Key Trends in Proptech

Proptech in the last decade is slowly disrupting the technological ecosystem and businesses. Even before the pandemic arrived 3 years ago. Buyers such as yourself are slowly turning into online searches and online transactions. Protech is the leading online transactions in real estate. If you think this is not for you.

Well how did you book your holiday such as AirBnB or bookings.com. Similar to holiday bookings online. Proptech such as FazWaz is changing the real estate industry. 

We are going to answer 6 new trends in the proptech industry. Also tell you what proptech is and how proptech is changing the landscape in Thailand and world-wide. 

What is Proptech? 

Proptech is short for property technology. Combining property listings from an excel sheet to different web pages. Proptech is to combine softwares and traditional property searches. For potential renters or buyers to quickly find their new home. Proptech is an umbrella for real estate agents, buyers or renters, property developers and more to manage listings and transactions under one roof. 

Secondly proptech is to smooth online transactions via e-signing and e-buying. Lastly combing with in-house or third party software. Proptech companies are letting investors know how to maximize their returns of investments. 

We have got an understanding of what proptech is. Let discuss the 6 trends to look out for in the proptech space in 2023 - 2025. 

6 Key Trends in Proptech 

The primary goal for proptech is to smooth line online purchases with e-signing and to bring in property developers to listing on the website for transparency. According to recent studies, it takes 1 homebuyer 72 days to find your new home searching. 

The first goals are data-matching technology and personalization. 

Personalized Property Listings 

Everything is online and users share minimal data to each website when answering some questions. Those questions in turn provide you with buyers or renters to find personalized homes that you like quickly. Instead of taking a whole 30 days to find your new home. It takes you 1 day to get a list of 30 homes that you like with a 5 minute questionnaire. 

By centralizing personalization and data-matching technology. Proptech companies can easily make your home searching much quicker. For better satisfaction and results for your new home. You can create a user and login by checking FazWaz personalization property listings. 

E-Signing and Online Transactions 

E-signing became the new norm during the pandemic and lockdowns that happened worldwide. All of us use the internet more to purchase food, clothing, water and more. Even for working we are signing documents through our smartphones or desktop. Same with the real estate industry.

To get loans from the bank or to sign the transfer for your new home or your sold properties. E-signing become very popular. In Thailand with the Electronic Transactions Act of 2001, is to protect all parties involved in online transactions. Proptech firms are moving transactions online connecting real estate agents, homebuyers and sellers with bankers to smooth line e-signing documents. 

Virtual Tours 

You eat with your eyes, they say. So you buy with your eyes too. Proptech companies such as FazWaz provide virtual tours as a video. Or with 3D visualizations such as a Matterport. You can easily view your new condo unit or a villa on your desktop. You will see an 100% identifiable layout of your home you are considering buying without the need to visit the property if you are not interested. Example of virtual tour of Hyde Sukhumvit 11. 

Which goes back to my first point. It reduces your time of searching properties you like. And you go to viewings for properties you are thinking of buying by not rushing and taking your time to view your property. Good for all generations and for Gen Z as a recent study shows Gen Z prefers to search for properties online and even read reviews. The study graph below. 

 

Information, Software, and Big Data 

The fifth trend is a subset for the first trend which is on personalization. As proptech is about transparency and bringing all parties together for better transactions. As a buyer you can see all the details of the unit you are interested in purchasing. From photos to videos, to descriptions of the property. What amenities do they have? It is a smart home with technologies as Gen Z prefers. Or traditional amenities such as swimming pools, gym or lounge. 

You have got reviews on the same page to check what other buyers or renters are saying about the property. They are first-hand experience of each property without you going out of your way to talk to other people. With big data of property transactions going online. There are past property transactions listed. You can check the property price appreciation. 

As proptech is a technology run company offering real estate as a service. They are of course applications such as FazWaz Insights for all buyers and renters. With the FazWaz Insights app you can look at which properties buyers or renters like the most such as 2-bedroom or 1-bedroom condos. What nationalities are looking for the property the most and much more. You can download FazWaz Insights app on Apple Store and Google Play Store. 

Certified Sellers 

When you list your properties online, they ask for your home title deeds, national ID or passport number and more to confirm that you are the actual seller. Same with proptech companies the listing process is secure. You get an email confirming you are the owner of the property. This avoids scammers and lets you have a quick sales process. 

Internet of Things (IoT) and Smart Homes 

The Internet of Things (IoT) and smart homes have revolutionized the proptech landscape, transforming the way we live on a daily basis. These groundbreaking technologies have profound effects on both businesses and consumers, reshaping our interactions with the world around us.

IoT refers to a vast network of interconnected devices equipped with sensors, software, and cutting-edge technologies. Through the power of the internet, these devices seamlessly communicate and share data with one another. This means that everyday items like thermostats, light bulbs, washing machines, home security systems, and even cars can now be monitored and controlled remotely. The convenience and accessibility offered by IoT have propelled its widespread adoption in the proptech market.

As the demand for ease and efficiency continues to grow, smart homes have emerged as the epitome of IoT-enabled living. Imagine a future where homes are fully automated and can be managed remotely, ensuring sustainability and cost-effectiveness. Picture appliances that automatically power off when not in use, eliminating worries about exorbitant utility bills. With smart homes, these possibilities become a reality.

These are new trends that proptech companies are supporting buyers and renters together. Even if you can not decide yet if you want to buy or rent a house. There is a full guide for you to ask yourself, if you are ready to buy or rent a home. 

You enjoy our article on the real estate industry in general. You can find more information on real estate advice here. For information on buying real estate in Thailand is here too. 

You are ready to start searching for your new home and real estate in Thailand. By using software, data, personalization and more importantly use your time wisely. Click the search now button below to find your property in Thailand now!

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