Property tech is on a roll, changing how we think about real estate investments. The immediate future will see a lot of the significant property firms becoming more tech-forward, boosting the industry as a whole. We believe that 2022 will lead real estate tech companies to look at ways to overcome those challenges and will set the real estate industry up for a period of rapid technological innovation and adoption.
Looking forward to 2022, increasing awareness about ESG within the real estate sector and among tech companies has led the way to significant increases in ESG initiatives, investments, and financing. Rising demands from property owners for effective property management technology solutions, Ticket Management Systems, and other needs are driving a surge of investments into PropTech and the real estate sector. Continuous developments in digitalisation and cloud technologies will further boost the advancements in the real estate industry.
The development and promotion of emerging technologies like Big Data, Artificial Intelligence, and Machine Learning have driven the growth of all the digital industries, including PropTech. The real estate technology (proptech) landscape is transforming the industry, introducing new technology innovations that improve how we live and work. Digital communications are becoming the norm, efficiency, security, and sanitation are paramount, and Prop Tech technologies allow buyers and sellers of property to access information and consultations online.
Online catalogues, videos/virtual tours of properties, and online transactions are a few parameters the real estate industry has started embracing using technologies for making processes faster, efficient and convenient. AI is already being used throughout the industry, doing the heavy lifting behind the scenes for major real estate processes such as appraisals, managing contacts, remodelling estimates, etc. With AI tech, real estate tech companies can analyse massive amounts of data in real-time, resulting in valuable insights.
The current devices, used extensively in the real-estate sector these days, produce massive amounts of data, which may relate to the locations, tenant details, etc. Based on massive data analysis, one gets insights into current trends, assesses risks, and gets a better idea about buyer needs. In some cases, many leading real estate companies are also the co-developers of cutting-edge technological tools that are helping in improving building operations efficiencies and how people work, live, and hang out in improved built spaces. Another factor slowing the wide-scale adoption of real estate technology is attempts by prominent players in the industry to develop proprietary tools. VR and AR technologies soared as critical real estate tech trends within the real estate industry to enhance the buyer’s experience during the coronavirus pandemic.
