The PropTech Inventions Reinventing Property
In an article on Forbes, Daniel Kodsi, Founder and CEO of Florida-based real estate and development company, Royal Palm Companies (RPC), has shared insight into four PropTechs that are set to define the future of the property industry.
Drawing on his 30 years of experience in real estate, Kodsi pinpoints the last few years as representing a turning point when it comes to technology driving industry change – a trend that is set to grow, thanks in part to four technologies in particular.
Kodsi first focuses on equity crowdfunding as a way for developers to raise capital, and for individual investors to gatecrash what was once an exclusive party for institutional investors. Kodsi suggests that as bigger developers pick up on this trend, investors will be drawn by lower risks and higher returns.
Blockchain is the next technology highlighted. Kodsi speaks about tokenisation as a way of dividing a property into “tradeable shares or tokens that will be stored on a blockchain network [to] allow for more freedom and flexibility to raise capital, investors can move their funds efficiently and property owners can manage their equity more effectively.”
The third technology revolves around the sharing economy and the reason for the surge in popularity around websites and apps like Airbnb, which give homeowners the ability to earn a second income – often more pro rata than long-term leases. This has led to increased demand in second homes, as well as mixed-use residences that combine domestic appeal with hospitality-esque services and amenities.
The final PropTech that Kodsi explores is one we at Classic Folios are very familiar with: virtual and augmented reality. As we’ve mentioned previously, these helped developers continue to sell throughout lockdown but the benefits transcend the pandemic. To find out how VR can boost your sales and open you up to new markets, book a 15 minute call-back, here.