Few years ago, buying a house was a tedious task, especially for people who work and could not take the time out to make visits to real estate agents and property visits. Fast forward to today, house hunt has become easier, faster, more convenient and feasible. Similarly, the renting process is still improved drastically. A user, irrespective of whether they live in Dubai or not, can just use an online app to search for a furnished office for rent in Business Bay, connect to an agent and schedule a virtual tour even if they are miles away from the location.
The real estate industry favors nearly 60% of the world’s mainstream assets and despite being a massive market, it has been one of the latest ones to adopt technology in its mainstream business. But now, thousands of innovative minds backed up with huge financial capital for investment are committed to work together to improve how real estate market works, to analyze and facilitate house hunt for buyers, to facilitate sellers at connecting with more accurate potential users and also to make real estate agent’s life easier by facilitating them in connecting with more and more clients and improve their chances of securing a deal.
Here are some of the best PropTech companies and their contributions to the real estate market.
Carbon Delta uses Big Data analytics to forecast potential climate risks in real estate market based on public data records, market information and other such factors. This enables companies to secure their assets, optimize their overall performance and reach their sustainability goals. Examples of how climate changes affect the market are:
- China drought in 2010 caused approximately 300% rise in cotton prices.
- Russia heatwave in 2010 caused Russian grain producers a loss of USD 5Billion
These factors can help individuals to make smart decisions with respect to investment. It has enabled real estate companies to extract and provide information on different aspects of a property such as a history, ownership cost, neighborhood details, estimated mortgage payments and estimated forecast of property appreciation and/or depreciation in those sectors.
Tower360 is a commercial real estate software platform built for real estate owners. It is a vertically integrated software suite meant for Asset Managers, Property Managers and Real Estate Brokers to manage each of their assets. Harnessing Big Data technology, the multi-app platform is designed for Commercial Real Estate Asset Class and is used widely to provide real-time and data-driven asset insights to asset managers, landlords and tenants, all over a single platform. Some of their notable services include Leads Dashboards, CRM Modeled on CRE Workflows, Contracts Modeling and Approvals and Collaboration Chats and Teamwork.
Brickblock uses Blockchain technology to offer services facilitating users to buy tokenized shares of real-world assets using cryptocurrency. The main ambition of Brickblock is to expand an investor’s scope of opportunities of real estate investment around the world. Using the features of blockchain technology and smart contracts, it has made transactions quicker, cheaper and more secure in the global industry.
BrickBlock provides a legal framework to facilitate real estate investments on the blockchain using cryptocurrency. It is an opportunity for property developers to get maximum capital from a pool of investors from across the globe and also for investors to access attractive potential investments around the world.
Based on Building Information Modeling (BIM), Snaptrude is an innovative and intelligent CAD software especially tailored for real estate industry. The software translates hand-drawn sketches of floor plan into a 3D BIM in a few seconds, resulting in solving digital problems and automating digital designs of the floor. The software is used by architects, designers and engineers to plan, construct and design buildings more efficiently. It is useful for project developers for an efficient building design and the information can be used at all levels of development in a cost-effective way.