PropTech/Real Estate Tech Industry

Current and Future Trends:

•  PropTech is booming and changing the way the real estate industry buys, sells, and interacts with properties. Current trends in the proptech/real estate tech industry are centered around technological advancements in the key areas of: Big Data, Internet of Things, and Drones. Future  trends in the proptech/real estate tech industry center around technological advancements in the key areas of: AI/Machine Learning, Virtual/Augmented Reality, and 5G.
• The real estate industry is increasingly using big data and is also uniquely positioned to benefit from doing so as exemplified by websites like Zillow, Trulia, and Redfin that have disrupted the real estate industry by using the power of big data. Big data is also increasingly being used to gather realtime and historical information about all kinds of building systems to inform proactive maintenance.
• For the Internet of Things, the use of smart sensors is increasing to alert owners or property managers of potential problems that further facilitates preventative maintenance and energy efficiency.
• The use of drones to provide digital, multi-perspective site views is also increasing, particularly for displaying bigger homes and properties or spotting potential risks and maintenance problems.

Future Trends

• In the future, AI/machine learning will help make big data collection more actionable by enabling property search sites to recommend properties based on preferences, personality traits, and values. Chatbots on these search sites may also be able to answer consumer questions quickly and easily and even accompany buyers to showings.
• Another future trend in proptech will be in the area of virtual/augmented reality that will make the online search and home buying experience even more exciting and accessible by making it possible for realtors to create virtual reality tours of properties that potential buyers or long-distance buyers can experience from the comfort of their own homes.
• The use of 5G in the future within the real estate industry will provide more bandwidth that will allow more smart devices and sensors to connect to the internet that may be used to enhance property security.