Property technology or Proptech as it is known, is something that real-estate industries are readily embracing. According to a KPMG survey, 58% of the real estate companies surveyed, had a digital strategy in place and 95% of them had a dedicated person leading the digital transformation in the company.
Another factor that the survey highlights is that the investment in digital, IT and PropTech collaboration is driven by a need for improved efficiencies, cost-reduction and enhanced decision-making, rather than increased revenues. Add to this the fact, that the pandemic changed the way the business is run in 2020 and literally pushed the real-estate industry to deep dive into proptech sooner than later.
But what are the trends in proptech that would continue beyond 2020 and are probably here to stay?
Based on the KPMG insights we think these 6 trending Proptech solutions will continue to grow stronger and become mainstream.
Cloud based property management solutions
Cloud-based property management solutions offer the mobility and sophistication a modern property manager would require. The solutions are extendable with business app integrations and are responsive on various devices. These solutions are fully customizable and affordable to companies of various sizes. Cloud-based solutions improve productivity and customer satisfaction. We believe this will continue to grow and just end up being the way properties are managed in the future.
Virtual Reality is one of the popular technologies in real-estate industry. Like in many other segments, VR has helped real-estate customers with enhanced decision-making powers. With virtual reality, a property can be staged, to visualize the interiors as well as exteriors of the property and can be marketed even before it is completed. VR saves time and cost for both the customer and the property manager. It offers an immersive experience as compared to a photo or a video. Considering all these benefits, VR is something that is here to stay.
Artificial intelligence is a term that gets thrown in a lot, however it is something that is slowly and steadily changing the way we work and consume information or data. An AI powered chatbot can answer intelligently and go beyond the usually fed question and answer chat bots. This helps improve the customer experience and nurture leads for property managers.
AI and business intelligence
Business Intelligence or BI and AI are separate however if AI drives the BI, it can bring about astounding results and provide powerful insights from the vast amounts of data that property managers have access to. Making sense of vast amounts of data and identifying hidden opportunities is something that this confluence can offer. As real-estate industry investment continues to grow it will be driven more by data and the opportunities it presents in future. We believe AI in business data and reporting will continue to grow and become mainstream in years to come.
Voice assistants are making slow but sure inroads in the property management solutions. Amazon recently launched Alexa for Residential that is aimed at making property management easy for Alexa powered smart homes. The idea is to make Alexa a tool for property management by easing the way residents submit maintenance requests, make amenity reservations or even pay their rent via Alexa. While this trend in proptech is very new, we believe that as voice assistants grow in use, the service will gain importance.
Smarter and Sustainable solutions
The real estate industry consumes around 40% of all raw materials globally and is responsible for nearly 30% of carbon dioxide emissions. As rapid urbanization continues to put pressure on the available resources, it is important to build smart and manage properties smarter. Property managers and facilities managers aim to optimize the way the facilities are run, and this can be possible with technology. IoT in property management is making its presence felt in areas like property search, making homes smarter, and property management. Smarter and sustainable solutions in real estate are the need of today, so we believe it will continue to influence real estate markets.
This is our list of proptech trends that we think will have great impact on the way real estate industry works and runs in the future. Proptech has been at the forefront in the recent times and as it matures as an industry it will be exciting times for those involved in it.
RealForce is a cloud-based property management solution by Rialtes. It harnesses the power of AI and VR based modules with 100% mobility and best-in-class customer support. To know more about RealForce and schedule a demo email us at firstname.lastname@example.org