To begin with, let’s take a journey back to the real estate sector’s growth over the past year. Despite the disparities and the odds, 2018 was a year which boosted the real estate sector in many ways. If we take a closer look, we can see that the outcome was more or less fenced by the developments in the proptech. Now, let us see what this proptech actually refer to and what are the top trends in proptech.
Property Blended with Technology – PropTech
Just as the name indicates, proptech is the right combination of property with technology. And now you will be wondering how we can align property with technology. You might not be familiar with the term proptech, but browsing the internet for online solutions for your housing and property requirement might be familiar to you . This is what exactly proptech is all about. The whole point is that why would you want to spend too much for things like information and services, when everything is readily available right in front of you, at the comfort of your own home.
Proptech in more words is the proper blend of real estate with technology. Right from how the property is being occupied till the property management, all the intermediate processes are together termed as proptech. Now, to be more simple, right from the selection of a home, then obtaining 3D views, getting data analysis to the selling of the property, proptech has got a solution.
Top Trends in PropTech
Now, let us look into a few tools that help increase the real estate turnovers, the top trends in proptech.
1. Big Data – The Big Information
Big data is indeed a decision maker and one among the top trends in proptech. Let us not forget that in the proptech industry too. The trends are such these proptechs are using big data to make better decisions in the buying and selling process. For years the industry has seen an upsurge and the reason is quite well known. The real estate companies will extract the data and later use it for analyzing the market trends. Thus it enables the buyers to know the history of a property or to know about the neighborhood, or the price trends and so on. Moreover, big data also make the predictive analysis based on the collected volumes of data. This involves whether the market will collapse or is it a good time to invest and so on. Thus big data is driving big traffic for the real estate sector these days.
BIM or Building Information Modeling is a 3D model which helps in bringing out quality designs even before the site is ready. This involves the use of a virtual constructive model, which can improve the quality of the building. There are many technologies where even the hand sketches can be made into a 3D model. The advantage with BIM is that it helps in each step of the development of the project, right from planning, designing, construction to managing the infrastructure and the building. Moreover, it is a support system to the architects, engineers as well as the building professionals. Thus BIM helps the proptech to bring a much more quality design and is sure in the list of top trends in proptech.
There is yet another aspect which has to be considered while the process of construction goes on. It is about construction technology or Contech, which is also part of proptech. These days we can see that the construction costs are very high and to find the right quality products is a hard task. Construction technology eliminates all this by using software, hardware, materials, equipment, or even tools. The advantage of using Contech is that it will impart more safety to the buildings, cost-cutting, effective use of resources, gain in productivity, less human labor and much more. Thus we can undoubtedly categorize it among the top trends in proptech.
4. Drone Technology
Let us look into the 4th point – drone technology, yet another in the list of top trends in proptech. It is indeed an essential element in proptech these days. It is being used for giving property overview to the customers. Also, drone technology enables virtual tour of the interiors of the property as well. Thus it makes it easy for homebuyers. In fact, this drone technology takes homebuyers through a video tour. These flying cameras capture the exterior as well as the interior of the building and make it look so appealing that anyone would want to buy it.
5. Internet Of Things
This is the age of smart homes. Internet of things had so much to do in the real estate sector. IoT brings homes that are smarter with voice based temperature controllers, smart security system, smart kitchen and much more. Apart from this, it also plays a big role in automating the maintenance processes of the building and the equipment. This includes the operation of the lift, and such services. Also, IoT helps in notifying about the maintenance, to be more precise, prediction of maintenance by checking and analyzing the home systems. It thus forms a key element in proptech.
6. AR and VR
Now a day, the technology allows homebuyers to see the entire property right from their own shelter. Augmented and virtual reality , in fact, showcases the features of the projects, including the tiny details so that you don’t have to go out and see it. The features enable live view of the projects using digital elements. This is a key element in proptech as it helps the homebuyers visit the properties, without even leaving their rooms.
The concept of green and sustainable buildings are mainstream now. Moreover, it is an essential ingredient too. GreenTech focuses on bringing buildings with less pollution and harm to the environment. The buildings these days are constructed with less energy consumption technologies, which largely contribute to less destruction to nature. These features propels the proptech in positive ways for sure and falls in the top trends in proptech.
This is yet another effective tool used in proptech. The technology helps in identifying the proper location of the projects. Similarly, it helps in targeting the right audience with the help of analyzing a particular locality. Thus, it creates a big impact in the real estate marketing and act as a fuel for proptech.
The Futuristic Views of Proptech
When we look globally also, we can see that the capital investment in the proptech is rising rapidly. This is a positive flag that portrays how good the industry is soaring up and in fact, is the after effect of these top trends in proptech. With technologies propelled with the real estate industry, sure the outcome would be more. So, let’s wait for the technologies to reduce the costs in construction process, yet with not a single point in reducing the quality and standard.