How Proptech is Changing the Real Estate Industry

In multiple ways, technology is transforming the real estate market and creating additional opportunities for all stakeholders.

FREMONT, CA: Technology has permeated nearly every facet of existence, from education and healthcare to construction and the automotive sector. It was just a matter of time until the technology was implemented in the real estate industry. It is designed to make life more comfortable and streamline nearly every process undertaken. Agents and investors are now directly observing how technology affects their business practices. Proptech (or property technology) is, by definition, the application of technology and economics to the real estate industry.

Augmented and Virtual Reality: Augmented and virtual reality (also known as AR and VR) are among the most well-known and stunning forms of modern proptech. Although augmented and virtual reality is still in their infancy in the real estate industry, they are expanding rapidly. Currently, showing homes and closing deals are straightforward, quick, and convenient. This is especially true when vending or purchasing overseas real estate. During the development process, investors can visualize property concepts using virtual reality. Using user-friendly apps, augmented reality delivers an engaging shopping experience. Now, purchasers have a crystal-clear picture of their bright future, even before it arrives.

3D printing: You have seen developers make large-scale models to assist investors and real estate brokers visualize a potential development. You have undoubtedly seen architectural blueprints and 3D models, and tours generated by graphic design software. However, have you ever witnessed a 3D-printed home? Indeed, some real estate developers are creating 3D homes on a massive scale for individuals to purchase and live in. This Proptech trend is redefining the affordable housing landscape and turning the real estate market on its head. Some homes are constructed for as low as $4,000. Almost as mind-boggling as the concept itself are the savings. Beneficial developers are in the process of building entire neighborhoods created solely via 3D printing.

Intelligent and Effective Technology: The world seeks more straightforward, effective business methods. People are more aware than ever before of their carbon footprint. Unfortunately, most individuals are unwilling to trade service or efficiency for a sustainable lifestyle. Because of Proptech, they no longer have to. Without diminishing quality, energy-efficient building materials, appliances, and power sources help reduce pollution. SMART home features are another technology development influencing the real estate sector. Automated door locks, cameras, security systems, and smart appliances make daily tasks more accessible. At least in part, this is due to the millennial generation. As of this writing, approximately 40 percent of homebuyers are millennials, the highest proportion of any cohort. One thing millennials know about and want in their new houses is innovative technology and gadgets—all while living a more sustainable and environmentally conscious lifestyle.

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