Latest technologies promise future proptech trends to realtors by transforming the existing real estate business approaches.
FREMONT, CA: In recent years, Proptech has already added high values into the real estate industry, while continuously offering new opportunities to the realtors. Advanced technologies like cloud computing, blockchain, artificial intelligence and many more integrated with proptech are gaining massive popularity across the real estate industry. There are many trends on the list of future proptech solutions, which carry the potential to bring a huge revolution in the existing proptech offerings and services.
• Space-As-A-Service Platforms
With the latest concept of Space-as-a-Service (SPaaS), the existing business model of the real estate industry is undergoing extensive operational change. SPaaS provides various services that enable the tenants to utilize the space efficiently. SPaaS can offer innovative building management platform for the commercial properties by empowering the property owners to manage their buildings more efficiently. The advanced technology can identify underused spaces of the building and help the users strategize efficient utilization of spaces. The SPaaS-integrated services and products for real estate business professionals have become a significant focus for proptech investors.
• Real Estate Tokenization
The distributed ledger technology majorly contributes to the real estate market by offering transparency, traceability, accessibility, enhanced security, reduced cost and permanent documentation of the real estate business processes. Blockchain in proptech eliminates the need for intermediaries like private agents or lawyers for verifications and payment processes. Integrating the blockchain features into proptech operational activities can make speed up multiple property management services, and customize the deals and business operations according to the buyers' demand. The benefits of smart contract system for proptech can address transparency issues in the property investment. The advanced technology empowers proptech to enable crowdfunding using tokenized assets.
• Smart Building Applications
Technologies like Internet-of-Things (IoT), machine learning, artificial intelligence, and data analysis influence the modern age proptech firms. The changing ways of managing buildings and houses are rapidly growing, smarter and simpler. Today, the digitalization and automation of the real estate industry have maximized the buildings or housing efficiencies. The real estate professionals recognize the future demands and business benefits of smart buildings, which are not only the next-generation trends but prove to offer long-term business growth. Smart appliances like sensor-based lightings or air-conditioning, intelligent cameras, and more generate data-driven business models and efficiently balance customer satisfaction with business needs.
• Digital Connectivity
The next-generation network, 5G, offers flexible portfolio management opportunities for the real estate industry. 5G can push boundaries of IoT data network and allow the deployment of scalable and reliable property solutions such as lighting, parking, waste, environmental sensing, people counting and congestion management. The advanced network capabilities bring advanced data, which can harness green building metrics, exploring opportunities for the property owners to deliver real estate facilities to both the private and government sectors.
• 3D Printing for Future Construction
3D printing technology is preparing the proptech for future customer demands and offering high-tech business solutions. In the property construction sector, 3D printing experience rapid adoption. The technology helps property developers to manage the usage of materials and reduce construction waste, which saves huge capital from material investments. 3D printing technology provides affordable and accurate designing processes, and let the property developers take beneficial decisions during building developments. The advanced technology can scan the construction site instantly and deliver complete site information in lesser time.
The digital age demands high-tech property solutions, motivating the real estate business professionals to look for latest technology and upgrade their existing business model. The proptech firms put continuous efforts in the productivity of real estate offerings from buildings to services. Covering the real estate business operations for policy, regulation, deals, and others, proptech rapidly moves towards the next-generation property business.