PropTech – Your Living Solution

12 ก.พ. 2017 พลัสทอล์ก

PropTech

It is to be admitted that the hottest trend at present is “Digital Transformation” which is the centre of attention of people in both government and private sectors who must be fully aware and must be able to comprehend the importance of the ever-changing global trend. This is especially true for the government that has announced its digital economy policy – “Thailand 4.0”. It is crystal clear to all that anyone who has the head start will come out on top.

Our ‘mothership Earth’ has overcome a lot of obstacles through time and is heading towards a world without frontier through digital technology. You can probably notice that from the moment we open our eyes in the morning, technology constantly interacts with our lives every step of the way. From waking us up in the morning, reminding us of appointments, health check through an application, or even ordering a meal and buying grocery.

Technology has virtually become an important indicator for consumer behaviour. You will probably notice the demise of companies making film cameras or the near demise of the printing industry. But at the same time, we also see the challenges faced by many businesses to stay relevant in the changing time. A good example is “Uber”, a taxi service business that did not have to invest in even a single taxi cab, that has successfully adopted technology and readily fulfill the changing needs of the consumers.

The same is true for the real estate business. This is a business that involves one of the four life’s necessities – a basic necessity, a home, that everyone needs to have – therefore, the digital wave should have no effect on this industry. There may be some truth in this, but you must not forget that real estate is a business that involves homes as well as the people living inside these homes. Especially today when 50 percent of the Thai people have turned to condominiums as their homes.

Some people may not be planning to really live in the condominium units that they bought, but it still reflects the new trend of the new generation that looks for a life that is convenient, comfortable, modern and approachable. And that’s when we start seeing the real estate industry heading towards “Property Technology” (PropTech) that has introduced many new solutions to fulfill the needs and wishes of the customers to keep up with the world’s changing trends, from the design process to construction, to the sales process, to deed transfer, and all the way to after-sales services.

As we have seen in the case of Sansiri that has invested in the development of innovative and integrated real estate business of the future. Sansiri has officially established a joint venture to be responsible for the development of products and new services for the customers while also topping up business dealings with fellow developers.

Plus Property would like to give an example of PropTech that involves the interaction with customers who use technology to help choose the right home and the right lifestyle by beginning with choosing a compatible house. Most customers today usually surf various real estate web sites to search for the perfect home as well as accessing information from reviews and recommendations. When the time comes to wrap up the sale, the process is also interesting. This would include the launch of on-line booking for a condominium unit or a house and paid with a credit card. Helping you to make the decision include a virtual tour of the unit. Customers who are about to make a decision to buy can be given a virtual tour of the unit, even in exciting 3D format with the use of VR goggles that put the customer right in the middle of the unit. After that, loan application is also accessible on-line through a link with Financial Technology (FinTech). And when the consumer makes the final decision to buy, he/she can do so right at On-line Payment.

More importantly, PropTech plays an important role in taking care of tenants in the most interesting ways. At present, applications have been developed as a way to access services by the co-owners. The applications include the way to send messages to the juristic person management, to be notified about mail and parcel deliveries, water, electricity bills and juristic person management fee, to send complaints, and to request repair works. They also contain a list of important phone numbers and a “suggestion box” that will help to reduce the work load and allow the co-owners to access services quickly and easily. To enjoy a more carefree life, all the co-owners have to do is to download the applications through a smart phone.

Doing business amidst the waves of change may sound difficult, but it is a challenge that the business operators who are “tech-savvy” relish in their bid to develop products and services by employing technology that can create more convenience and respond quickly to the needs of the consumers. However, it is also important not to forget to infuse attentive and caring services as accumulated from good understanding, experience and expertise of the service providers in responding to the needs of the consumers in every aspect. At the same time, the consumers themselves also need to adjust themselves to be able to exploit technology to their utmost benefit.

Related Articles:

Explore how PLUS can help manage your property, Property Management, Condo & Apartment for rent Bangkok, Condo Juristic Person

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