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How Proptech is Revolutionizing the Real Estate Industry and What to Expect

By Ben Shepardson | April 25, 2023

The real estate industry is one of the largest and most important sectors of the global economy. It is also one of the most traditional, with many of the same practices and processes being used for decades. However, the real estate industry is slowly being disrupted by proptech, a term used to describe the use of technology to improve the real estate experience. 

Proptech is still in its early stages, but it is already having a significant impact on the real estate industry. As time goes by, technological approaches to real estate have become increasingly advanced to the point where the industry as it exists today is almost unrecognizable as it was just a few decades ago. Here’s what you should know about the newest developments in proptech and how they’re going to change the way real estate professionals do business.

What Is Proptech?

Proptech isn’t a cut-and-dry category. This is because the definition of proptech involves the use of technology to support the real estate industry and all that entails. This means understanding proptech is more about understanding what it can do for the average real estate professional. In this case, proptech aims to provide increased levels of efficiency to professionals by making it easier to do business. This can free up time for these businesses to focus on other tasks.

Proptech can also help real estate businesses make more accurate decisions. Using data analytics, for example, can help identify trends in markets, which can then be used to make better decisions about where to invest and how to price properties. Additionally, proptech can help businesses in the real estate industry provide a better customer experience. Proptech can do this by making it easier to connect buyers and sellers, saving time and money for both parties.

Common Proptech Applications Already In Use

Proptech is everywhere today, and it’s grown so ubiquitous that it’s nearly impossible to divorce the business of real estate from the technology that now powers it. A prime example of this is how online listing platforms, such as Zillow and Trulia, have made it easier than ever for buyers and sellers to find and list properties. These platforms provide a wealth of information about properties, including photos, virtual tours, and property details. By the same token, property management software can help landlords and property managers manage their properties more effectively. This software can track leases, collect rent, and manage maintenance requests.

Smart home technology is another area where proptech shows its usefulness. Smart devices, which include thermostats that can be controlled remotely, lights that can be dimmed or turned on and off with a voice command, and security systems that can be monitored remotely, can make properties more energy-efficient and comfortable for homeowners. They also become an attractive feature for anyone looking to buy a property equipped with smart devices. Finally, virtual reality (VR) and augmented reality (AR) play a major role in the real estate industry as it exists today. VR and AR can be used to create immersive experiences that allow buyers and renters to virtually tour properties before they make a decision. This can help buyers and renters make more informed decisions about where to live.

What to Expect in the Future of Proptech

The future of PropTech is bright. As technology continues to evolve, we can expect to see even more innovative PropTech solutions that make the real estate industry more efficient, transparent, and user-friendly. Some of the potential future applications of PropTech include Blockchain technology, which could be used to create more secure and transparent property transactions. An example of this is how a blockchain could be used to create smart contracts that automatically execute when certain conditions are met. Artificial intelligence (AI) is another major prospective player in the future of real estate as well. AI could be used to automate many tasks in the real estate industry, from property management to mortgage underwriting. This could lead to increased efficiency and cost savings for businesses.

Additionally, AR and VR are also going to advance as the technology continues to develop further past their current use. AR could be used to create more immersive experiences for buyers and renters. For example, AR could be used to overlay information about properties onto the real world, such as property details, historical information, and reviews. And it goes without saying that all of these proptech services will be built upon a backbone of high-speed wireless internet connectivity, driven by constant technological advances in mobile computing. 

The Last Word on Proptech and the Future of Real Estate

As the real estate industry continues to adopt PropTech, we can expect to see significant changes in the way we buy, sell, and manage properties. These changes will make the real estate industry more efficient, transparent, and user-friendly, and they will ultimately benefit everyone involved in the real estate market. This doesn’t mean there won’t be growing pains, however; these technologies are considered disruptive for a reason. It’s up to real estate professionals everywhere to embrace the growing trend. 

Adapting to these new technologies now will help you later when they become much more widespread. This isn’t a matter of “if” but of “when” - the march of technology goes ever on. We might not be able to predict precisely which way proptech is going to lead the real estate industry, but wherever it is heading, it’s a very good idea to follow along in the right direction!

Ben Shepardson is a Realty Biz News Contributing Writer and has a long track record of success in online marketing and web development. While pursuing a bachelor’s degree in Computer Information Systems, he worked doing enterprise-level SEO and started an online business offering web development services to small business customers.
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