How technology is transforming residential real estate

May 22, 2020

Over the last decades, technology has disrupted our world and daily lives. Technological advances have helped to develop great tools and resources, changing the way how we travel, communicate, work and live.

However, only since recent years disruptive technologies have entered the domain of real estate. Real estate is the largest asset type in the world and is one of the last to adopt changes in technology and the innovation that tech has to offer. ‘PropTech’ innovation is revolutionizing the way real estate is managed and used.

Let’s dive deeper into what PropTech exactly is and what benefits it bring.

What is PropTech?

PropTech is a collection of innovative ideas with the goal to improve processes in the real estate industry. There are technologies that help optimize the way people analyse, buy, sell, rent and manage a property. You will find applications in different domains - from decreasing building costs and digitalizing documentation processes to allowing residents to access living services via an app.

The benefits of PropTech

Technology has revolutionized several other industries. Netflix, Uber, Airbnb, Spotify…the list goes on. These companies have brought amazing advantages in their industries: simpler processes, streamlined efficiency, lower prices and better customer experiences. The same advantages can drastically change the real estate industry for the better.

Traditional real estate has several pain points, resulting in bad experiences for tenants and residents:

-       Slow buying or leasing processes

-       Unaffordable accommodation

-       Inflexibility

-       Lack of services

-       Lack of community

These pain points are being addressed by upcoming PropTech companies, making life much more convenient.

How PropTech enables better living experiences

We know how much of a hassle it can be to find a new home. Therefore, PropTech companies are reinventing and optimizing the way people find a home. How?

-       3D-tours: You don’t have to visit the property anymore as you are able to inspect your possible new home online and in 3D.

-       Digital leasing processes: No more tenacious waiting times before you can find an available home and sign your lease contract. Upload your documents and sign your contract online. Digital leasing processes reduce the time for finding a home and signing a contract significantly.

PropTech companies are also creating better living experiences so tenants can make most out of their stay. They accomplish this by the use of technology in the following areas:

-       Digital locks: Not too many keys on your keychain anymore because you can open your room with your phone or key

-       Apps: Request on-demand services, submit maintenance requests, chat with other residents, organize events and benefit from local discounts in shops, cafes and restaurants.

We believe that technology, when used correctly has the potential to make life much more convenient. Moreover, it can improve living experiences by facilitating community between residents.

Technology is an important part of our coliving brand. Therefore, we will provide our future residents with a user-friendly application in which they can take part of community events, buy services and easily connect with other residentss.

Technology is best when it brings people together, don’t you agree?