Top 10 Property Technology Trends & Innovations for 2022

Research shows that modern technology adaptation has been significantly low in the real estate sector. The property market is still categorized as traditional. Property technology (proptech) has ensured digital transformation in the real estate sector. The need to adapt to technology is mainly aimed toward achieving a good customer-client experience in the lifecycle of mortgages, assisting in making good decisions on property management, and encouraging informed investments. Technological trends such as artificial intelligence and augmented reality are commonly used in proptech. The trend is developing, and rapid investment methods are opening up immense opportunities in the future. Below is a list of 10 innovations and property investment trends that aim to transform the real estate sector.

Artificial intelligence.

Artificial intelligence is used in real estate by giving a wide range of data about occupants and location.AI and also shows the current market trend regarding the property. It fosters the investment risk assessment and understands the buyer’s property needs. A great advantage of AI is the fast processing of a huge amount of data and providing valuable insights into the property while simultaneously giving realistic valuation. Agents in real estate have adopted chat boards that assist them in staying connected to their customers. A good example is Gabbi, an AI assistant who responds to clients and keeps track of information. The use of AI eliminates inefficient and otherwise time-consuming work in real estate.

Immersive technologies.

The emergence of virtual and augmented reality technologies has reduced the task of physically touring multiple properties, which is time-consuming and tedious. Also, a preventive measure of Covid 19 where investors can have a virtual tour from anywhere in the world. An advantage of this trend is that clients can tour several properties quickly.

A good example of such technologies is Hyperreality technologies, a Chilen program set that gives 360 degrees virtual tours and lets real estate entrepreneurs give details on the property.

RealAR is another technology used to better the tour experience of getting a property. It can create visuals from floor plans on actual space, enabling clients to visualize property from their tablets.

Internet of things.

The internet of things on the property enables one to detect movements on a building, keeping property safe from unwanted activities and ensuring limited access. The technology also monitors electricity and water use on the property by installing sensors.

Inforgrid is an  IoT program with sensors embedded in it and can detect air quality and temperature in a building. The program enables cost maintenance and keeps the premise secure and safer in the long run.

Building management systems.

A building management system (BMS) is a technology that automates the lighting and temperature of a building. The system has sensors that detect temperature conditions and adjust according to the tenant’s schedule. BMS is also used in commercial buildings with large foot traffic and works to ensure social distancing as a measure to reducing covid 19 and can recognize where people are working from.BMS is cost-effective as it reduces electricity consumption.

 Big Data & Analytics.

The technology trend aims at giving clients property that best suits their needs. For instance, clients looking for a property to invest in consider the mortgage locality. That is, whether the property is situated in areas close to a school for children or the property is close to an individual’s workplace. The technology thus enables the listing of property according to clients’ desires. Big data analytics is also used to maintain property and constructions by creating 3-D models. Examples of such programs are RRockestate and Northspyre.

Property management software.

The software was created to assist in client and real estate agent security documentation. It assists real estate investors in tracking their clients and deals taking place. Moreover, it enables communication between clients and investors where clients are allowed to advise investors on how they want their property built. An advantage of this system is that it is cloud-based, and thus, information can be got at any time. Another property management software is; tenant programs, a platform that enables tenants to give their experiences.

Blockchain.

Blockchain is a technology trend aiming to eliminate third-party agencies like banks and the numerous documentation in traditional systems. Blockchain is also a great advantage to the younger generations who do not have enough money to acquire mortgages. The system works in such a way that there are smart contracts, and property data is kept safe once the buyer-seller terms and conditions are met. Tokenization helps the younger generation to invest in real estate.

Property Aggregation Platforms.

The platform lists out available homes in the market for clients to view. Also, the program has an advantage for those with small amounts of money as they can invest in real estate even with little sums of money.

Drones.

Drones in the real estate industry serve two main purposes. First, they give investors aerial views of the property, which was initially impossible. All information needed on a property before buying is shown by this method. Secondly, drones are used to check property in commercial structures. For instance, they are used to check any existing problems and monitor the buildings

Data Security.

Adapting digital technologies in real estate requires the need to keep data secure. Since most information is stored, online cyber security is key to protecting personal information and sensitive documentation on property. Government regulations have been strategized to prevent cyber attacks. IoT and blockchain protect data by using tamper-proof blocks of codes.