The global real estate market is undergoing a period of disruption. New technologies combined with shifting consumer demand are resulting in new ways of meeting supply and demand.
Investments in real estate tech start-ups are on the rise, and consumers are increasingly looking for companies and online portals that can remove the hassle and the high costs associated with buying and selling property.
As an experienced entrepreneur with a long history in the real estate sector, Ryan Mahoney of Dubai, UAE, has previously established several businesses with a focus on real estate technology. The PDF attachment looks at what is meant by real estate technology, more commonly referred to as proptech.
In-Person Vs. Online
Today’s consumer has more choice when it comes to how to market and sell their home. Traditional real estate agents still operate. There are also various online services that can make the process more straightforward and even cheaper. However, although technology is playing an increasingly important role in property sales, there are advantages and disadvantages, with no one-size-fits-all solution.
Cash-only investment portals can result in homeowners gaining faster sales at or above market value for their property, removing the need to wait in a chain for the buyer’s mortgage to be approved. This can save both time and money when it comes to selling a property. Working with an agent also has its advantages. Real estate agents have the experience and knowledge to help sellers get the highest price and assist buyers pricing their property accurately.
You can see some of the world’s leading proptech investors by AUM in the infographic attachment to this post.
Accuracy of Information
Choosing an online property portal over an in-person estate agent can certainly make the process of buying and selling property faster and more efficient. However, buyers and sellers alike should be aware that the accuracy of the information available online may not be ideal. Estate agents have access to up-to-the minute details of property listings and the expertise to know whether the listed prices are correct in relation to the property value.