The real estate sector has seen much disruption in the past few years, which is good since disruption pushes us into thinking outside the box and moving forward. One of the most disruptive issues in real estate right now is Proptech. PropTech has opened the proverbial floodgates of disruption and they will continue to do so in the foreseeable future. So how far will Proptech go and what will it do for us? In this article, we will discuss 6 technologies that will change the future of Proptech and consequently, real estate, forever.
Virtual Reality has a vast array of uses in the real estate sector (link to VR article). It can be used to save hours and even days of both the clients and agents’ time, and it makes the viewing of property much easier and more dynamic. It is also being viewed as the next phase in building design and construction as well as an enhancement to computer-aided design. VR is already beginning to be widely used in the property industry, in fact, it is a billion dollar USD global industry and it is expected to treble by 2020.
More managers and supervisors are turning to the Cloud (link to Cloud Computing article) and real-time data to take care of information sharing and storage, and to stay abreast of changes and updates on what is happening within the company. Smart devices have made it possible for agents to follow a project in real time and identify ‘milestones’ to help them plan ahead.
The use of renewable energy to power our cities is at the forefront of infrastructure innovation. Stemming from the need of finding alternative sources of energy and to encourage green living, more and more communities have been using solar panels to power their homes. It won’t be long before this will become a citywide phenomenon.
The use of robots to construct our homes has not yet happened, although human-controlled machines are widely used. However, as technology advances further, the time is not far when robots will be able to perform human-only tasks such as couriering, cleaning or gardening and building.
The use of drones has become more mainstream recently, and it shows no signs of slowing down. They can be used to check the conditions of hard to reach places and they can be equipped with special lenses to see fine and minute details. Drones not only save time, they also improve the safety of construction workers, for example, if a construction worker needs to survey a roof, they can send a drone to quickly survey the roof, saving the time it would take to climb, as well as the risk involved with it. Because of this, we will probably see a wider use of drones in construction. They may also be used by the police to survey a crime scene and monitor an area, providing better security and protection.
With smart technology becoming smarter every day and the advent of smart homes, smart buildings are not the far away vision they once were. Smart buildings are designed to be able to make the life of a tenant and a manager easier. Using smart devices to control things like heating and lighting helps residents manage their resources better and decrease their electric bills and energy waste. Here we can see that PropTech is improving the efficiency and quality of life.
Love it or hate it, Proptech is the future of real estate. Technology has become the driving force for the advancement of humanity, and property is no different. These 6 technologies will change the immediate future of Proptech, yet it will not stop there. New technologies will keep coming in and Proptech will be there ready to learn, adapt and drive the real estate sector forward.