RE Technology or Property Technology is slowly becoming the new trend in property development and business whether we realise it or not, and Malaysia has been picking up on the new technological advancement.
Before RE Technology hits the local market, property agents will take buyers on trips to visit a property options. While the method still works, it is definitely time consuming. With the new technological advancement however, property dealers are now able to do not only cut time, but costs as well.
Real estate developers can transform smartphones into their virtual office, enabling buyers to scroll multiple properties according to their specifications – this includes price brackets and locations. iProperty, one of the most prominent real estate website in Malaysia launched a new mobile app last year that enhanced buyers experience in searching for and buying properties.
Online property search isn’t the only way RE Technology is transforming Malaysia’s property industry. Mid – last year, The Star reported that buyers will soon be able to use Virtual Reality to view prospective properties. The advancement was made possible by REA Property, an Australian-based digital marketing company specializing in properties.
REA Property isn’t the only one using RE Tech to their advantage. According to the same article, RedBricks, one of Malaysia’s first tech-based property agency, says that its cloud-based CRM will allow negotiators to track, manage and study leads to improve the buying process and increase efficiency in sealing the deal.
According to HSBC, Malaysia will see more of RE Tech being integrated into the property industry. October last year, the bank reported that funding for proptech firms has grown from RM945 million in 2012 to over RM8.5 billion in 2016.
The process of buying property is the most stressful part of a buyer’s journey according to a research done on Malaysia’s property buyers’ behaviours and RE Tech will allow more property developers and agents to streamline the process to make property buying an easier process.