Real estate, like any other industry, is not immune to quickly changing technology. Technology will continue to reshape multifamily, residential, and commercial real estate in the next years.
Previously, owning and managing a property meant merely cleaning the windows, maintaining the facade, and keeping the lobby tidy. But that is no longer the case. You can now do more with your property than ever before thanks to advances in property technology. New technology allows you to make your building safer, cleaner, and more intelligent. From a white label app for real estate agents to other property technology, we have listed the real estate trends that will continue to grow in 2022.
1. Artificial Intelligence
In today’s real estate industry, several sophisticated devices are used. They provide a wide range of information on inhabitants, location, and other factors. This information can be used to gain insight into market trends, estimate investment risk, and better understand buyer wants. Manually processing this data, on the other hand, is inefficient and time-consuming. This is where artificial intelligence will play a significant part in the real estate industry’s future. AI not only processes massive amounts of data created in real-time but also extracts useful information from it. AI recognizes patterns in the property market and delivers realistic valuations based on past data.
It also assists in determining consumer requirements and recommending appropriate properties, hence improving the customer’s overall purchasing experience. Real estate agents are also employing AI-based chatbots to keep in touch with their clients around the clock and precisely respond to their questions.
2. Internet of Things
Because of the Internet of Things, technology is now embedded in everyday objects such as windows, doors, light switches, and appliances. Things may be made simple to use and manage with the right sensors and devices. The Internet of Things (IoT) is the future of smart home technologies. In addition, the Internet of Things in real estate delivers significant property insights that may be used as input for insurance, real estate management, and compliance.
3. Virtual and augmented reality
Imagine being able to look at a home without ever having to enter it. Virtual reality (VR) takes individuals around the world, giving them the impression that they are in another location.
This has immense real estate potential. Buyers can utilize virtual reality to walk through a house as if they were there in person, even if they are on the other side of the globe. Companies can use virtual reality to provide virtual home tours and promote the area, allowing prospects to stroll down the street. Virtual reality shrinks the planet and allows people to view and buy property all over the world.
One of the most significant commercial real estate trends is 5G. In the real estate market, we have yet to witness the whole version of a fully evolved technology! It will include completely wireless workplaces, which will require significantly more bandwidth.
Generally, commercial buildings require a large number of cameras and sensors around the facility. It will be easier to connect them and make high-definition photos to transport them quickly anyplace with the help of 5G.
5. Utilization of PropTech to draw gen-Z renters
As more young individuals enter the workforce, they will seek out leased housing that meets their requirements. Because this is a new demographic, realtors will have to go above and beyond to understand their needs.
For starters, they’ll opt for eco-friendly homes with cutting-edge IoT features like smart thermostats and appliances. Property managers and realtors will need to make sure that the homes in their portfolios have these attributes to attract renters.