Five PropTech Trends Consumers Can’t Afford To Ignore
Put simply, PropTech refers to real estate businesses using technology to improve the way we buy, rent, sell, design, construct and manage residential and commercial property. So why is it an area to watch and one for consumers to get excited about?
Text: Nadine D’Souza
The real estate world hasn’t traditionally been gung-ho about embracing new technology. Developers have been slow to adopt techniques that could result in faster and more efficient ways of working. While the technology has been out there for grabs, the industry has shown a patchy desire to migrate from convention to innovation.
But as the proverbial saying goes ‘necessity is the mother of invention.’ India’s real estate sector has been facing hard times and consumers have been bearing the brunt. This has led to an increased awareness that to keep consumers buying, companies need to upgrade their operations. Enter the era of real estate technology or ‘PropTech’.
Let’s have a look at the top PropTech trends that spell happy news for consumers eager to invest in some real estate bandwidth of their own.
1. Intelligence matters – Smart homes
Real estate development technology has become synonymous with ‘smart’ buildings. The core of this concept is efficient energy consumption and sustainability. The Internet of Things (IOT) has made it possible to connect physical objects through devices and software. This creates a network of data collection, analysis and exchange. So, if your home comes equipped with ‘smart’ devices and appliances, you can virtually control them from mobile interfaces no matter where you are in the world!
2. Trust the system – Machine learning
Another fascinating PropTech trend has to do with ‘reality’ technologies. Thanks to Augmented Reality (AR) & Virtual Reality (VR) innovations in real estate industry, real-world places transform into immersive virtual experiences. As a buyer or investor, you can view properties in a realistic and detailed way from miles away. Who wouldn’t want a virtual reality walkthrough of their dream home, possible even before it exists!Connected to augmented realities, is the use of drones to capture 360-degree images from various building heights, giving property buyers accurate views ofwhat they can expect from their future homes.
3. Mapping your future -Geolocation
Today, with just a map, you can learn about the type of building, sales value and points of interest pertaining to the property you’re interested in. Mapping technology can also alert you if a property is prone to natural hazard risks. With geolocation, you can make better and more informed decisions about real estate.
4. Better shared than never – Collaborative consumption
The sharing economy is becoming mainstream. Let’s face it; it’s becoming increasingly difficult to rent an office space. In such a scenario, the sharing economy model provides the most efficient and affordable solution to consumers. Co-working spaces offer limitless potential since the assets and commodities are shareable. Such spaces come with advantages such as reduced utility bills and payment plans to suit your schedule. Sharing your space has never been more tempting and economically attractive!
5. A chip off the new block – Blockchain technology
Blockchain technology has revolutionized the way in which we deal in real estate. It provides crucial details about buyers, sellers, title work, reporting, lease comps and vendor work on any individual commercial property. This translates into less paperwork, quicker transaction times and greater transparency.