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4 Aug, 2021
How Is “PropTech” Changing Real Estate?
The events of the past 2 years were enough to bring many businesses to their knees.
Real estate was one of those that was expected to be the hardest hit. But instead of laying down and accepting its fate, the property industry stepped up and rolled with the punches, breathing life into ‘PropTech.’
When pushed into a corner, it turns out that real estate can go digital just as well as the next guy.
Read on for a closer look at PropTech disruption and the benefits it brings.
What is PropTech and what are the benefits?
PropTech, or property technology, is real estate’s way of continuing as close to normal as possible, with much of the industry going digital. In the past, real estate has been very slow to update their systems and keep up with the Joneses. After all, why fix what isn’t broken?
Various real estate processes can happen using PropTech and its apps, from shopping to buying to even creating a smart home. These apps and technologies not only simplify the lives of agents but also of investors and buyers
With just a simple smartphone and the right app, agents or sellers can produce virtual tours of apartments for sale. Even more beneficial to the real estate industry is being able to create virtual tours and provide 3D Floor plans for off-the-plan projects.
Off The Plan Projects
Off the plan projects are those that are not yet complete before they go on sale. Some have even yet to be started. Buyers are sold on the idea of the projects & the features & finishes, rather than the physical feel of the apartment or house.
Buying property off the plan may seem like a daunting idea. Yet, in this day and age, the digital mock-up of projects is so advanced and accurate, that you cannot help but be impressed and intrigued.
With the right company and the right information, there is nothing to concern yourself with. This is where PropTech comes into play, Being able to see what your potential apartment and the surrounding space look like goes a long way to helping property buyers make a quick decision.
Real estate companies who have invested in PropTech to sell off the plan projects have various tools at their disposal. Well-planned sites and portals are a must, as well as clear and accurate designs and appealing visuals.
Mortgage calculators are another handy tool to have. They encourage potential buyers to do some sums, which can change a mindset for just looking to buying. Many companies also have all their current projects on display for buyers to browse.
Here to Stay
No industry that has made the switch will ever regret going digital, and the addition of PropTech for real estate is no different. By implementing new features which encourage the virtual purchase of property, even for apartment blocks that haven’t begun, property sales will experience a huge boost.
If you would like more information on our off the plan projects or see what else we have to offer, click to contact our friendly, professional team today to make your property dreams come true.
St Trinity Property Group and its affiliated entities, representatives, agents and related companies (collectively referred to as ST TRINITY PROPERTY GROUP) respect the privacy and security of your Personal Information, as defined below, and comply with the requirements of the Australian Privacy Principles under the Privacy Act 1988 (Cth).
WHAT PERSONAL INFORMATION DO WE COLLECT AND HOLD?
Under the Act Personal Information is defined as information or an opinion about an identified individual, or an individual that is reasonably identifiable, in whatever form and regardless of whether it is true or not (Personal Information). The Act also defines a subset of Personal Information as sensitive information (for example health records, racial or ethnic origin, religious beliefs, criminal records).
The types of Personal Information we collect and hold will depend on the circumstances of collection and on the type of service we are providing. For example, when we are engaged to sell a property, we may collect and hold Personal Information from both the seller and potential buyers such as name, address, email address, telephone numbers, employment details and details about their business.
HOW WE COLLECT PERSONAL INFORMATION
We may collect Personal Information about you directly when you deal with us over the telephone, send us correspondence (whether by letter, fax or email), have contact with us in person, visit our websites or complete hard copy or online forms.
There are also circumstances where we may collect Personal Information about you from someone else. For example, from:
• Market research companies contracted by us to obtain information so that we may improve and market our services;
• Your employer;
• Other agents and valuers who may be involved in the services we provide;
• Property developers who contract us to market properties;
• Publicly available information and databases;
• Any of the companies within the St Trinity Property Group (both local and overseas);
• and Anyone you have authorised to deal with us on your behalf.
We also automatically collect certain information when you visit our websites or our subscribers receive promotional emails from us via cookies and other tracking technology (such as web beacons), some of which may be capable of personally identifying you. Such information includes the type of browser and operating system you are using, your IP address and how you use our websites.
