Real Estate Tech Trends

How does the implementation of Proptech contribute to the digitization of the industry? Actually, real estate executives are looking for solutions that can help them stay competitive and meet the needs of clients and tenants.

Investing in property is a complex process that requires a live presence, with the choice often coming intuitively. Scheduled viewings provide customers with the chance to envision a possible future in their surroundings and gives them the opportunity to feel the property’s ambiance for themselves. When the pandemic began spreading across the world, this standard practice became a luxury and new concepts had to be created in order to keep the sales wheels spinning.

The COVID-19 has affected hospitality facilities and short-term rentals. Also, since traveling abroad has been restricted, audio and video calls have replaced live communication. Although technology relating to automation and VR were already commonplace throughout the industry, the pandemic skyrocketed their demand, cementing them as next-year essentials.

What is Proptech: Facts and Figures Proptech (Property Technology) stands for general real estate technology. It can also be referred to as CREtech for the commercial market segment. These definitions refer to mobile and desktop apps, software in general, and innovation in the real estate industry. According to JLL Spark, the number of Proptech startups targeting new technologies has tripled to 8,000 over the past decade.

New generations of consumers and realtors choose innovative solutions that offer quick search, rent, and purchase of housing. PitchBook reports that the volume of venture capital transactions in the residential real estate sector was $6.2 billion in the first half of 2021, which is equal to the entire previous year.

Technology can improve employee efficiency by providing electronic storage, virtual meetings, and fast document processing. more read Real Estate Tech Trends