If there is one word that has become ubiquitous in the world of real estate, it is PropTech.
Sam Zell, the legendary real estate businessman and investor said, “PropTech is not just a buzzword, it is a game-changer for the real estate industry. It’s providing new and innovative solutions that are making the process of buying, selling, and renting properties more efficient and transparent.”
Yet, most people fumble when it comes to clearly defining what it is or what it can do for the industry. PropTech, or property technology, is a rapidly growing industry that is changing the way we think about real estate. From virtual reality tours to smart home systems, the latest trends in PropTech are making it easier and more efficient for buyers, sellers, and renters to navigate the real estate market.
One of the biggest trends in PropTech is the use of virtual reality (VR) and augmented reality (AR) technology. Real estate companies are now using VR and AR to give potential buyers and renters virtual tours of properties. This allows them to get a sense of the space before they even step foot in the door, and can save time and money for both the buyer and the seller. VR and AR technology can also be used to create virtual staging for empty properties, making it easier for buyers to envision themselves living in the space.
Another trend is the use of blockchain technology. Blockchain is a secure and transparent way to record and transfer ownership of properties, making the process more efficient and reducing the risk of fraud. Additionally, blockchain technology can be used to create a digital record of a property’s history, including past owners, repairs, and renovations. This can provide valuable information for buyers and sellers and make the buying and selling process more transparent.
Smart home technology is also becoming increasingly popular in the PropTech industry. From thermostats and lighting systems to security cameras and voice assistants, smart home technology allows homeowners to control and monitor their properties remotely. This not only makes it more convenient for homeowners, but it can also make properties more appealing to buyers and renters.
This technology is also changing the way we search for properties. Artificial Intelligence and Machine Learning are now being used to create more personalized search experiences for buyers and renters. For example, a buyer or renter can input their preferences for location, number of bedrooms, and other factors, and the AI will search for properties that match their criteria. This can save buyers and renters time and effort when searching for a property.
Over the past few years, the real estate industry has seen a plethora of new entrants in the use of digital platforms for property management. Platforms like Buildium, AppFolio and Entrata, provide landlords and property managers with tools to manage their properties efficiently. They can handle tasks like rent collection, maintenance requests, and lease renewals all in one place, and can also provide valuable data insights.
PropTech is also changing the way we finance and invest in real estate. Online platforms like Fundrise, Patch of Land, and Roofstock allow investors to invest in properties with as little as $500. This has made it possible for more people to invest in real estate and has opened up new opportunities for property developers and builders. Other well-known companies like Zillow – a real estate and rental marketplace that provides a wide range of PropTech solutions, includes a website and mobile app that allows users to search for properties, get home valuations, and view virtual tours and Redfin – a full-service real estate brokerage uses PropTech to provide a more efficient and convenient home-buying experience for its customers.
According to Anthony Malkin, CEO of Empire State Realty Trust, “PropTech is not just a trend, it’s a necessity. The industry needs to embrace the new technologies and solutions that are being developed to stay competitive.”
The latest trends in PropTech are revolutionizing the way we think about real estate and if it hasn’t yet been completely adopted by companies and professionals in the business, it soon will be, if they want to stay in business.
About Prof Jeevan D’Mello:
Prof. Jeevan is a respected and accomplished expert in the fields of Real Estate, Communications, and Customer Experience. He is known for his extensive knowledge and experience in these areas and has built a reputation as a thought leader across the world. An author of four books, Jeevan is an internationally accredited trainer and has been awarded a Doctor of Letters (D. Litt) at Azteca University, Mexico. He is also an Executive Fellow of Woxsen University. In 2014 he won the prestigious ‘President’s Award’ in the USA and has received a multitude of awards and accolades from across the world notably Spain, Italy, Chile, Colombia, Italy, UAE and India. Besides being on the board of Global Leaders Today, he is also a board member of the US-based Community Associations Institute and Dubai-based Rotary Club of Dubai. He also served as the inaugural President of the Community Associations Institute – Middle East.
