PropTech's Role During the COVID-19

Apr 28, 2020
PropTech's Role During the COVID-19
PropTech's Role During the COVID-19
Apr 28, 2020

COVID-19 has created a massive change to our connected world, especially when it comes to the real estate sector. The common way of doing business has changed and might stay like that for a while.  

However, let’s talk about the silver lining - this situation is also accelerating the adoption of technology in the real estate market. The real estate business is finally getting a digital makeover, as a new wave of PropTech startups are sharing their property-technology platforms to support the situation.  

What are the Top 3 Things We Will Witness from Proptech Kicking in During this Time? 

- The shift to creating immersive experiences with clients and contractors who can access them at anytime, anywhere. This allows for a safe way of seeing a property as if you were there. 

- PropTech solutions offer highly functional solutions that make processes for buying, selling and leasing more robust and secure. PropTech allows for several real estate services with a push of a button minimising the need for a physical document and travel between locations. 

- PropTech adds transparency to real estate transactions and makes the process faster and easier is a good thing. 

In terms of safety and wellbeing, this is a crucial time when entities have to support the market by providing safer alternatives for consumers. We have seen some PropTech initiatives in the region where startups have provided their online tools and platforms for free, or more accessible amidst the challenging times. 

UAE and Kuwait-based property technology start-up Ajar has committed to providing its platform free to help make online payments accessible for tenants amid the ongoing coronavirus pandemic.  We have also seen a trend of PropTech startups and entities announcing flexible features such as rent discounts, flexible rent installments and limited period rent postponements. 

In terms of education and awareness (which is why we are writing this blog!) A lot of PropTech and real estate experts have launched a series of webinars and consulting services tailored to real estate companies on how to adapt to working from home. 

A Cool PropTech Story that has Caused Some Headlines?  

The first contactless office building in Estonia was presented at an international webinar on the future of property technology. The building. Estonian startup, Ninja Solutions transformed the office building into contactless mode which was done in 10 days, by integrating the right hardware. This shows that real estate operators can do more to contribute to the social distancing challenge everywhere. 

Stay tuned for the next article. 

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