SANTO DOMINGO – The world is evolving, and with it, new alternatives are emerging to address the challenges of the new era, and real estate is no exception. In this context, PropTech is emerging, which is when a company uses technology to refine, improve, or reinvent any service within the real estate sector. This includes activities such as buying, renting, or selling properties, as well as construction, maintenance, or management services for commercial or residential assets.
It was born as a result of recent advances in online analysis tools that have motivated companies and entrepreneurs to face and solve the most complex challenges in the field and whose technological advances have significantly improved the capabilities of online technical and financial analysis.
A big data platform, for example, is able to provide detailed information about specific communities, such as the locations of the nearest schools or supermarkets, personalizing the property search and informing the client to make more informed and accurate decisions.
Virtual reality is also becoming a service in the real estate world, where a buyer can take a virtual tour of the property of their interest from anywhere.
While this service won't replace a traditional visit, it allows the seller or real estate agent to showcase the property's best features and attract greater interest. Other developing technologies that could impact the sector include geolocation, blockchains, and even smart devices, each with the goal of improving the online and digital customer experience.
Given the growth of real estate development, one of the main challenges that PropTech is experiencing is the applicability of these new tools, and the creation of demand for them in the current market.
In that sense, the platform uses 7 categories to divide new companies in the market, including: marketplace platforms (Classifieds), peer to peer (P2P), big data, home automation (IoT), property management software (PMS), investment and mortgage platforms, and virtual reality.
These sections divide new companies based on the services they offer and/or the technology they operate, with a variety of Start-ups seeking to reinvent and accelerate obsolete processes and increase profitability.
Source: www.proptech.es/
