Proptech gains ground in real estate sector

Proptech is the acronym used to describe any technology which is used in the development of the real estate industry.This can span software (property portals like UK property websites Rightmove and Zoopla), hardware (sensors) and materials (there was a recent news item on how special bricks are being developed to act as batteries for solar panels) or manufacturing (3D printing, offsite manufacturing).

Property technology has been an investor's darling in the last few years. It considers both technological and psychological changes of the real estate industry.In short, it stands for all the companies that are taking on the real estate industry to make it better, spurred by an ever-changing digital landscape and new consumption patterns. It is still a new trend and its scope will surely evolve as time goes by.

Technology is what helps to keep the any industry on its toes. The use of technology is not meant to scare people however it allows for companies and industries to service its consumers better and more efficiently, thus ultimately benefitting the end consumer.

Technology advancement is needed in every sector and it is long overdue within the property industry in Bangladesh. Investors care about Proptech because they see an enormousopportunity and secondly, the market size is huge. Real estate is classified as the largest asset class in the world and everybody on Earth needs a place to live. There are boundless opportunities waiting to be taken advantage of through the adoption of technology.

As property technology continues to become more popularon the global scale, businessmen located in Bangladesh will have to work to find a niche within the industry in order to compete.

Bproperty.com, the largest online marketplace for selling and renting residential and commercial places, is one of the most promising innovations in the real estate space of the country. Bproperty has come to Bangladesh with a technology first approach to solving the challenges within the real estate industry in Bangladesh. Through the use of these technology platforms it has built, Bproperty is able to service all consumers in an efficient and effective manner, providing the country with the first independent real estate service aimed at helping Bangladeshi's find the right home for them.

With a complete overview of the industry given its strong operational presence, Bproperty's Artificial Intelligence (AI) can analyze huge amounts of data to help Bproperty agents match the right properties to the right customers in a very short space of time.

Bproperty uses virtual reality to provide customers with 360 degree virtual tours, allowing prospective tenants and buyers to view properties on the other side of the country, or even to get a look inside properties that haven't been built yet. Augmented reality, which overlays virtual objects on top of a real-world environment, can help agents to enrich their in-person property tours.

This technology makes it easier forconsumers to visualize a property without having to physically visit it, making the research phase very efficient and gives the consumer confidence to make a decision on exactly what they are buying or renting. The real estateindustry will be one of the top drivers of investment in virtual and augmented reality technologies in the coming years.The relationship will be between people to people, people to things and things to things.

You can bet that sooner or later a number of promising startups are going to come out of the woods and start fighting for a piece of the real estate cake however Bproperty is certainly leading the way with the development of the real estate industry in Bangladesh.In a nutshell, bproperty.com, through its impressive technology platforms, helps to make real estate sales and rentals quicker and easier for customers and providers of the country.


The writer  is a freelancer

---Anik Sarker