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5 mins reading time

27 April, 2018

The Digitization of the real Estate Sectoro

5 mins reading time

27 April, 2018

Through PropTech, the technologies that add value to the real estate world, activities as varied as investment, management, marketing, financing and data analysis open up a world of possibilities to learn more about the market and improve interaction with customers.

Real estate portals, management software, virtual reality, augmented reality, Big Data, domotics, Internet of Things, geo-location, cognitive system, artificial intelligence and overhead views using drones, etc. You will no doubt have heard of these innovative terms, which seem to have appeared to take over the real estate market in the form of startups. In the midst of the digital era, the sector is undergoing a tangible transformation of its lines of business. Through PropTech, the technologies that add value to the real estate world, activities as varied as investment, management, marketing, financing and data analysis open up a world of possibilities to learn more about the market and improve interaction with customers. In short, a revolution in the building business that benefits entrepreneurs and users alike.

PropTech is a revolution in the building business that benefits entrepreneurs and users alike.

The PropTech Movement

Although PropTech (technology applied to property) is an English term that appeared in the United Kingdom in 2014, more and more players in Spain use these faster, more innovative business models. Seeing what a totally reformed building will look like, visiting flats without moving from your home or seeing a 360º view on your mobile phone are just some of the PropTech tools that save time and increase efficiency when looking for a property.

They are digital solutions that continue to grow in our country. Proof of this lies in the number of innovative new companies that have broken into the traditional real estate market and helped to increase the purchase and sale of housing in recent months, returning the situation to pre-crisis levels. As Maribel Morales, Marketing Director of yaencontre, comments, “The increase in transactions in recent months, the number of mortgages given and the awakening of investment in new construction projects confirm that the commitment to technology in the property sector is an important fact that is strengthening a market on the road to recovery and sustained by real demand.”

The increase in transactions in recent months, the number of mortgages given and the awakening of investment in new construction projects confirm that the commitment to technology in the sector is strengthening a market on the road to recovery.

Accordingly, the classic images of property, the plans of new buildings and unnecessary visits to buildings become part of the past to give way to these so readily accessible tools. Digital solutions such as Virtual Decoration, VR vision, 3D virtual reality or Business Intelligence innovate, simplify and accompany users looking to rent or buy a property.

Proof of this good reception in the sector is the second edition of Inmotecnia Rent, the show of new technologies applied to the real estate sector, on 23 and 24 May. An event which, as Jordi Cornet, Special Delegate of the State in the CZFB, says, “The idea is to provide real estate professionals (real estate agents, developers, architects, urban planners, accountants of real estate companies, etc.) with the latest on new technologies applied to the real estate sector”.

Big Data: the solution to mass information

Of all the latest technologies, Big Data is one of the main new players on stage. But what exactly does it consist of? How can it benefit us? In a world where information is massive and, insofar as we ignore it, uncontrollable, it is important to know how to structure it to get the most out of it. Never before have we had so much access to information; however, if it is not filtered correctly, it is of no use This is where Big Data comes in. It is the special processing of data whose volume, complexity and speed make it impossible to collect using conventional tools.

The classic images of property, the plans of new buildings and unnecessary visits to buildings become part of the past to give way to these so readily accessible tools.

Information at the service of the user

Big Data includes technologies, services and infrastructures created specifically to process huge datasets from devices as varied as mobile phones, computers, cameras, scanners, sensors and microphones, etc. Thanks to all this well-structured information, companies have a solid and reliable point of reference when it comes to creating their business strategies, learning more about their users and identifying new opportunities.

Likewise, in real estate it helps make the right decisions, reduce costs and improve the user experience. In the words of Maribel Morales, “There is no doubt that Big Data is the great ally of the real estate companies of the 21st century. It shows the needs of potential customers and makes it possible to customize offers taking into account data such as location, price, type, ages, social classes and interests, etc.”. In short, the ultimate goal is to learn more about customers, innovate, generate a more personalized relationship and offer them exactly what they are looking for.

There is no doubt that Big Data is the great ally of the real estate companies of the 21st century. It shows the needs of potential customers and makes it possible to customize offers taking into account data such as location, price, type, ages, social classes and interests, etc.

Anticipating the future

Age? Studies? Marital status? Children? Big Data provides very valuable data so we can study user behaviour and anticipate their needs. By analysing all these variables, real estate companies can know beforehand whether we need a plot of land, a flat or a garage to offer the best product and the most convenient services, saving time and money.

In a sector like real estate, where large amounts of money change hands, having the necessary resources available to minimize risks is priceless. It is a market in which both entrepreneurs and users give each other information on a win-win scenario.

However, Big Data is also a great source of information that will help avoid a new bubble in the real estate sector. Knowing the level of demand according to area, detecting possible problems and building on needs are essential if we are to avoid the errors of the past. Indeed, since we accept that our most personal data floats freely in cyberspace, it might as well be used for our benefit.

In a sector like real estate, where large amounts of money change hands, having the necessary resources available to minimize risks is priceless.

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