How proptech is shaping the Real estate industry

Technology touches virtually every aspect of our lives. It was only a matter of time before inventors and entrepreneurs set their sights on the property market. Now, a few years down the line, the real estate industry has been drastically changed forever, and most would say, for the better.

The aim of proptech is to allow companies (that might be investors, developers, managers or occupiers) to maintain a competitive edge, be more cost-efficient, quickly respond to market changes and to offer innovations. 2020 has made us acutely aware of our need for technology.

The main areas where their impact can be seen are:

  • Augmented and Virtual Reality – floor plans and property models can be accessed in 3D, essentially allowing a customer to conduct a viewing remotely. Very apt considering the times we live in.
  • Drones – these assist in surveying properties, identifying maintenance issues and creating a multi-dimensional perspective for brochures and virtual viewings. They enhance the buying experience, by conveying the real size of the property and the feel of the neighbourhood.
  • Property Management Systems (the “Big Data”) – used to gather real-time and historical information (including electrical, H&S, utilities etc.) and assist with proactive maintenance. Sometimes even alerting to an issue before it has become apparent. This allows maintenance with minimal downtime. They also streamline and assist with calculating charges, splitting bills, alerting of payment deadlines and other important dates. They can organise and sort information to make it easily accessible - keeping landlords and tenants happy.
  • AI and property purchasing platforms – these create a ‘one stop shop’ containing large volumes of data, managed and organised with ease of access in mind. They can further assist by recommending properties based on preferences, personality traits and values. For example, you can identify a property, conduct a viewing, research pricing information and trends all on one platform.
  • The Internet of Things – the way “smart” devices talk to each other and collect information. As a result, the property has an online maintenance log, which has benefits for the day to day management (maintenance and upkeep), purchasing (less need for searches and inspections) and energy efficiency of real estate.

The main challenge for various players in the real estate industry now is how to adapt to work alongside, rather than in competition with these technologies and how to enhance them without becoming replaced by them. Here is where client service, relationships and commercial knowledge become key.

Our content explained

Every piece of content we create is correct on the date it’s published but please don’t rely on it as legal advice. If you’d like to speak to us about your own legal requirements, please contact one of our expert lawyers.

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