The real-estate sector was away from embracing the rapid technological developments, but their interest has shifted towards the technological revolution as many of the traditional industries who didn’t embrace the technology have shifted to a whole new level of technological involvement. Some people believe that this change is being driven by the digital natives and the executives from the new generation. The all new term to define this theory is known to be “proptech” which is similar to “fintech”. It should be noted that big data in the form of distributed databases (block chain technology) plays a crucial role in the context of technology within the property sector. They have also shifted their attention towards employing robots as receptionists.
Experts have stated that the next five years is going to be crucial for everyone involved within the real-estate business. It is equally applicable on both service providers and investors. It is noted that Disruptproperty.com has stated 33 proptech companies within Singapore. This list includes different types of property management entities which are in the form on search engines for property, asset management organizations, smart building entities, companies who undertake market researches and also a set of video analysis service providers. A venture capital database has highlighted the fact that the volume of proptech financing keeps increasing on a daily basis with a global spread. It should be noted that the total of US$6 billion invested within venture capital have sourced 70 percent of its investments during the last two years.
The increasing usage of block chain in the context of proptech is a prominent theme which outrides the value of fintech. This allows businesses and other partiers to get rid of the middlemen involved such as cost brokers, land title officers and the related law firms. It should also be noted that this helps people to decentralize all the transactions involved. The immutable digital ledger helps people save information on the personal details of the owner, repair and maintenance records and other important notes. This allows the buyer and the seller to enter into a smart contract with the help of the digital technology. This technology actually duplicates the roles being performed by layers and agents; in the process it makes the transaction fast and cost effective.
It is very important to have the backing of the government to make this effort a success. The ultimate aim of this technology based online transactions it to put a full stop to the never ending long process involved with property transactions. Experts believe that it would be a great leap, if the government digitalizes the processes related to the transfer of titles and ownerships fully.
Singapore displays features of early attempts being made to make this effort a success. It should be noted that Averspace has made a smart move to activate the option of block chain-enabled house rentals within their mobile applications. This highlights their commitment towards involving technology to this long held process.
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