The adoption of cutting-edge technologies in the real estate market has the potential to forever alter the way business is conducted in this age-old industry. With the advent of PropTech, or property technology, there has been a shift in how we engage with our properties, whether for construction, property management, home services, purchasing, selling, or renting. It is simply the application of technology and software to meet today’s real estate needs. More and more industry players are beginning to see the advantages of investing in and utilizing Proptech technologies. Let’s dive further and look into the top 5 Proptech technologies and trends that are changing the world of real estate.
Big Data
Data and real estate agents are made for each other. Data analysis to develop data-driven long-term strategy has become an essential component of real estate technology firms. Big data in real estate is assisting businesses in predicting trends, opportunities, and strategies, helping them make data-driven judgments. Such services also assist real estate brokers in building long-term relationships with their clients and improving overall business performance. Building information modeling is another unique application of big data analytics in the real estate business. Data from numerous sources enables entrepreneurs to produce 3D models of buildings, known as BIM, which are subsequently utilized for property upkeep, development, and other uses.
Virtual & Augmented Reality
VR/AR technologies have made the online property search experience more effective, entertaining, and convenient. Property is so easily accessible at the press of a button! You can take virtual tours of potential properties online. This popular property management technology development is a boon to property managers. There is no need to give extensive directions when a virtual tour can show them every step of the way. According to the National Association of Realtors, 87 percent of individuals regarded images as highly beneficial, while 46 percent found virtual tours extremely useful. Furthermore, augmented reality enables you to superimpose photographs and generate a realistic architectural representation to assist customers in understanding the home even before it is created. Using AR, one can change the designs of the property and make it more personalized.
Internet of Things or IoT
IoT refers to the appliances and devices that are digitally connected to the cloud and constantly send and receive information. The adoption of this technology in real estate is a game-changer! Because of IoT, we can imagine a world of ‘smart properties’ that seamlessly integrate the physical and virtual worlds. According to IoT analytics, the global IoT sector, which was $150 billion worth in 2018, is poised to exceed $1.5 trillion by 2025. Proptech is utilizing this technology to provide users with an unequaled comfort level. Smart in-home equipment will enable predictive maintenance by alerting property managers or owners to probable problems. IoT in real estate can improve energy efficiency and help property owners save money.
Artificial Intelligence
f we look closely, we can see AI and machine learning being used in practically every application we use today. AI in real estate is proving to be a watershed moment in the business. According to PWC, organizations are utilizing AI to remove repetitive processes such as scheduling (79%), paperwork (82%), and timesheets (78%). Finding, inspecting, purchasing, and selling houses used to be a time-consuming procedure. Thanks to new real estate technology developments, this is not an issue anymore. AI in real estate transforms raw data into useful information, improving the customer experience, and the entire process is now faster than it was previously.
Blockchain
Buying, selling, or renting a home requires a significant amount of money and personal information! Previously, high-value assets such as real estate were never transacted through digital platforms. Offline transactions involving person-to-person interactions with diverse entities have been common. However, the use of Blockchain in real estate has opened up new avenues for this process to evolve. It enables assets such as cryptocurrency to be tokenized and traded. The real estate industry is undergoing a disruptive development, with Blockchain as the driving factor. Furthermore, Blockchain in real estate can be used to validate encrypted transactions and ensure that financial records are not tampered with.
To sum it up, the use of Proptech is transforming the real estate industry and bringing in new professionalism. It is assisting in completing new tasks that the sector could not have imagined attaining, say, ten years ago. Apart from achieving project deadlines and raising building quality to new heights, Proptech is introducing new paradigms in customer service. As technology advances and organizations use more technology, the sector will gain even more efficiencies.