The growth of proptech in the Canadian real estate market.
As the pandemic shook the world, new trends and innovations in the real estate market accelerated and adaptation to new technology became a necessity. Property technology (proptech) is now playing a key role in shaping the future of real estate, giving both agencies and developers tools and advantages that provide real value. This article investigates the emerging use of technology in the Canadian real estate market.
Investments in residential properties in Canada is growing at a high speed despite the challenges from the pandemic, and the industry has seen the emergence of new proptech solutions to better facilitate market needs and value-creating efficiency in the industry. The trend seems to be driven by the huge number of incubators, highly experienced talents, and friendly immigration policies.
The digital shift in the industry has been triggered by new demands from home buyers after the pandemic such as virtual property tours, digital contract signing, and a more transparent transaction process. PWC, the global business service provider, highlights how real estate companies in Canada are increasingly adapting to proptech solutions, particularly in terms of costs and operational needs.
The use of digital platforms for more automated processes is also a vital component of the digital shift, with a growing number of companies realising the need to outsource digital marketing to achieve more streamlined and efficient overall marketing operations. In one of the most recent reports from the commercial real estate services company JLL, they state that many companies within the industry are struggling to find the right implementation strategy for new emerging technologies. Relevant reasons for this are identified as being a lack of in-house technology capacity or difficulties integrating new technologies into their daily operations. The consequence is that many companies chose to wait on the sidelines for others to lead the way.
It is expected that the benefits gained from proptech solutions will only continue to increase as the sector is growing and the technologies are maturing. At the same time, it is crucially important to find the right solution while also having a detailed plan on how to integrate and make full use of the new technology. In their constant search for gaining competitive advantages over their peers, the majority of serious real estate players in Canada currently follow the market trends very closely.
Marketer in Canada
Early July, Marketer signed its first Canadian client in Toronto. With Canada having a growing appetite for digital solutions and proptech, Marketer is now introducing its technology to support the real estate industry by transforming its martech stack into data-driven execution with real-time results. The Canadian client is strategically focused on staying ahead of the competition through digital marketing automation and tools to make it easier for Realtors® to effectively run their business while meeting their client's demands. As the Canadian client is responding to the emerging trends, the introduction to Marketer’s automated platform complements their plans by integrating cutting-edge technology into their already competitive marketing tools.
If you are interested in reading more about the results and benefits of Marketer’s automated platform for selling real estate, click here.