The use of technology and software solutions to help the property and real estate industry is a recent development. However, this doesn’t mean that their digital transformation is slow in any way. Trends like augmented reality (AR), virtual reality (VR), and Artificial intelligence (AI) are some of the top trends in this Prop-tech industry right now. The adoption of technology in the real estate industry has helped in making the client-tenant experience better, streamlining the process, and has made making property and investment decisions much easier and better.
Knowing the major trailblazing Prop-tech trends that will be seen in 2022 will put you in a much better position to navigate through the real estate market. So, let’s take a look at the top 5 Prop-tech trends of 2022.
IOT is a system of web-enabled smart devices that can transfer data over a network without the use of any human-to-human interaction or human-to-computer interaction. In the Proptech industry, they are quickly gaining popularity because they provide convenience and quick access to information. IOT devices with sensors, software, and other technologies have been employed in the Proptech industry for various purposes such as maintenance and repair, space utilization, and monitoring. Using such devices has transformed buildings into smart buildings in 2022. Such smart buildings attract more clients, specifically the young adult population.
Virtual And Augmented Reality
The use of impressive technologies like AR and VR has increased in the Proptech industry because of the challenges that it helps in tackling in the real estate industry. These challenges include the advent of Covid-19, limitation of time, location access, etc. With the use of VR and AR real-estate firms can offer virtual viewing to the clients and also how the property can look in the future. You can view apartments for rent in Berlin from anywhere in the world with the help of 360 degree virtual tours. This has upgraded the client experience by saving their time, and efforts, and offering them the most ideal property and improved client experience make for better business for realtors and real estate companies.
Big data helps real estate firms in accessing the needs of the client as well as the market. With this information, they can improve their business processes, do better market behavior analysis, and serve as a decision-making-management tool that is unparalleled. Information like demographic details, traffic, consumer survey results, and more provide real estate companies with the potential value of the property in that particular neighborhood. Maintenance of property is also made more effective by using big data in the Proptech industry. The historical and real-time information about the utilities, telecommunications, HVAC, etc. of building systems that are gained from big data makes the maintenance much more dynamic through its insights.
Sustainability is an important trend that is bound to emerge in 2022 in the Proptech industry. We now have the technology to tackle the sustainability and carbon emission challenges of the property industry. Building Information Modeling (BIM) technology can help real estate companies make sustainable choices by studying a future building’s impact. This will allow the firms to make alternate design choices at the development level itself.
Insights about your energy usage in real-time were not possible this easily before the emergence of proptech. This insight helps both the renters and buyers in making more energy-saving decisions like monitoring the gas, water, and electricity consumption for making environmentally friendly decisions.
AI has been ‘the’ trend for several industries in 2022 and Proptech is also one of them. With AI tools, forecasts of the real estate market can be executed perfectly. The big data available to real estate firms can be analyzed to determine the availability of facilities, marketplace activities, historical data, crime rate, etc. The popular chatbots that are being used by every single business website to solve customer queries rapidly and smoothly are also AI-powered.
The Proptech business will also see smart personalization of properties with the help of AI shortly. Smart personalization is making the property ideal according to the needs of the prospects. This attracts more clients, drives lead conversion, and ultimately improves the profit margin.
The Innovations and changes in the traditional real-estate industry have attracted attention from entrepreneurs, investors, and business people in the Proptech industry. All of these trends from AI to sustainability are something that will be very widely used in the Proptech industry in 2022 and the years after that. Knowledge about the recent trends of 2022 and their implementation will help you in benefitting from this industry ahead of the others.