PropTech Trends that are Taking the Property and Real Estate Industry into the Next Level

The emerging PropTech-wave is gradually taking over the real estate industry. The real estate professionals need to be aware of the emerging trends in the prop-tech sector to stay ahead of the curve

FREEMONT, CA: Real estate is not any more immune to the tech-revolution. PropTech is gradually changing the look of the real estate industry with all the new and advanced technologies. PropTech is showing easier ways to buy and sell properties. The real estate professionals and property managers need to be aware of the key trends in the prop-tech sector to stay ahead of the curve.

Here is a list of the top 3 emerging PropTech Trends

Artificial Intelligence and Machine Learning

Real estate industries will benefit largely from embracing artificial intelligence and machine learning, as this will allow their huge pile of collected data to be more actionable. Currently, property search sites depend on limited options such as size and locations to show the list of properties available for sale. Soon, in the near future, AI may allow the search engines to include recommendations based on personality traits, values, and preferences.

Compared to humans, chatbots may respond quicker, and they may even conduct more showings to the buyers in a day. AI will deliver more accurate pricing trend predictions. While recommending suitable properties for potential buyers, it may also consider the crime rate in the area, marketplace activities, and transport connectivity.

AI-enabled PropTech will facilitate and shorten the buying process, offering the buyers a satisfying experience. Few startups are already considering a complete digitalization of the whole buying process.

Internet of Things

 The Internet of things is a reference to the smart devices or appliances that are digitally connected to clouds, constantly transmitting and catching information. Including smart sensors in machines will alert the owners and property managers of the problems along with maintenance tips. There will be no need for spending money on inspections to understand the condition of the house as the buyers may get access to a manual of the home’s maintenance and conservancy of the electrical devices, plumbing, and HVAC.

Drones

Drones can enhance the home searching experience as a whole. These pocket-friendly drones can provide a high quality of aerial photographs. Therefore, drones can be a good option for taking aerial pictures of bigger houses, large commercial and industrial properties. Also, they may provide the potential buyers a tour of the house, capturing the feel of the neighborhood.

Drones can also be used to point out the possible risks and maintenance problems. Though navigating drones in constricted areas can be difficult, but they are useful to survey large commercial and industrial sites giving ideas for the as-built drawings of buildings.

These PropTech trends are just getting started. The emerging PropTech-wave is gradually taking over the real estate industry.

See also: Top Proptech Solution Companies

Weekly Brief