The permeability of technology in the industry and services sector is changing the fortune of many companies while also transforming end-users’ experiences. The real estate sector is also among sectors that have accepted the technological change greatly; ‘PropTech’ is the embodiment of this new phenomenon under which the buyer and sellers are shifting from conventional operations and adopting digital tools for making the best decisions. In short, technology has given the sector a digital identity that embodies the use of Artificial Intelligence (AI), FinTech and ConTech.
Online Property Portals
The foremost embodiment of technology in the real estate sector is evident in online property platforms. These property platforms have transformed real estate transactions as buyers and sellers can easily connect without any hassle. For instance, buyers can scroll through various property listings as per their requirements rather than visiting streets or housing schemes. Similarly, a seller can attract millions of interested buyers by uploading its property online. Hence, technology is removing various limitations in terms of time and space for the property hunt.
Graana.com, through its online property portal, provides a window of opportunity to innumerable buyers and sellers with the options of buying, selling, investing and renting out their properties.
Escrow and Real Estate
One of the benefits of technological interventions in the real estate sector is inducing trust in the property transaction. Escrow in the real estate sector is a new concept, bringing technology to great use. Escrow agents are the third parties entrusted with the authority by both buyers and sellers to hold the essential documents ( land titles) and release the payment of money at the time of purchase. In short, escrow agencies are a conduit of real estate transactions between the buyer and seller. For instance, a buyer will stock the escrow agent with the money while the seller will give the documents of the property, which upon the completion of real estate transactions are released by the escrow agents. Escrow accounts are the common tool used by escrow agencies for making these transactions.
VR and Property Transactions
Imagine taking a virtual tour of a house or a commercial building prior to buying a property. Virtual Reality (VR) gives this privilege to buyers in the form of virtual tours. An interested party can view properties without covering distances or being physically present on the site. This technological intervention makes it easier for buyers and sellers to make informed and better decisions. Through the adoption of VR, a seller can showcase its property before a property has been constructed, which can help to boost the sales of a project. This helps the buyer to get a close to reality tour of the properties.
Crowdfunding is not only a unique tool for bringing more investors to a real estate project. The concept divides a single asset into multiple assets to attract various investors. This mode of financing is often backed by blockchain technology, and the transactions are mostly done through cryptocurrency. Moreover, crowdfunding is conducive for the deliverance of a commercial project as the issues of finances are resolved collectively. In other words, crowdfunding is suitable for raising money and transparency in the whole project is ensured through technology.
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