Proptech allows greater ease of use, more transparency, faster completion at every stage of the building and buying process, cloud storage and best of all, you don’t even need to be physically present to buy, rent or furnish a property.
Text by Jan Yong
A condo unit displayed on a property portal on your mobile has just caught your fancy. You check out its interior on the portal’s virtual reality platform which allows you to walk to every room and interact as if you are inside the showroom itself. You can even experience the neighbourhood in VR. You are satisfied and decide to buy this unit.
You check out its availability through real time updates on the portal and then zero in on your preferred unit – the portal shows all the details, for example, the 3D floor plan, sizes, location, etc.
With a few clicks, you book your unit and pay online. You key in some personal details and your preferred loan tenure and amount. The next day, a few bankers call you offering loans. You decide on one and the very next day, your Sale & Purchase Agreement and Loan Agreement are ready to be signed. But you don’t have to be physically present to sign – your electronic signature is sufficient. You sign online and the following day, you get all your agreements back online, signed and stamped electronically. You have just bought a property and completed all transactions within 48 hours.
Now, you just need to wait for the property to be completed. What used to take an average of 2 or 3 years is now reduced to one third or half the time due to advances in construction technology, design, building materials, fixtures, fittings and systems.