Estimated reading time: 4 minutes
Except for an industry that is not yet in existence, the impact of technology can be felt in every aspect of the human world. The constant innovations and inventions have made our lives efficient, convenient, and safer.
Because of technology, agents, homeowners, lenders, property managers, and other real estate service providers are better off.
Below, we will examine how property technology (PropTech) has revolutionized home purchases, upgrades, repairs, and maintenance.
What is PropTech?
Property Technology (PropTech) is the use of information technology (IT) by real estate professionals, banks, investors, developers, and property managers to manage and improve property-related transactions from start to finish.
It is used for property research, purchase, listing, and management.
Explaining a typical example of PropTech impacts in the real estate industry, Cinch Home Services, a home warranty service firm, noted that technology helped create a system for home warranty companies in Pittsburgh PA, to streamline filed home warranty claims and hasten response time.
Technology and home purchase
Many first-time homeowners close their home purchases using a mortgage. Traditionally, sourcing a mortgage with the best interest rate and flexible credit score requirement is tedious.
Finding a good home to purchase is another hurdle many people face without neglecting the volume of paper works they will need to sign.
Over 90 percent of real estate firms now have websites, and the most common feature on their websites is property listings.
Using the internet, with few clicks from anywhere, you can find a home of your choice by filtering the listings on a website using certain parameters.
That is exactly what over 99 percent of Millennials are doing. This generation accounted for the largest share of home buyers from 2014 to 2022.
According to a National Association of Realtors (NAR) report, Millennial buyers are 28 percent of home buyers and 16 percent of home sellers.
The same trend is observed in an emerging generation of homebuyers, the Gen Zers.
Artificial intelligence (AI) is another technology that real estate companies explore to find the perfect mortgage and home for buyers.
Information about a home and its owner can now be examined within a few minutes using technology. Computer algorithm saves real estate agents and home buyers the stress of numerous visits to different local offices to obtain the required information. Given access to public real estate data, the algorithm can instantly go through millions of documents to extract requested information.
The technology can also provide homeowners with real-time and accurate estimates of their homes.
Technology and home upgrade
The increased adoption of technology in all areas of our lives has made us always want more. Homeowners prefer the convenience of controlling virtually all home components with a tap on their smartphones.
Internet of Things (IoT) is now incorporated in many home upgrades to make them more energy efficient and easier to use.
Technology does not only make home appliances smart; it also makes them safer and more health-conscious.
For instance, there are touchless doorbells that guests can use to announce their arrival. This offers safety from germs and communicable diseases as you or any other guest will not have to touch the surface.
Likewise, homeowners who like furry pets but are allergic to furs can now comfortably keep pets. There are smart home air purifiers that help combat allergies. You can also install a pet camera to keep an eye on your fur friends from your phone 24/7.
You can set up home appliances and systems routines with voice control powered by virtual assistant technology like Amazon Alexa and Google Assistant. You can schedule cleaning time for your robot vacuum and set time for your lighting such that it comes on at the exact time you get home and switch off when you leave.
There are also home upgrades with sensor features, such as automatically switching on a light bulb in the dark when a movement is detected. They are also used for security and safety purposes.
Technology and home repairs and maintenance
If you check around a neighborhood, you will notice the houses look better than others. Aside from features, home repairs and maintenance is a way homeowners keep their homes in good condition.
That is why repairing and maintaining home components is a recurring expense for homeowners.
For every repair, technicians rely on their experiences to detect the fault. But now, technology has made it easier. Manufacturers install software for diagnosing appliances and systems problems.
Newer models of air conditioners, for instance, are designed to display error codes. The code will help you figure out what is wrong, and most of the time, they are things you can fix yourself without the need to hire a repairman.
Share this content:
