PropTech Trends: How They Impact the Real Estate Sector

Unless you have been living under a rock, you know the world continues to become increasingly reliant on technology for, well, everything. We shop online, make payments online, and so much more. This digitalization has made its way into the world of property as well. Technology and the digital way of life have become quite prevalent in this industry and given rise to a whole new segment called PropTech. The rapid rise in the need for digital tools and the popularity of various modern technologies has led the real estate industry to embrace technology. A recent study by KPMG found that as many as 58 percent of real estate companies have set up a robust digital strategy for their organizations. And 95 percent of them have appointed a dedicated executive to head their digital transformation endeavor.

As the sector continues to evolve, so do the many, many trends that have any bearing on it. To keep up with these changes as well as to ensure one can retain their edge in the market, among the best strategies companies can adopt is to keep a close watch on the market trends, especially the ones that are poised to have an impact on the real estate industry’s future. Case in point, we are now seeing the emergence of cloud-based management solutions for real estate that are helping companies achieve improved customer service, productivity, etc. Let’s take a look at some other such PropTech trends that are projected to be crucial for this sector.

1. AI-powered chatbots: There has been a rapid rise in AI application scope across industries, including real estate. One of the most sought-after solutions to emerge from this crowd is AI chatbots, which help real estate companies deliver top-quality customer service. Chatbots help with that by answering customer queries, assisting them with their searches, etc.
2. Virtual reality: VR has found particularly intriguing applications in the real estate world, starting from helping agents to virtually stage properties to allowing prospective customers to check out properties they may be interested in without needing to even get up from their couch. The immersive experiences VR offers have proven to be quite the game-changer for the sector.
3. IoT-driven property management: Yet another technology that has been making waves in the real estate sector is the Internet of Things. Thanks to the connected devices, smart security systems, smart meters, etc. have entirely transformed the concept of homes. People are now increasingly expecting intelligent homes, smart offices, etc. — i.e. places that are entirely in sync with the occupants’ habits and needs.

As the market continues to evolve and urbanization continues its modern technology-driven march into the future, these trends will guide companies. And suppose you too wish to leverage them for your benefit. In that case, the first step should be getting in touch with a real estate app development company and start working on an advanced solution for your business.