The impact of lockdown during this pandemic has forced the real estate industry leaders to transform a big segment of their business model and shift their mindset to be digitized in the light of Proptech being the game changer disrupting the real estate sector. This pandemic will “kick the lightbulb” on all property developers that the usual way of doing business can no longer continue and have to adapt and trust the new digital sphere.
The evolution of Proptech brings in Artificial Intelligence (AI) and Technology that makes developers understand what kind of customers they are interacting with and their buying behavior. Data is becoming a valuable asset for the property sector where fundamental information is analyzed a whole which makes it simpler to predict trends.
Consumers have increased their level of trust by the digital implementation of transparency between the buyer and seller. This transparency enables them to feel more empowered to make informed decisions by being equipped with readily available information and resources such as introducing virtual home tours for consumer home-buying experience which gives the customer full freedom to experience the home.
In conclusion, Lockdown during COVID-19 seems more of an opportunity rather than a risk within the Proptech sector. It helped a large number of businesses to become more resilient and proactive when it comes to adopting technology especially when it comes to the older generations. This seamless relationship between buyers and sellers serves as a viable long-term solution within the real estate industry.