The real estate industry is beginning to change, with technological advancements PropTech/ReTech companies have made it easier for investors, renters, first-time buyers and consumers at all ends of the property ladder to find developments and plots across the globe.
We are now into a generation where technology has taken over quite a large area of our lives. Thus improving customer-centricity, making it even easier to purchase clothing, electronics and even high-end luxury items. Social media and the creation of various online communities make it even easier for brands to communicate with their customers on a global scale.
Therefore, moving away slightly from the traditional e-commerce sector, consumers are now able to easily learn about financing and discover properties online, for purchase or rent, without even attending a viewing.
Thus, emphasising the growth and popularity of ReTech/PropTech platforms.
What is the ReTech Industry?
ReTech (Real Estate Technologies) or PropTech (Property Technologies) platforms are changing the face of the real estate industry. With the simple aim of producing a solution that presents a more transparent and uncomplicated view of all real estate processes (whether that is acquisitions, renting, investing or managing properties).
The main processes of a ReTech Platform
The main processes that take place on any ReTech platform include the digitisation of investments, transactions, asset management or even virtual reality for visualising the planning stages of new developments.
Although, the purchase of a property can be incredibly intense. Particularly when purchasing abroad, there’s the legal legwork, contracts to sign, and there’s the bureaucracy to deal with. Hence why the simplification and digitisation of these processes, will create a fluid global real estate market. Therefore, holding a positive impact on price changes across all markets.
Communities supporting ReTech growth
One of the most prominent features of the ReTech revolution is the exponential growth in the sources of information available about the global markets. Within the last few years, national markets have become international markets.
New players are joining, through the consumption of sufficient knowledge gathering; more and more people are taking up ranks as new property investors or developers. Part of this is due to the community spirit and information sharing between beginners, small and big hitters across the world. Using social networks, forums, webinars and corporate events to express their passions and ideas for property investments and the increase of fluidity in the market.