The Rise of Proptech in Malaysia
Adapting to Technological Advancements as a Real Estate Agent
There have been many technological revolutions throughout human history but few can rival the likes of information technology (IT) and artificial intelligence (AI). The information age has largely spawned the ubiquitous computer and the omnipresent Internet. In the real estate industry, property is being infused with or assimilated by technology. Voila, the birth of proptech – an amalgamation of both property and technology. This cutting-edge technology is redefining how we conduct business in the real estate marketplace as well as offering real estate agents an innovative approach to closing deals.
The Rise of Proptech
Being connected in the age of the Internet is indeed a wonder of technology. We can access our smart devices linked to our smart homes, all at the convenient touch of a button, keypad or computer screen. The proptech revolution is all about transforming how we do things to provide better digital solutions to buy, rent, sell or manage a piece of property. Far from being just a tech tool, it is absolutely a game-changer that is transforming our whole property experience. The endgame of proptech is ultimately delivering more convenient, efficient, and customer-centric ways to view real estate in Malaysia.
Data-Driven Opportunities
As we all know, knowledge is power and information is the driving force behind the technology revolution in proptech. Data is the new gold mine and gold standard within the property industry. At the height of the Covid-19 pandemic, the proptech phenomenon got a big boost and became a part of our daily lives and livelihoods. It is finding innovative ways to deliver what customers want or wish for. Proptech takes the data-driven approach to property in providing better products and services to agents, buyers, and sellers, and makes the whole industry work more effectively and efficiently. With the proliferation of new technologies such as 5G mobile connectivity and the internet of things (IoT), the real potential of proptech is utterly limitless. This unprecedented connectivity is unlocking more opportunities, and generating greater data-driven insights for the property industry. Tech-enabled companies such as Cornerstone Xstate continues to drive innovation via its tech-enabled initiatives such as Cornerstone University as well as the X-Force Connect.
Impact for Agents and Negotiators
Among the many factors impacting real estate negotiators is time. Most of the time, negotiators are too busy dealing with clients to find time to do mundane chores like filling out documents. Yet, paperwork represents the core of most property transactions. To save precious or valuable time, technology has introduced various means or methods to speed up the transaction process. This includes auto-scheduling, email marketing and live campaigns. This way, more time is spent on social networking, leads generation and property research. A plethora of tech tools has been specially created to perform property valuations and to gather real estate information in real time. Traditionally, valuations are done by brokers which are considered cumbersome or tedious. Since the introduction of artificial intelligence, such menial tasks are carried out with ease and without fuss. Apart from hassle-free price estimations, homebuyers are also able to make smart or intelligent decisions with regards to their future dream homes. Through targeted and personalised ads and online marketing campaigns, agents are able to reach a wider audience or demographic to advertise their products and services.
Boosting Sales via Technology
Modern technology has undoubtedly made our life more productive, and profitable as in the case of agents and brokers. Having a smart phone or a computer laptop enables properties to be presented or viewed from virtually anywhere. Tech tools help boost property sales by closing deals more effectively and efficiently. Through technology, the real estate marketplace has become a much bigger place. These days, almost all property transactions are transacted fully online. Smart devices are truly transforming the way we manage a property. Smart homes are also changing the way we live, work & play. These intelligent devices utilize wireless transmission to access our home appliances like air-cons, security cams, thermostats, and lightings. Rental properties are now equipped with many such smart devices.
Promoting your property on social media makes perfect sense since everything is now happening online. This is possible with the power of social networking in bringing everyone together in one place or portal. Developers, investors, agents, and clients could share specific details or data with respect to a particular project which stirs or sparks their interest. Another trending technique for promoting real estate is the use of VR technology. Virtual reality allows prospective buyers to view a home before purchasing or moving into it. It is an immersive user experience that could revolutionize how properties are presented. Homebuyers can view properties and prices from the comfort of their phone or computer without having to travel onsite.
Embracing New Technologies
Times have changed when buying and selling are executed through word of mouth. Nowadays, everyone uses technology to connect and communicate with one another to trade and engage in business. The real estate industry has integrated its processes with technology over the years to deliver a better buying and selling experience. They are just some of the innovative ways technology is assisting real estate professionals and their clients or customers. Technology truly plays an indispensable role in the life and livelihood for everyone today.
In conclusion, the property industry has certainly come a long way, from a one-on-one interaction to being an online networking session. Adopting new technologies allows agents and companies to save time and resources for future development. The real estate industry is slowly but surely transforming itself in terms of technological adoption. Tech companies are constantly exploring new markets and discovering new opportunities to help buyers, sellers and investors fulfil their real estate dreams. The future of real estate in Malaysia appears somewhat uncertain at the moment, but with proptech, it is fully filled with abundant prospects and exponential possibilities!