What is PropTech?
There’s a whole range of software that comes under the PropTech banner including AI powered 3D property tours, national commercial real estate property search databases, cloud-based property management software and investment platforms.
Within the commercial real estate sector, new technology appearing on the market offers those in the commercial real estate sector the ability to market properties, work with new and existing clients and develop business strategies at any point.
What does PropTech do?
As PropTech becomes more accessible, consumers can access more data than they have been able to before, which impacts the way that real estate professionals and clients work together. PropTech allows consumers to become more savvy buyers or sellers, equipping them with a better understanding of the local real estate market. But this isn’t a bad thing.
More knowledgeable consumers allow commercial real estate agents and developers the ability to share a vision with each other, as well as enhancing communication and collaboration over a project.The rise of PropTech really allows for every point of a project to be streamlined. From ConTech (construction tech), development, Fintech (Financing tech), moving and more, there’s plenty of room for creativity and technology to change the way the commercial real estate market works.
Helping to eliminate time consuming tasks, automated processed powered by AI will provide faster and more efficient results. Robots will be able to perform roles 24/7 which means projects can be turned out quicker.
Internet of Things (IoT)
IoT, or Internet of Things, has been making itself more well known recently. It is essentially the way that devices and appliances are becoming interconnect via the internet. Things like lighting, heating, white goods, cars and more have sensors which create data that allow us more and better control. Smart homes will use IoT more and more in the future.
You’ve likely heard of blockchain when speaking of cryptocurrency, however it is a secure system that transfers almost immediately making it the perfect platform for transferring documents, agreements, contracts and finances.
3D printing offers two main areas for growth in the commercial real estate and development sector. The first is being able to product 3D models down to the most accurate details which provides a better outcome for all parties involved. The second allows for the printing of specialist building components and parts that are only needed as a one-off. This will replace the more expensive and less reliable small batch production and manufacturing.
It’s not just the software driving changes in the commercial real estate sector. With technology constantly pushing boundaries, and regular advancement in control, delivery, design and development, the PropTech revolution is going to make the real estate sector more automated and efficient, potentially cutting costs for all involved.