Making the most of the pandemic chaos with PropTech
Let’s face it, PropTech had arrived way before the pandemic brought in a tectonic shift in the way we work, live and play (or not)! What this life changing event has done is accelerated the use of PropTech among-st real estate firms in the entire value change of existence, from lead generation, to virtual leasing, managing the portfolio and establishing communications with existing and new clients. Tech inventions have been the knight in shining armour for achieving physically distanced deal closures while delivering a superior experience to clients. Incorporating machine learning, artificial intelligence, and virtual and augmented reality has brought together agents, property owners, investors and clients on an efficient platform, giving them the advantage of property walkthroughs, document verification, client servicing and much more, in a safe and quick way. Not only that, you can now enable, monitor and fast track interior design work and even construction at site, with new age PropTech solutions.
When big money starts to flow in
Since April this year, billions of dollars have been invested in PropTech—new tools, apps, and solutions, with COVID 19 making the advantages of PropTech crystal clear. Recently, Irish PropTech startup Offr raised €3 million in seed money from Barclays. Offr digitizes the buying, selling and leasing processes and is an end-to-end platform. India’s first virtual reality platform Trezi, is helping the building industry enable virtual collaboration of project stakeholders from different locations to review, modify and experience design within an immersive environment. As reported about Trezi in Economic Times on April 21, 2020, “New and existing investors have put in over a million dollars into building the VR-based platform for architecture and interior design collaboration.”
Heard of Ground 11? It is an architectural firm doing some of the most effective and innovative PropTech work, using immersive technologies to involve its real estate clients in the design process throughout by making use of VR architectural walkthroughs. Such innovative use of PropTech obviates the need to redesign and waste precious time and resources, and leaves a client much happier.
When big boys make a play
Real estate industry stakeholders believe that the technology is going to change the way transactions are done. Technology and PropTech have emerged as important focus areas to build a resilient real estate industry in the current situation and its significance has increased more than ever before. Leading IPC, CBRE has stepped into the game with its VR solutions. “Keeping in mind the growing technological requirements of the industry, we have developed the ‘Plans’ technology that assists developers and investors in taking virtual 3D tours of potential spaces. It offers a panoramic view of the property by giving a 3D-immersive experience and assists decision making even from a remote location” said Anshuman Magazine, Chairman and CEO-India, South East Asia, Middle East and Africa, CBRE. Other technologies on offer by CBRE include Spacer, a space recommendation tool; Pulse, an analytical tool that lets the stakeholders administer data, analyse, function and manage space digitally; and TransAct, a digital platform to enhance customer experience and enable accurate, real-time and error-free transactions.
Virtual tours and 3D property projections are now no longer optional. While these tools were already used extensively by leading developers in the residential sector, there’s a scramble now amongst office and commercial developers to get virtual tours ready for properties up for leasing.
Several real estate developers are going beyond VRs. “At Max Estates, we are not just creating a commercial project for the tenants to lease, we are creating an experience for them by providing meaningful value-added services which are provided by MaxVIL’s other subsidiaries, Max Asset Services (MAS). “MaxVIL’s unique strategy is to be the one-point contact for tenants for all their real estate needs, offering them a unique experience rather than only space,” said Sahil Vachani, MD & CEO, Max Ventures & Industries, the listed parent of Max Estates.
So large is the potential of PropTech that not only are international property consultants like CBRE making a play for it, even developers like Max have decided to take a plunge, with “Maxcelerate”, an accelerator for real estate technology start-ups. “Max I. has already been working with several start-ups in the field of air quality management, visitor management and video analytics solutions which will play a crucial role in implementing new age technologies to contain the spread of the virus,” said Vachani.
Undoubtedly, this is an exciting phase of digital technology in real estate and the game is no longer restricted to the young and nimble startups.
The final word. Everyone in the realty business needs to do a super quick audit. Are they using the best PropTech solutions available in the market to be faster, more nimble and more customer-friendly? If not, they could well be left behind in the game.
Written by Ashwini Kumar Sharma
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Posted by: Ashwini Sharma