The future of PropTech is looking bright, and we’ve identified a few innovative trends that should continue to emerge over the coming years. The industry’s technological growth will help optimize all aspects of the real estate space.
-
- Increased use of virtual reality: In the next 5 years, we’ll likely see a significant increase in the use of virtual reality for real estate purposes. This could include virtual reality home tours for potential buyers, allowing them to get a feel for a property without actually being there in person. It could also include virtual reality open houses, where agents can host an open house and allow potential buyers to walk through the property from anywhere in the world.
- More data-driven decision-making: With the proliferation of smart homes and the Internet of Things (IoT), there will be an abundance of data available to real estate professionals. This data will allow them to make more informed decisions about pricing, marketing, and other important factors.
- Greater use of blockchain: While blockchain has already made waves in the real estate industry, we’ll likely see even greater adoption in the next 5 years. Blockchain allows for secure, transparent transactions and can be used for things like property titles and deeds.
- AI-powered assistants: Artificial intelligence will play a larger role in the real estate industry in the next 5 years. AI-powered assistants can handle tasks like scheduling showings, answering common questions, and even predicting market trends.
- Continued growth of online marketplaces: Online marketplaces like Zillow and Redfin have already disrupted the traditional real estate model, and this trend is set to continue. These platforms make it easier for buyers and sellers to connect and streamline the process of buying and selling a home.
-
- Increased use of predictive analytics: With the rise of big data, commercial real estate professionals will increasingly use predictive analytics to make informed decisions about things like property pricing, demand, and occupancy rates.
- Greater adoption of coworking spaces: As more and more companies embrace remote work; we’ll likely see a continued growth in the popularity of coworking spaces. These shared office spaces can be more cost-effective for companies and provide a flexible, collaborative workspace for employees.
- Increased use of chatbots and virtual assistants: In the commercial real estate industry, chatbots and virtual assistants can be used to handle tasks like answering frequently asked questions, scheduling tours, and providing information about available properties.
- Continued growth of proptech investment: We’ll likely see a continued growth in the amount of investment flowing into proptech companies. This investment will drive innovation and the development of new technologies in the industry.
- More focus on sustainability: As sustainability becomes an increasingly important issue, commercial real estate professionals will place a greater emphasis on things like energy-efficient buildings and renewable energy sources. This could include the use of things like solar panels and green roofs.
While there are plenty more, these are a few trends we’re seeing emerge in PropTech. The industry can expect to see more tech advancements in the coming years, which will continue to help the overall real estate buying, selling and investing experience.
