What is PropTech?
- PropTech is a combination of two words and stands for “property technology.” PropTech is the term used to describe the wave of tech innovations set to disrupt real estate markets, in other words ‘technologically innovative products or new business models for the real estate industry.’
How is technology used in real estate? Few examples:
1. Big data: real-time data to analyse rent-collection rates, monitor crowds in malls, understand space utilisation in offices
2. Virtual viewings, also called virtual tours to narrow down the property search before going out to physically view a property
3. Option to even buy a property virtually
4. Real estate image-recognition technology to simplify the way clients find home
5. Contactless solutions
What is the role of AI Technology in the Real estate industry?
- Artificial intelligence (AI) is revolutionising the real estate industry through programs able to take in different documents in different formats and convert them to a unified template.
- Artificial intelligence (AI) is changing the real estate units through smart valuation process.
- Artificial intelligence (AI) can also help automate the underwriting process, source deals and eliminate human error from traditionally manual processes.
The Internet of Things (IoT) and real estate management
- The Internet of Things (IoT) is helping real estate professionals grow and manage businesses more efficiently than ever before. IoT enabled devices make homes and the process of selling them smarter; through developments in AI, agents can save time, eliminate error, and more productively analyse automated data.
What is a smart city?
- A smart city is any urban center that adopts a coordinated approach to using data and technology to improve the lives of the citizens and businesses that inhabit it. The Internet of Things (IoT) is the core technology upon which smart cities are built. The sensors in IoT-enabled devices constantly collect data and feed it into analytics platforms, which provide targeted insights that city officials can use to make improvements.
COVID-19’s role in PropTech innovation?
- While the tech movement in real estate started a few years back, COVID has emphasised the need for tech adoption at a rapid pace. The pandemic has shed some light on the needs and must-haves for the corporate real estate market. In 2021, proptech’s role will become even greater; providing solutions that not only benefit the real estate industry but also human capital, health and safety, and data privacy.