WHY WE COLLECT, HOLD AND USE PERSONAL INFORMATION
We generally collect, hold and use your Personal Information for the purposes for which it is provided to us (which will usually be obvious at the time of collection), related purposes or as permitted or required by law. Such purposes may include:
• Acting as agent for vendors or purchasers in relation to the sale of a property;
• Acting as agent for owners or tenants in relation to the leasing and or valuation of a property;
• Project management services;
• Structured advisory services;
• Town planning services;
• Capital allowances services and other consulting services in relation to the property market;
• Administration of our business, such as collection of overdue commissions or outstanding fees;
• Responding to client enquiries and communicating with you from time to time to maintain contact and keep you updated on the services you have requested;
• Forecasting future needs of our services and general quality assurance and training purposes;
• Engaging in legal proceedings and/or enforcing judgments and/or orders;
• Complying with the applicable legal or regulatory requirements and/or orders of competent authorities;
• Providing you with promotional and marketing information, including market research reports, newsletters, event invitations and/or property market information relating to our products and services which we think may be of interest to you; and Any other purpose identified at the time of collecting your Personal Information.
DISCLOSURE OF PERSONAL INFORMATION
We may disclose your Personal Information to third parties as may be necessary for any of the purposes stated in the above section. Such third parties generally include:
Our third party providers, contractors, consultants, agents and/or representatives (such as law firms, banks, financial institutions, insurers, IT providers, mortgage referral services providers and/or wealth management services providers) who provide services to us or on our behalf, including to:
• Conduct valuations;
• Assist with obtaining payment from creditors;
• Operate data centres;
• Conduct market research;
• Provide advice;
• Potential buyers, tenants, conjunctional real estate agents and brokers for the purpose for which the information was collected or for related purposes (for example to complete a transaction on your behalf or provide you with a service that you requested); Anyone you have authorised to deal with us on your behalf;
• Any of the companies within the St Trinity Property Group and their related companies; Government authorities, regulatory bodies, law enforcement agencies, courts, tribunals and/or parties to the legal proceedings where you have consented to this or we are required or authorised to do so by law;
• Debt collection agencies; and/or Any other third parties identified at the time of collection of your Personal Information.
DISCLOSURE OF PERSONAL INFORMATION OVERSEAS
Some of the third parties listed above to whom we may disclose your Personal Information are located overseas. For example:
Our information technology and business process service providers that are located in countries including (but not limited to) the Indonesia, India and Philippines; and Our overseas clients that are located in the same countries as the companies within the St Trinity Property Group.
However you acknowledge that, by agreeing to the disclosure of your Personal Information to these entities outside of Australia, we will no longer be required to take reasonable steps to ensure the overseas recipient’s compliance with the Australian privacy law in relation to your Personal Information and we will not be liable to you for any breach of the Australian privacy law by these overseas recipients. On this basis, you consent to such disclosure.
ACCESS, UPDATE AND CORRECTION OF PERSONAL INFORMATION
We take reasonable steps to ensure that the Personal Information we hold about you is accurate, complete and up-to-date. However, we also rely on you to advise us of any changes to your Personal Information. If you are able to access your Personal Information by logging on to an account you have with us, it is your responsibility to ensure your information is accurate, complete, relevant and up-to-date.
On request we will provide you with access to the Personal Information we hold about you, including for the purpose of correcting or updating that information, unless otherwise required or permitted by law.
There is no charge for making the request or giving the access to your Personal Information. We will deal with your request within a reasonable period after the request is made.
If we refuse to provide you with access we will provide you with a written notice that, at a minimum, outlines reasons for the refusal and the complaints mechanisms available to you.
If you wish to access the Personal Information we hold about you or to update or correct it, you can either do so by logging on to your account (if you have one) or contact us using the contact details provided below. We will require you to verify your identity and specify what information you require.
SECURITY OF PERSONAL INFORMATION
We take reasonable steps to protect any Personal Information that we hold from misuse, interference and loss and from unauthorised access, alteration and disclosure. For example, we implement IT security procedures including password protection, firewalls and site monitoring and we store your Personal Information on a secure server.we store your Personal Information on a secure server.
However, data protection measures are never completely secure and, despite the measures we have put in place, we cannot guarantee the security of your Personal Information. You must take care to protect your Personal Information (for example, by protecting any usernames and passwords). You should notify us as soon as possible if you become aware of any security breaches.
When you register as a member on our websites, you will be given a choice as to whether you want to receive e-mail messages from us, including newsletters, announcements and e-mail communications about our latest news, products or services. To the extent the relevant local law requires us to seek your consent, we will only send such messages to you if you opt-in. If you do not wish to receive direct marketing calls or materials, you may use the unsubscribe facility in the marketing communication or contact our Chief Privacy Officer using the channels prescribed below. Further, as a registered member with us, you can modify your choice at any time by accessing your registered account with us. We will stop using your Personal Information for direct marketing if you so request.
PRIVACY ON OUR WEBSITES
WHAT IF YOU HAVE A COMPLAINT?
PRIVACY & SITE CHANGES
OUR CONTACT DETAILS
• St Trinity Property Group
• Chief Privacy Officer