Digital transactions are forecasted to hit $6.6 trillion this year. The figure grew by a remarkable 40% in just two years. Technology is changing the way the world is doing business, and recent global events have further entrenched the use of the internet for personal and business needs.
This radical shift is seen across all industries, including retail, industrial, mortgage, and real estate. In Australia, the $7.8 trillion real estate market is taking off spectacularly with property technology, or proptech.
Forbes defines proptech as “Companies using technology to disrupt and enhance the way we buy, rent, sell, design, build and manage the residential and industrial property.” Technology companies are providing solutions to inefficiencies and streamlining established methods of everything related to real estate.
Proptech uses automation, AI, and IoT to enable property owners, managers, and landlords to supervise their properties efficiently. Proptech solutions also create a better experience for residents and tenants. Australia’s robust real estate market has given birth to over 380 proptech companies.
Here are some of Australia’s proptech companies whose platforms are currently enjoyed by real estate professionals, homeowners, investors, landlords, those searching for a new home, designers, and construction companies.
FLK It Over enables property agents and landlords to finalize and renew lease contracts through their smartphones instead of going to the office to sign documents. This has shortened a process that used to take days into minutes.
Managed is a payment platform where tenants can pay their rent and post requests for repair and maintenance. For first-time buyers, one of the biggest questions is whether to opt for a traditional lender or explore new digital alternatives; the rising success of these platforms makes the issue a little clearer.
Listing Loop informs its registered users of pre-market and off-market properties. This gives users the chance to inspect a property before it’s open to the public. Instarent is an app that functions as a property manager. It arranges online listings, manages lease contracts, and arranges for repair and maintenance.
iBuyer, meanwhile, enables a seller to bypass a real estate agent to sell his/her property. iBuyer’s platform gives a valuation for the property and provides an instant cash offer.
My House Geek allows property researchers to learn about the neighborhood. Potential buyers can find essential information on the area related to education, childcare centers, healthcare, public transport, recreation, commercial opportunities, and places of worship.
Archistar provides artificial intelligence for property professionals to find profitable development sites, evaluate the feasibility, and generate architectural design techniques within minutes.
Inspace XR makes augmented reality and virtual reality software for the architecture, engineering, and construction industries.
It transforms architects’ CAD designs into virtual reality, altering plans or changing the layout.
Fastbrick Robotics created Hadrian X – the world’s first mobile robotic block-laying machine and system.
Hadrian can construct houses from a 3D CAD model, with no need for human intervention.
There are proptech solutions that have been dormant for a while, but because of shifts in market demand and changes in consumer expectations, these may start to have traction.
Intelligent space planning solutions will come in handy in designing a safe work environment while enhancing collaboration. Innovative construction documentation systems will enable construction managers to be involved in the construction process and address issues remotely.
Building management platforms will simplify the responsibilities of property managers. As properties continue to employ digital tools, management of these assets and data may be overwhelming. With a centralized platform, property managers will be able to draw insight and make sound decisions. Hands-free access and asset control is another system that may emerge.
Using intelligent lights and command systems will help tenants and employees from touching possibly contaminated items. Proptech may also strengthen support for tenants, real estate appraisal, and increasing the efficiency of real estate brokers and agents.
With over US$300 million invested in Australian proptech since 2011, proptech startups continue to launch on an almost daily basis. While the market grows, so does the opponent. There will be space for innovative, comprehensive, and safe digital tools to make all processes in real estate less cumbersome.
Proptech will continue to grow because of the many discomforts involved in finalizing real estate deals. Kylie Davis of Proptech Association sees a bright future for the industry.
“The fact is, if you can order pizza online and should it executed and abandoned to your door externally having to talk to anyone, it’s difficult to explain why we but want to talk to somebody on phones to tie up loose ends when acquiring property. Or, why during the settlement period, you need to take virtually your entire filing cabinet to get through all the paperwork.”
All these are indications that Australia’s proptech ecosystem will continue to progress further. It will upgrade the way real estate does business and may even gain greater international interest and investments.
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