What is ‘Proptech’ and how can it empower investors?
Technology aids the development of business in a variety of ways. As we begin in 2020, in the current modern investment landscape, tech is not only an integral part of the investment process for property, but it is empowering investors more than ever before to make well-informed, educated decisions on their investment prospects. In essence, Proptech is helping to combat and remove some of the doubt and trepidation felt towards property investment.
Wondering what ‘Proptech’ is exactly, and how its development is helping to empower investors? Read on to find out more.
What exactly is ‘Proptech’?
Proptech is the joining of the two words you probably already expected – property and technology – and refers to the usage of tech specifically in the property sector. By applying some of the different approaches and strides made in other aspects of business and finance – often adapting some more general ‘fintech’ developments and focusing them in on the property niche – investment companies and investors themselves can not only make better decisions about their investment prospects and stay better informed about the market, but they can also work to stay more in-tuned with the different processes involved in a physical investment.
How does Proptech empower investors?
Modern property investment companies, particularly those that offer Off-Plan developments (properties that are still in their planning/construction phases and so have not yet been completed) are increasingly adopting technology into the way they present their properties in order to keep up with trends and stay contemporary. RWinvest are an example of a property company at the forefront of this innovative approach to the process of investment.
As displayed on their website, the company not only offers high-quality, in-depth CGI imagery to give investors a detailed look at what their different property offerings will look like upon completion, but they even offer investors the chance to experience a VR viewing of their chosen building, taking the immersion that one step further and truly providing investors with the overall feel of the property and not just a flat image. They even utilise drone technology in some instances, in order to showcase construction sites from unique angles, and display clearly how progress is coming along.
Overall, this sort of corner cutting efficiency ultimately removes a lot of uncertainty from the mind of the investor, and makes it a lot easier for them to make a decision on what they’re investing in.
What are some different examples of its use in property investment?
To finish, here’s a quick breakdown on some different, effective examples of Proptech:
Virtual Reality – Not just a piece of equipment used for gaming and general entertainment, VR (and also AR – augmented reality – in some instances) can be practically used in the property investment world in order to showcase properties to potential investors, even international buyers remotely. In some ways, it’s the evolution of the traditional viewing for a fast-moving market where investors can’t wait for their properties to be completed before they make their move.
Big Data – The development of financial platforms and software that gather together and amalgamate trends in recent years is invaluable. As an investor looking to decide on something that, however secure it might be, always has its risks involved, there’s never too much information and statistics to have before making the leap with your saved capital. By today’s standards, we have much more market data and projections to help us make the right moves than we have in the past.
Drone Tech – Here’s one that’s important for the development of the properties themselves. Drone technology, and construction technology (‘Contech’) in general, empower investors by giving them more direct access and exposure to the ongoing construction process and building of their property. They help to speed up the process where possible, and can provide regular updates to buyers along the way, without getting in the way with regular approved site visits etc.