The future is digital.
If you’re wondering what “Proptech” means, you’re not alone. A few years ago, Proptech was rarely talked about. However, due to digitization efforts in various industries, the real estate market is embracing the use of technology in their day-to-day life.
Proptech, short for Property Technology, is a term that encompasses the application of information technology and platform economics to real estate markets.
More and more trends in Proptech are emerging. What are the important trends that will shape the development of real estate in 2020?
Property Management platforms like Rent Manager and MRI Software are becoming increasingly popular and will only continue to do so in 2020. Why? Because a significant issue that property managers are facing is the time commitment and complexities of managing their property portfolio. Through these platforms, property managers can market, automate, and manage their business in one place.
At ClickNotices, we are able to see every day how setting up a single platform for property managers improves efficiency. Our software integration merges with your property management software to send out late rent notices. If you would like to learn more about our services, click here.
2. Internet of Things
Today, we can order food, a ride (Uber or Lyft), schedule appointments, and manage just about any task online. Therefore, why shouldn’t we be able to manage a building digitally? Renters and homeowners in today’s world want to control lights, temperature, and more from their phones.
The Internet of Things is a technology that links things such as plumbing, electrical outlets, thermostats, and lighting systems and performs smart functions through the internet. IoT technologies make it easier for people to purchase, sell, and own rental properties, ranging from easy property display and increased energy efficiency to predictive maintenance.
3. Augmented and Virtual Reality
Augmented and virtual reality allows potential buyers to view properties thousands of miles away. As residential real estate has shown us, the benefits of having customers being able to walk through a property using VR speak for themselves. Augmented reality, though slow to implement, adds more meaning to what audiences see – a godsend for prospective buyers of land. Brokers and developers can use Augmented Reality to view unfinished spaces and beautify or decorate the room using their tablets or phones. AR enables buyers and realtors to experience constructions from a unique and different viewpoint through immersive 3D visualization.
Blockchain removes the need for any third-party players while rising property market liquidity. This is the technology that drives cryptocurrencies such as Bitcoin. Essentially, it is an electronic, public ledger that tracks all transactions without having to be checked by banks. Eliminating an intermediary means lower legal and title-related costs as well as a quicker method of settlement. By 2020, more and more properties can be projected to be sold using blockchain technology.
5. Chat Robots
Another significant advancement in real estate technology is the rise of robots. Soon, robots will be the primary source of initial contact for prospective buyers. Why? Because customers expect their questions to be answered immediately. Therefore, robots like virtual assistants, voice bots, and chatbots are essential. Not only do they respond without delay to customer questions, but they can also communicate with your customers in any language, eliminating language barriers. Chatbots are found on a lot of popular social media platforms and websites to schedule property viewings and log conversations.
Technology is changing the real estate/property management industry, but that doesn’t mean your job is going to become obsolete. Industry workers should embrace the new technologies available to them and take advantage of what they have to offer instead of being afraid of them.