As real estate related activity increasingly moves online, agencies are relying more and more on PropTech. A portmanteau from “property technology”, PropTech encompasses any technology designed for real estate. This includes property search portals, property management apps and marketing services.
Many PropTech providers offer a combination of services that compliment each other like digital marketing and data/analytic insights. Using innovative technology and tools, agencies can streamline their processes, operate more cost-effectively, grow their brand and get more listings.
PropTech is Reshaping Real Estate in Australia
PropTech has reshaped Australia’s $7.8 trillion real estate market by ironing out countless inefficiencies that once existed across the sector. Technological advancements streamline old processes from the research, planning and construction phases to property transactions and property management.
Tasks that were once onerous are supplanted with automated solutions. This includes sending and responding to emails, capturing attendee details at open homes, segmenting your database and targeting relevant prospects with relevant marketing materials.
Choosing the Right Services in a Crowded Marketplace
The value of automated solutions has seen a rapid rise in the number of PropTech companies. This has created a different challenge for agents. With around 300 companies in the Australian PropTech sector, it can be hard for real estate agents to appropriate funds to the right technology providers.
Different companies are at various stages of maturity, with some focusing on a single service (ie property management) while others offer a greater variety of real estate services. The crowded marketplace can result in low uptake of some services and agents who invest in immature technology can suffer from poor product functionality.
Be Wary of Promises About Data
There’s a lot of focus on the hot moving sectors of A.I. and Big Data. Both those terms can generate a lot of excitement in such a data driven industry. However, there is no real supplier of PropTech A.I. and Big Data in the Australian marketplace at the moment. It’s still largely at the concept stage.
Providers hyping the market often don’t have the datasets that more established, mature companies like Plezzel has. The marketing often overhypes real world performance, where algorithms are often poor and lack the ability to offer valuable insights.
Plezzel Can Help You Navigate PropTech
Plezzel can demystify the PropTech space and help you navigate the minefield of suppliers. We’ll recommend suppliers that collaborate in the ecosystem along with our own innovative tools that are designed to help you extract maximum value from data.
We’re also experts in digital marketing, something that is closely linked to gaining insight from real estate data and analytics. Smart digital ads are key to qualifying, segmenting and nurturing leads. This is a hot area where expertise is essential as more agents move away from print to online marketing.
To find out more about how we can help, please get in touch with our team.