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What’s Next for PropTech?

What’s Next for PropTech?

Real estate technology investment has been reaching dizzying heights in the last few years, with real estate tech companies raising nearly $24 billion between 2020 and 2021 according to Crunchbase. Experts say that the sky’s the limit for the future of PropTech. So, the question is, what’s next?

Continuing Trends

Construction Tech

Construction didn’t immediately draw attention from tech developers because it’s not as “sexy” as other parts of the real estate industry. However, with labor shortages, supply shortfalls, and increasing raw material prices, investors are focusing on the type of PropTech that enhances efficiency in resource management, planning, and other areas of construction. Additionally, as climate change increases the risk of flooding, leaks, and other environmental challenges, developers are planning smarter and more resilient buildings powered by threat detection sensors and more robust materials.

Property Management Technology

PropTech investors are betting on smarter property management technology that allows companies to remotely manage hotels, motels, apartments, condos, and townhomes. From faster repairs and proactive maintenance to enhanced security and rent collection, these tools will modernize an industry that still relies on old-fashioned methods.

Artificial Intelligence

As AI-powered real estate tools grow more robust, expect property owners, buyers, and renters to all benefit. By crunching Big Data quickly, AI will make it easier for investors to zero in on lucrative markets and rental property owners to conduct background checks. Similarly, homebuyers and renters will cut research from hours into seconds on smarter marketplaces.

Empowered Consumers

Due to conflicting and biased advice from real estate boards, associations, finance companies, and realtors, the real estate market hasn’t always been easy for homebuyers to decipher. These parties with vested interests have sometimes deliberately kept homebuyers in the dark in order to influence them more easily. A prime example of this is realtors who hide their commission rates under jargon while encouraging anxious clients to make ill-informed decisions.

Online real estate marketplace, Nobul, is generating buzz by giving buyers and sellers a better way to find agents. Agent reviews are verified by a team of experts. People can check an agent’s experience, purchases, closures, and rates on the platform. Boasting over $45M in savings to customers, Nobul also offers a free and accurate valuation of a seller’s property and comparable properties on the market in the area.

“The entire goal of Nobul’s platform is to empower consumers in the real estate market,” CEO Regan McGee explained. “The more educated people are about their options and what they want, the happier they will be.”

In his interview with TG Daily, he shared “I see technology as continuing to facilitate home sales and purchases in positive ways.”

Nobul has already completed $5B in sales in a relatively short period. As the real estate platform grows, you can expect it to lead the PropTech revolution by matching high-quality players in the marketplace and offering them unparalleled security, transparency, and choice.

3D Printing Technology

While some buyers expected the real estate sector to cool down during the COVID-19 pandemic, it soared instead. Competition for homes was so stiff that many people purchased physically unseen properties, using virtual reality (VR), augmented reality (AR), and drone footage, to tour homes remotely.

PropTech investors are doubling down on these trends by focusing on 3D printing technology. People with 3D printers could print models of potential investments at homes or offices for a more augmented experience than the one offered by traditional material. Buyers that don’t like the feel of VR headsets may also enjoy viewing accurate 3D models for a more tactile experience.

In addition, 3D printed technology should aid architects, builders, and designers, making it a promising part of the growing PropTech portfolio.

These are just some of the new developments in PropTech. Exciting tools are optimizing how buyers, sellers, realtors, property managers, and builders are engaging with the real estate industry.

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by Lottie Pritchard // Lottie Pritchard is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.