It is no secret that traditionally slow to adopt technology advancement – the Real Estate industry is now making waves with embracing proptech.
Proptech refers to property technology, sometimes Real Estate Tech or Commercial Real Estate (CRE) Tech. The term may have different names but at its core it has the same meaning which is – a perfect blend of real estate and modern technologies.
In simple words no matter what name you call this term, proptech always means a strong alignment between real estate and technology. At present some dominating PropTech Innovations in the Industry are AI, VR, and blockchain.
While these technologies are transforming the entire Real Estate Sector, they are vastly enhancing the way realtors sell, market, and manage their properties. Here in this article we will see how emerging Real Estate Technology Trends are shaping the most critical part of real estate “property management”.
The key advantage of embracing cutting edge technology trends in property management is improved efficiency of existing processes, workflows, and communication. According to statista’s recent reports the most potent disruptors in the real estate sector are Big Data, Blockchain, and Artificial Intelligence. Let’s get into the details:
1. Big Data
Digitized real estate operations generate vast volumes of data including structured and non structured that is where Big Data comes into play.
Big Data helps Real estate professionals to easily manage and analyze their data, getting real-time and micro-level insights on potential selling scopes and associated investment risks. With such smart data analytics approaches they gain critical insights and make data-driven decisions.
They key benefits of Big Data in Real Estate Management include:
Enhanced Operational Efficiency
With automating daily tasks like data collection and follow ups, agents not just get to streamline their workflows and optimize the resources but also get to have some extra free time to focus on more critical tasks such as closing sales deals.
Improved Client Experience
Getting access to clients’ historical data, real estate agents can easily understand and predict their behavior and property preferences. These client-specific details help agents to deliver highly personalized solutions to meet clients’ expectations.
Market Analysis and Risk Management
Big data analytics also include analyzing demographic data and market conditions making investment decisions while mitigating associated risks easier for real estate professionals.
2. Artificial Intelligence
It is no doubt that ever since AI has entered the Real Estate Software Development industry it has redefined the way people look at the proptech solutions.
Once agents get the vast amount of structured and well organized data, AI helps them to make sense of that data with advanced learning and prediction capabilities. If you think AI is limited to data analysis in Real Estate, then this information is for you.
As per proptech statistics & facts – By 2028, the worldwide market of chatbot is expected to reach $21.08 billion. It means a growth rate of 29.18% CAGR.
Beyond data analysis, AI can simplify the leasing landscape, increase efficiency, and enhance the overall customer service. Some other benefits include:
- Enhance lead generation and nurturing.
- Boost clients engagement and retention with personalized solutions.
- Improving construction with building information models (BIM).
- Critical Investment insights to make smart decisions.
- Reducing the chances of manual errors with automated daily tasks.
3. Blockchain
Due to its extremely secure nature to manage transactional data, Blockchain is gaining huge popularity in the real estate management industry. It basically stores data in blocks in different locations that are also called nodes, across a network of computers and each one of them together with a ledger chain.
These nodes can be shared but not changed, deleted or forged without leaving a footprint. If an attacker tries to breach this system, then they need to compromise a majority of the network to alter the blockchain, which is extremely difficult.
Another amazing feature of Blockchain is all the stored transactions are signed with the private keys of the users, which verifies the authenticity and integrity of the transaction.
Blockchain-powered smart contracts are transforming the way how realtors sell, lease and manage real estate transactions.
As stated in several surveys, blockchains are considered the future of the commercial real estate industry with the global blockchain market expansion reaching $2,334.46 billion by 2032.
Some of the great features of Blockchain for Property Management Software are:
Property Searches: Get real-time accurate property information on your fingertips with no hassle of going through various listing services.
Automated Smart Contracts: Change or update your properties pricing automatically in real time suiting best to the market conditions.
Title Management: With multiple encrypted blockchain nodes and smart title assessments agents can ensure that the titles are accurate, up-to-date, and free of any legal issues that could affect the ownership or transfer of the property.
Decision-Making: Get a highly secured and transparent database that can be shared with all the authorized users to reduce data redundancy, duplication, and silos.
Conclusion
Digital Transformation in Real Estate may still be in the initial stage but, these PropTech Innovations are all set to speeding towards revolutionized property management.
In order to stay competitive and reap the maximum benefits of the Real Estate technological advancement make sure you have the right Property Management Software for your business.
