The proptech sector is on an upswing as a lot of investors are investing funds into the industry. The annual amount of funding for the proptech industry climbed to 18 billion dollars in 2018, which is nearly three times the amount proptech was able to fund in 2015, according to Statista.
The data suggests that there's a chance for you to take advantage of this and reap huge profits when you invest in the development of proptech software in a wise way. However, first, we must know what it is and its other aspects.
What exactly is Proptech?
Proptech is an abbreviation for "property technology." It refers to the development of any tools and technology to facilitate the work of the real estate business. It can be related to operations, sales and property management, for example.
Proptech is typically employed for improving efficacy and efficiency, while reducing operating costs, making contracts more manageable as well as reducing carbon emissions and dealing with other real estate-related problems. Here are a few most well-known proptech firms along with the solutions they provide: -
- Hover - Create an 3D model of your house to simplify your home improvement and quicker.
- Reonomy helps you find your dream commercial property using AI's power. AI.
- Guesty - automatize renting your business.
- VergeSense Get AI-powered workplace usage insights.
The benefits of Proptech software Proptech software
1. Improve customer loyalty to your company
Transparency is important. If you're transparent, your clients will feel comfortable with your business. Big Data and Blockchain-enabled proptech solutions can help both you and your clients monitor the transactions for the property in a simple manner. This can improve transparency as well as your value as a brand.
2. This helps you close more deals
How you show your prospective buyer the property that is for sale will greatly affect the likelihood that you will close the sale. Proptech assists you in moving beyond the traditional way of listing the property's features and providing photos of it.
Proptech products such as Hover can help you create an 3D representation of your home. Your promotion will stand out and leaves lasting impressions on the people who visit your business.
3. Automate repetitive tasks and reduce time
Many landlords face a tough managing their rental businesses. In reality, they employ manual methods to run the business which isn't effective and consumes lots of time. Proptech tools such as TurboTenant aid landlords to manage their properties as well as connect the tenants.
4. It is easy to find the ideal property
The way sellers and buyers are now interacting has changed from the way they did only 10 years ago. Anyone can find their desired property in a matter of minutes and enjoy virtual tours to see the first glimpse of the property without even visiting physically.
Some facts related to the Proptech industry
Although the proptech sector is growing across the globe, nearly 60% of proptech startups and businesses are located in the USA. By the year 2020 there was more than 2000 businesses that were based around proptech across the US all by itself.
The second most important source of proptech is Europe which hosts nearly 27 percent of all proptech startup.
In a closer study of the industry it is clear that the majority (over 50 percent) of proptech firms focus on B2B, while approximately 40% of them serve the B2C market. Only three percent of them are focused on both sectors - B2B as well as B2C.
These statistics are crucial as they will assist you determine which industry and population to concentrate on should you be contemplating entering this expanding business. Are you planning to enter in an established market such as those of the US or Europe or explore an untapped market such as Asia?
Who do you intend to serve - direct customers or both? If you can answer those questions, we'll dive into the step-by-step procedure of developing proptech software.
How do you create your own Proptech technology?
This is the place where we'll do the work that will assist you in starting your own proptech company. We'll work in a systematic manner towards gaining more clarity on your business plan and give you various options to turn it into a real. Below are some steps you can follow to build your own proptech solutions The following steps are required:
Step 1: Find your target audience
You can't serve everyone. But you are able to provide some targeted customers by creating an innovative proptech solution that is designed to meet their requirements and address their issues. This is the reason finding an audience that is an important aspect.
Did you answer those questions that I asked at the conclusion of the earlier section, you're close to take this step. You may target a certain segment of people, such as the US as well as Asia. You could decide to help other companies or providing direct services to customers.
It is also possible to differentiate by offering premium or low-cost services. For example, Apple makes top quality phones that target the wealthy. While Mi creates phones that are affordable for everyone.
Step 2: What problem do you wish to resolve?
Every successful business idea stems out of a gap in the market which has been bothering the attention of a huge public for a long period of time.
Ask yourself what problem do you intend to address for the people you want to help? Can you assist them in reducing their operating expenses and manage their properties more effectively or find their dream home with better deals or monitor and cut down on carbon emissions or something else?
Step 3: Begin developing the solution
There are a variety of choices to pick from how to design your own proptech solution. The answer is on your level of expertise and the resources you have available, such as the time or money. Here are some ways to design your proptech solution.
#1 - Create yourself
If you are able to build world-class software you could consider creating your own. However, if you decide to do so I suggest you choose this option cautiously as it could consume a significant amount of your time and effort , which can be better invested in other aspects of your business.
#2 - Hire freelancers
You can employ freelancers through freelancing websites like Upwork, Fiverr, etc If you're not sure how to code. The good thing is that they're cost-effective. However, the issue is that implementing massive projects could need you to employ many freelancers.
It may be difficult to manage your team together due to time and geographic zones.
#3 - Partner with a Proptech development company
You can also hire remote developers from an proptech development firm to offer you a the team you require in size and with members that specialize in different areas that are involved in the undertaking.
They will also manage your team as well as your project, freeing you up to complete other tasks that are important to your business. This is the most effective option from the three options as it will ensure you get the best project design while saving you time, too.
Conclusion
The proptech market is on the rise and you stand an opportunity to be large if you make the proper steps. What are you waiting for? I can assist you with proptech development by providing top remote developers. The only thing that could hinder you is you.
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