Whenever a new trend comes in the market to make people’s life more stress-free and easier, it ought to meet with some skepticism and a fair share of distrust. Despite the introduction of several user-friendly devices and softwares in almost every industry, some of the sectors are still relying on the traditional ways for performing their tasks. Real Estate is one of them. There are numerous realty professionals who still shy away from adapting technology for the enhancement of their work. The truth be told, real estate is considered as a pen-and-paper business and people tend to reject anything that deviates from that. On that note, let’s burst out some of the most common myths about technology that are prevailing in the real estate industry:
Myth 1: It is too costly
The first and most common excuse used by the real estate experts for not adapting the emerging PropTech trends is that it will be too expensive. Not only is the cost of the devices, but these property agents also worry about the installation fees. However, little do they know that technology has significantly evolved over the years and is much-needed for the ease of doing the business.
Fact: People need to understand that IoT technology is thriving in India and has been adapted by many several organizations. There are plethora of options to choose from and you can get your hands on the brands that suit your range of budget. Also, technology has led to faster lease-ups.
Myth 2: Technology will take the place of workforce
The fear of technology replacing the staff in the company is not uncommon in real estate industry. But one must know that realty sector, especially the property management services, has one of the highest employee turnover. With the lack of resources and tech-based solutions, many workers still have to do mundane and time-consuming tasks repeatedly throughout the day at their jobs.
Fact: Technology helps in automating regular and repetitive mundane tasks, leaving staff more time and energy to be productive at the workplace. For an instance, instead of spending hours on maintaining the database of the clients, one can use the right Proptech device that streamline such work without having much fuss.
Myth 3: Proptech devices are hard to install
One of the most unusual myths about technology doing rounds in the real estate market is that the PropTech devices are hard to install. It is true, earlier many tech-based solutions used to take a long time to install and sometimes even required wiring in the whole building. However, the times have changed now and so does the technology.
Fact: Gone are the days when people had to install a proper wiring system to run heavy and technical devices. With the emergence of wireless technology, most of the Proptech solutions now only require a power source and an internet connection.
Myth 4: Fear of data breach
Despite the emergence of PropTech, there are several real estate agents who like to do the things in old traditional ways. From listing a property to closing the deal with the client, every facet of real estate industry requires full attention and security of data. Yet, some people just don’t trust the new-age solutions due to the fear of data breach.
Fact: Using technology such as storing important files in the cloud is the best way to protect your crucial information. Moreover, solutions like Blockchain makes sure accurate, safe and fast real estate transactions in the modern era.
Myth 5: The industry doesn’t need technology
Some of the experts believe that real estate is conventional sector and it does not require any modern solution to grow. But it’s not completely true as every industry in this tech-drive age needs digitalization to be competitive and relative in the market. Hence, it is one of the most common myths about technology that should be busted.
Fact: Technology has become the need of the time. In fact, with the rapid innovation, there are a lot of realty players who have shifted their focus towards the latest market trends.