Property technology is better known as Proptech, and it has become one of the major talking points in real estate. Billions of dollars are being invested in new innovations and enhancements. Proptech isn’t just a buzzword; it is a whole concept that is totally reshaping the real estate industry.
What Is Proptech?
Proptech is a technology that is aimed toward the real estate market and industry. This technology may be used to alter the way that real estate is bought, sold, designed, contracted, and managed. This can include both commercial and residential properties.
The term has gained a lot of popularity as Proptech has had a significant impact. We can see the effect the digital revolution has had on the world, and real estate is no different. Technology is advancing at such a rapid rate and is affecting buildings, cities, and customer interactions.
Proptech is such a broad term that can cover so many different aspects. Its function is to improve the work of professionals and companies in real estate. Proptech offers a rapidly changing digital landscape for the real estate sector.
Stages Of Proptech
The different stages of Proptech were all funded by investors and leaders in the industry. Each stage involved experimenting with new technologies. These were all groundbreaking at the time and included the implementation of such elements as virtual tools, AI, or blockchain technology.
The first epoch of Proptech could be considered the advent of the internet and online listings. This groundbreaking technology faced a lot of initial resistance. Even by the year 2000, you may not have heard about people renting or selling properties online. Eventually, eCommerce was fully embraced by the real estate industry. It is now commonplace.
Later, the real estate industry saw the emergence of smart buildings and smart homes. Real estate companies started using data analytics and VR tours. This represents quite an expansion of the use of technology in real estate.
Today the real estate industry uses drones, big data, 5G, AI (artificial intelligence), and solar power. Proptech has evolved into a sophisticated set of interlinked systems. They all serve different functions.
Proptech Technologies
Professionals and customers are demanding more sophisticated Proptech. The success of professionals may depend on how well they can integrate these new technologies. Proptech systems can be used in sales and leasing, construction and architectural services, and finance.
AI
Real estate agents have so many tasks to perform that may seem dull and repetitive. Smart real estate agents will make full use of AI to carry out these tasks.
Some AI tech can be used to automatically classify listings according to types of rooms, styles, and features. It may be able to automatically tag relevant photos. It can help with comparing the market and analysis. AI can be used for auto-generating personalized email sequences tailored to individual customers based on their demographic and life experiences. These automated processes can save a ton of time.
VR
Virtual reality allows real estate agents to give virtual tours. They can give tours of buildings that haven’t even been completed yet. They don’t need to leave their offices and can save a lot of time. This is sure to give them a competitive edge. In today’s property market, many people buy without seeing the building in person.
According to this report, VR will be used by 1.4 million real estate agents by 2025. As well as virtual tours, VR can offer the possibility of exploring possible solutions for buildings. You could virtually add furniture to the existing interior and see how it fits before committing to buying.
Contract Automation
Drawing up real estate contracts and leases takes up hours and hours of time. Using contract automation software can free up a lot of work time.
In today’s world, real estate agents will use automated documents, digital signatures, and analytics. This saves having to print, sign and scan documents by hand. This technology helps to reduce repetitive tasks and extraneous paperwork.
Lead Generation
Seeking leads can be a challenging task for any real estate agent. Proptech provides many lead generation tools that can be utilized. Proptech can help with providing sales and marketing solutions. It can help real estate websites to use smart property valuation tools.
Listing Real Estate
Having a strong web presence is essential in today’s real estate market. There are many platforms that can be used to list properties, help generate new leads and establish and build positive relationships with clients.
Big Data
Big data means collecting and analyzing data. This will include real-time and historical data. By using well-structured data sets, real estate agents can develop highly accurate insights. This can help with pricing, home-value trends, and potential risks.
The Internet Of Things
The internet of things (IoT) is a “smart” network of sensors and devices. They constantly send signals to each other. They can help you to keep track of a building’s state. They can monitor and adjust the temperature, security measures, and general maintenance. They can link to your mobile phone or laptop so you can adjust your home from a distance.
Construction Technologies
Many construction companies are focusing on being more green. This means building properties that are sustainable and energy-efficient. Modern appliances are also much more energy efficient. There is still a lot more that can be done to make homes environmentally friendly.
Chatbots
This is a simple use of Proptech that can dramatically improve customer experience. Chatbots are a must-have for almost any customer service website. Chatbots can help to reduce manual work and costs. They are powered by AI and can also help to provide actionable insights into what your customers need.
Micro-Investing
Micro investing means that even people with little savings can enter the world of investing. It means investing in fractional shares of a stock. The same principle is now being applied to real estate. It is possible to buy a percentage of a property and reap some of the financial rewards. This could be from the lease of the property or from its increase in value over time and eventual sale.
In Summary
These days Proptech is the buzzword on everybody’s lips. It is called the new disruption power and the driver of innovation. It is said to be the remedy for real estate agents having to deal with endless paperwork and confusing spreadsheets. In this article, we outline some of the ways that Proptech is helping to revolutionize real estate in today’s world.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
