Top 7 ways Proptech is changing the Real Estate Marketplace
We have integrated technology into almost every part of our day to day lives. A smart phone in every hand; a laptop on every desk. There are bigger changes though, that often go unseen. Life saving medical devices are being created; new more efficient batteries, and more intelligent software!
Okay, so those second two didn’t sound all that important or exciting — but what if i throw the word ‘Tesla’ at you? A company entirely made possible by advanced battery technology. And what about AI? Software that has the ability to learn, grow and become more complex over time. Suddenly, software and batteries become captivating and, well a little bit scary…
Real Estate is not in any way immune to these changing times — nor should it be. Proptech is changing the way people engage with one of the oldest industries known to man — Real Estate.
Here are 7 ways in which proptech is revolutionizing real estate for everyone, from developers to renters.
Augmented and Virtual Reality
AR and VR experiences in real estate are still young and evolving. However, the simplification of the property viewing experience can only make it easier for potential investors.
The applications of this tech is quite wide. Using VR a potential buyer can view a property from the other side of the world. Or, they could be shown a development that is yet to even be finished.
When it comes to AR there are a number of applications you can use now which allow you to have a more interactive experience when viewing a property. AR provides transparency, and allows you to properly appreciate the possibilities of a property. To this end it can be an incredibly useful marketing tool.
There are some fairly simple proptech AR products coming onto the property market, ones which may border on gimmicky. However, we think they demonstrate great future potential.
Dulux, the paint company, has an AR smartphone app called colourview that allows you to change the colour of your walls; pretty good idea.
Similar apps exist for furniture, such as Ikea Place, allowing customers to place items of furniture within their homes before deciding on the purchase.
AR is even being used to visualise subterranean infrastructure, i.e., where pipes and cables are running underground.
Internet of things
If you aren’t already frothing with excitement, the Internet of Things (IoT) is where things begin to get really exhilarating. The IoT is the network of connected devices that are able to communicate with each other to the benefit of the user.
It is changing the way people interact with their surroundings, whether it’s your network of Sonos speakers in your home or real time tracking technologies on international shipments. The IoT has one function, streamline processes, remove inefficient steps and improve user experience.
When it comes top proptech then, what does this actually mean? The IoT can, and will continue to improve the real estate industry with an array of varied applications. From devices designed for predictive maintenance, or accelerated decision making, to increased energy efficiency in the home. The possibilities are endless.
Greentech
Leading neatly on from the last point, Greentech begins to fulfil its potential because of the IoT. With increasing concern for climate change and sustainable living, anyone who ignores these things is going to come up against the wrong side of consumer demand. And as younger people become new homeowners, there is an opportunity to capitalize on smart technology that will make property more appealing to energy conscious and tech savvy individuals.
There’s more though, one proptech company we’ve come across PHYSEE has developed smart windows. These are completely transparent and produce energy like solar panels. They also simultaneously generate data by sensing the environment inside and outside the building allowing you to optimally control the climate inside. And by connecting to the IoT you can easily view the data gathered and control it through your smart devices.
And we haven’t even started on the effects of AI technology in optimising these greentech solutions….
Drone Technology
Drone technology has been changing the way a number of industries interact with the world. Adopted by military first, the versatility of drone technology quickly made it immensely popular with consumers and businesses alike.
When it comes to getting imagery in real estate, drone technology has opened up the photographic possibilities. Drone tech helps real estate agents sell properties, how could it not when they can now get dynamic 360 degree aerial shots of the property, with ease.
On top of this there are a number of photographic technologies that are enabling effective visual mapping of the interior of properties. These can integrate with VR for fully immersive virtual tours allowing people to experience properties like never before.
3D printing
3D printing isn’t at all about strange people making strange things from a computer. The business applications are tremendous. Being able to design something on CAD and then simply print it… How does this apply to real estate though?
There are a number of proptech companies and projects that are well worth keeping an eye on. But the main application of 3D printing technologies is the 3D printing of homes with concrete. That is correct, you can now print a house and it is changing the way we think about affordable housing.
In 2014, the company WinSun began its quest to produce 3D printed homes. They printed the first homes on a site in China, setting a very high bar. WinSun printed ten houses in a span of 24 hours — an incredible feat. In addition, each house only cost $4,800 to make, proving how important this technology could be to helping house the poor.
Another important project is Project Milestone which is being run by The Eindhoven University in Holland. They are partnering with various companies to 3D print a community of five residential houses.
These technological advancements will not only make the industry cost-effective but also sustainable.
Blockchain
Blockchain use can potentially revolutionize rental property payments by removing middlemen and reducing transaction cost. More than this, by using secure blockchain transactions of ownership, you can allow multiple people to interact and view the transaction process in a secure and open way.
There are several blockchains currently operating to this purpose, but the biggest disrupter is likely to be Facebook’s Libra which will be released sometime in 2020. Facebook plan to create a stabilised currency that will allow people to manage and securely exchange money using their software.
Data
In almost all industries data is King. Real Estate is no different. Technology designed to gather, structure, and understand data has been changing the way real estate investors go about investing, managing and operating property.
It allows big companies to extract and predict data on everything from property history, neighborhood evaluations, and mortgage payments, to predictive future valuations. By doing all this, and understanding the huge amounts of data that are dealing with, investors can more confidently and sustainably expand and grow their businesses.
Bonus: Property Management Software
We would be remiss if we didn’t talk a little about ourselves on such a blog post. Property management software is making it easier than ever for landlords and property managers to effectively and efficiently manage their properties.
They can save time by automating repetitive tasks, gain insightful overviews of their financial and easily manage their accounts.
Landlord Studio allows you easily manage you properties from your mobile, tablet or desktop. Property management done right.
Originally published at https://www.landlordstudio.com on June 24, 2019.
