“The future is digital”, this applies to all aspects of our day to day life. Digital innovation is now consequently shaping our society and is very much evident within the real estate industry. Although buying, selling and ownership will remain in the physical form, property transactions are to become digital in the foreseeable future.
“Proptech boom” in real estate is to be expected come 2019. These Proptech trends will change the traditional way of how real estate agencies work. While PropTech was hardly a major concern over the past few years, digital adaptations of other industries have also opened up interest to the real estate market.
Let me give you some insights as to what are the six global Proptech trends you can look forward to in 2019:
“Location” is very important in the real estate industry. With the help of mapping technologies, address information comes with a list of data attributes such as building type, sale value and points of interest. One major advantage of Geolocation tech is that it allows real estate developers to make a more accurate estimation of properties.
- Augmented and Virtual Reality
The use of AR and VR are becoming popular these days. In terms of the real estate market, a VR allows potential clients to virtually view several properties without having to leave their current location. AR application, on the other hand, helps agents present a much clearer vision, more informative and visual proposals.
- Drone Tech
Drones are able to capture full 360-degree views of properties and their surroundings. This allows potential buyers to have a glimpse of what will it be like to live in a particular neighborhood. Drones can also be used in site monitoring of construction companies. Instead of sending someone up onto a roof to conduct a survey, a drone can be used to accomplish the task. In this way, construction companies will be able to save time, money and at the same time mitigate risks.
Blockchain supplies information of buyers, sellers, title work, reporting, lease, and vendor work on any commercial property. Blockchain enhances market transparency and speeds up the transaction from days, weeks or months to minutes.
- Internet of Things (IoT)
This refers to any physical thing that is connected to the internet through an embedded device and software: a device, vehicle, building, etc. These physical objects are equipped with sensors that collect, analyze and interpret data.
Making use of chatbots will greatly help realtors in answering certain inquiries about a property. Even the most energetic person in the universe needs to rest to regain energy. Chatbots are now slowly penetrating the market and it is essential to take full advantage of this trend. Furthermore, it is to be expected that chatbots will also give out advice to prospective clients within the near future, this will include: fair property value, location assessment, and other information connected to sales.