Too often, tech magazines and real estate trade publications tout the benefits of technology for real estate professionals. And yes, there are several innovative tools breaking through on the practitioner-facing side of proptech.
But arguably, the more exciting stuff is happening on the consumer-facing side of the transaction, as forward-thinking real estate tech innovators aim to make every step of the buyer/seller journey more convenient.
In this article, let’s explore the proptech innovations giving buyers and sellers a competitive edge – from a revolutionary digital marketplace to imaginative applications for blockchain technology.
The Real Estate Tech Platform Partnering Consumers with Their Perfect Agent
One of the biggest news stories out of real estate technology in the last five years has been the meteoric rise of Nobul, the world’s first real estate digital marketplace founded by Regan McGee.
At its core, the platform pairs consumers and real estate agents – but its allegiances are firmly consumer-facing. Consumers gain access to scores of traditionally hidden information on agents, like sales histories, commission rates and verified reviews. They enter their criteria, and the platform’s algorithm recommends relevant agents. Then, agents can compete for the consumer’s business by offering competitive terms like lower commission rates.
“Prospective homebuyers are… looking for a competitive advantage in finding their dream homes,” McGee shared in an interview with The Superb Crew. “Finding the right agent is an essential part of that.”
Big Data Delivering Big Advantages for Buyers and Sellers
By now, big data is firmly established in investment and development circles. Investors and developers leverage big data to gain accurate forecasts on where to build, when to buy and how to extract maximum value from a property.
It wasn’t until relatively recently that innovative proptech companies started to apply big data to consumer-facing platforms, but the results have been ground-breaking. Nobul, mentioned above, leverages big data to deliver insights on real estate agents. Meanwhile, some companies use predictive analytics to supply buyers with actionable information on everything from neighbourhood value graphs to school zone data. These insights help buyers and sellers gain an edge in quickly evolving real estate markets while helping mitigate risk.
Immersive Property Tours for Engaging Marketing, Opportune Offers
Immersive real estate tech gained traction around the beginning of the pandemic as buyers and sellers sought digital tools for contactless viewing. But virtual tours seem to be outlasting the pandemic, thanks to their competitive advantages for consumers.
Buyers can use immersive tours to evaluate properties quickly, giving them a timed advantage over other bidders. Meanwhile, sellers boast immersive tours in their listings to engage a wider audience of remote buyers.
Blockchain Technology and Real Estate Fractionalization
People typically associate blockchain technology with cryptocurrency, but it has exciting applications beyond Bitcoin.
Specifically, some proptech platforms are using blockchain technology to facilitate real estate fractionalization – allowing investors to buy a share (or fraction) of a property. At a period of rising real estate prices and stagnant wage increases, these blockchain platforms help democratize real estate. Anyone with access to the blockchain and a nominal investment sum can buy their little share of the pie.
Don’t let anyone tell you that real estate tech companies just work for the insiders. Several innovative thought leaders currently employ technology to empower real estate buyers and sellers.
