Big data, blockchain, chatbots, virtual reality, augmented reality and drones, are the key trends that are revolutionizing Real Estate. So much so that in Spain there are more than 230 purely technological real estate companies.
The real estate market has been reinvented in recent years thanks to technology and digital transformation of its processes.
The proptech sector, the result of the Anglo-Saxon terms property and technology, has grown exponentially to exceed the 230 companies in Spain and currently employs more than 5,000 people.
The company ProntoPiso throws five technological trends that are giving a turn of the screw to the sector.
The data is an invaluable source of information.
Applied to the real estate sector, they allow individuals and companies to make informed decisions regarding investing, managing and operating based on that macro data analysis.
The big data can be used in the proptech to provide information on the history of the property, the cost of it, the details of the neighborhood, the calculation of the mortgage payment and even to predict its future revaluation taking into account different parameters.
The applications of the blockchain to the real estate industry are very diverse. Some companies implement it to process rental payments, eliminating intermediaries and reducing transaction costs.
Another example of the application of this technology is the one used by ProntoPiso, which offers JLL’s blockchain technology for the home appraisal. Thanks to this, the information can be validated before third parties, so that any user can use it in the different processes that require an official document, such as the application for a mortgage, with the consequent saving of time and costs.
Virtual reality (VR) and augmented reality (AR)
RV and AR applications are put at the service of a potential buyer who can now completely see a property even when it has not yet been built.
Virtual reality is a resource that allows buyers to fully enter the property and facilitate decision making. There are companies specialized in offering 360 degrees videos that allow to know previously how the house will be and become a useful tool to increase the number of closed operations.
Today, 70% of consumers consult their doubts through the mobile device.
The development of chatbots has adapted to consumer habits, WhatsApp being a new channel in which to communicate with companies. “Applied to the real estate sector, the development of algorithms and the chatbot tool has allowed the user to obtain the valuation of their home in two minutes and via mobile, a process that could take several weeks in an analogical way”, points out Jesús Pérez Picó, CMO of ProntoPiso, a company that has launched a chatbot service to value homes online.
The drones are able to reach the upper floors of large buildings and take pictures of areas of any surface, from properties on the coast that make future tenants dream, to images of a single-family home and the neighborhood in which it is located.
The options are endless and all of them have helped real estate agents to improve their work and provide prospective buyers with a panoramic and inspiring area of the land and the property they are going to buy.