The real estate industry in Australia is known for its bleeding-edge property technology trends and transparency worldwide. It’s also one of the strongest markets in the Asia Pacific region. Such characteristics make it the ideal terrain for budding proptech organisations to thrive and design new groundbreaking technologies for the industry.
Thus, it comes as no surprise that property technology trends in Australia have become quite diverse and the industry as a whole has gained significant traction over the past few years. In fact, proptech in Australia is expected to generate $20 billion in investments by the year 2020, according to a study conducted by Real Tech Ventures and KPMG.
Let’s dive into the 5 most popular real estate property technology trends in Australia.
1. Automating Real Estate Operations With Software Applications.
You’re bound to eventually reach a point wherein daily mundane operational tasks will begin taking time away from some of the more urgent projects in your organisation. One of the recent property technology trends involves adopting software solutions specifically designed to resolve this issue through automation.
With numerous cost-effective property technology solutions on the market, current trends focus on apps that help you effectively manage your social media accounts, reach out to qualified prospects and monitor your operational costs. Regardless of the size of your organisation, the right property management app can help you achieve this in a relatively short span of time.
2. Utilising Virtual Reality (VR) to Hold 3D Property Tours.
One of the present property technology trends is to hold property tours with the use of VR devices. Your prospects are now able to gain easy, convenient access to fully immersive simulations of your properties in the form of walkthroughs or street views from wherever they are, at any given moment.
Organisations that have implemented such property technology trends have taken their services to a new level of convenience. With this new emerging technology, you can significantly extend your ability to reach new leads. It can also be used to automate property viewings, which will free up valuable time. This will enable you to focus on finding more qualified prospects and to close new deals, rather than having to spend a great deal of time hosting majority of your property viewings in person.
3. Using Big Data to Find Out What Your Prospects Need.
Adopting property technology trends that entail the use of big data is a great way to ascertain your ideal prospects’ needs in your niche. In the context of real estate, big data relates to trends and information collected on housing markets. Popular real estate platforms such as Trulia and Zillow gather data on rental rates, average home prices, and the like. This helps buyers and sellers make informed decisions with regard to purchases and price setting.
Current property technology trends involve integrating data analysis into your daily operations. You can leverage big data to determine what exactly your prospects are looking for in the market. This includes details such as the property features, room breakdown, and total floor area. Such data can effectively fuel your marketing campaigns, generate new leads, and guide your renovation projects.
4. Leveraging Online Investment Marketplaces to Acquire Financing and Leads.
Property technology trends for the current year also encompass online investment marketplaces. Such online real estate platforms connect lenders with investors to help them gain financial backing for upcoming projects. Crowdsourcing apps such as Groundfloor and ArborCrowd are popular online marketplaces in the real estate industry.
Burgeoning property technology trends associated with crowdfunding are quite promising as well. They offer investors a wide selection of non-traditional options to acquire financing for an upcoming project.
5. Utilising Collaboration Tools For Effective Communications.
The most widely adopted property technology trends are those that facilitate effective communication and collaboration. Such applications enable property managers to work with and stay in touch with their team, regardless of their location. These include apps that enable web conference calls, live demos, and the like.
These trends are geared toward minimising transaction processing time frames. Tools such as PandaDoc and DocuSign enable prospects to go over and approve property contracts from their mobile, tablet or computer.
As property technology trends continually transform the real estate industry, property managers can become early adopters of the emerging technologies to better serve their clients and stay well ahead of the competition.
$20 billion in “proptech” globally by 2020: Taronga and KPMG