Proptech in the Digital Age

New Technologies in the Real Estate Industry

The increasing dependence on technology in today’s society has inevitably played a major role in disrupting the real estate industry and their daily operations. However, it  has presented real estate agents, developers and project marketers with the ability to innovate and capitalise upon the opportunities that digital transformation offers. As the younger generation continues to infiltrate the market, the real estate industry must adapt to account for their behaviours. Investments in proptech, including virtual reality, social media marketing, artificial intelligence and big data, is becoming increasingly essential to engage new buyers.

Virtual Reality Tours

The utilisation of virtual reality allows for the interactive showcasing of properties to prospective buyers through a device, eliminating the need for physical display homes. Rather than relying upon 2D images, 3D renders can be efficiently shared to interested buyers, allowing them to view accurate representations of the home at any time and in any location. 

Internet and Social Media Marketing

With 97% of home buyers initially using the Internet to browse for homes (NAR, 2021), the impact of digital transformation in the real estate industry is evident. Such reliance upon the Internet has since contributed towards the growth of social media marketing, with 77% of realtors already actively utilising social media to promote homes and generate leads (NAR, 2021). Developments in the technology behind social media platforms has allowed for posts and advertisements to be tailored and curated towards user preferences and demographics. The power of the Internet has therefore created the expectation that the house buying experience should be personalised, convenient and easily accessible.

Artificial Intelligence, Machine Learning and Big Data

Recent developments in digital transformation have allowed for the performance of analytics upon more and more sets of data to generate relevant insights that assist in the buyer process. The utilisation of artificial intelligence and machine learning have facilitated the creation of tools that accurately predict trends and patterns in the real estate market, assisting both buyers and sellers. The ability for proptech platforms to provide recommendations based upon buyer demographics and preferences has contributed towards an increasing reliance on technology when it comes to purchasing homes.

At DragonVR, we are a proptech service that aims to capitalise upon the impact of digital transformation in the real estate industry. Our team collaborates with a range of developers, project marketers and real estate agents to create life-like virtual reality tours of properties so that potential buyers are able to visualise their future homes, often before they are even built.