. Our Knowledge Hub, for example, advises various aspects of buying and selling property from experts, allowing those new to the industry to learn and receive professional guidance at a time that suits them. Real estate firms can also benefit from improved communication by using AI, collecting customer insights and utilising the information gathered to provide buyers with the best support throughout their journey.

Insights into investments

The real estate industry is rife with investment due to its high returns through rental income, appreciation and generated profits. Thanks to the latest Proptech platforms, it’s easier than ever for investors to access insights into their portfolios, helping them make informed decisions, avoid risk and boost profitability.

What’s next?

Proptech is already transforming the real estate sector in many ways, from enhanced communication to accessing essential insights. Despite Proptech’s many capabilities, there are no indications that it will take over traditional real estate anytime soon. Sometimes, it’s far better for tradition to co-exist alongside innovation, and I feel real estate is the perfect market for this to be the case.

I look forward to witnessing the new and innovative ways these tools will continue to make my sector even more time-efficient and user-friendly, and what’s more, with PRYPCO, I can’t wait to be a part of that change.