Proptech has become somewhat of a buzzword in recent years, with experts predicting it will shake up the real estate industry. In fact, it has already started to shake up the industry. While uptake is slower in South Africa, in the US, by 2017, investment into the sector had already come to $1.46 billion. In collaboration with Private Property, here’s what you need to know about proptech.

Essentially, proptech is the use of technology to bring innovation, change and a new business model to the real estate industry. Any company that harnesses the power of both existing and new technologies to provide a property-related service online is part of the proptech landscape. From securing home shares and rentals, to buying and selling, all can now be done online. Below are just a couple of ways in which proptech has already reshaped the property sector, and what it means for those involved.

Search

With the ability of websites to host filters, property websites are now able to allow buyers or renters the ability to apply these to their search and significantly narrow down what they’re looking for. With hundreds of thousands of properties on the market at a time, it would take those searching months to view properties in person to find the right one. From price, location, property type, and even budget, people can narrow down their property search as finely as possible to be shown only the properties they know they’ll be interested in. If, for example, you’re looking for property to rent in Randburg and Ferndale, you can ensure you filter your search in order to be shown only properties for rent within these areas.

Efficiency

As filter technology means that every person viewing a listing is likely already interested, the agent can then make use of even more targeted technology to entice the viewer further. Video and drone technology is used to show viewers high definition videos and 360-degree images of properties for them to get a good sense of what the property and its views look like from all angles. This way, viewers get a much better idea of whether or not they’d like to make an appointment to view the property, and only those who are very interested will do so. The estate agent’s time is not wasted on viewers who are not as keen on the property as they first thought.

While proptech may be changing the the role an estate agent plays in the life of buyers, renters and sellers, it doesn’t mean the profession is on its way out. According to the CEO of Pam Golding Properties, "increased automation of many processes within the real estate environment is a given. Notwithstanding these technological advances — for now, anyway — consumers are still seeing value in the ongoing human interaction that estate agents provide.” Consumers still crave personalisation in a digital world, so while technology can help viewers to find properties more easily, and help agents sell more efficiently, the connection of the two is still a valuable experience for both.