Print this page

What’s Next for Real Estate Technology?

Posted On Wednesday, 08 June 2022 20:28

Real estate technology, often called "proptech," is having a banner year in 2022 – capping off an exciting half-decade of advancements and increased adoption. As younger real estate consumers move online for transactions – with older generations following suit – the real estate industry can expect even more impact from real estate technology in years to come.

This article surveys the real estate tech landscape, exploring current innovations and future potential.

AI-Powered Bots for Loan Providers

We’ve already seen fintech companies use real-time data analytics and artificial intelligence to automate the underwriting process for bank loans. It’s only a matter of time before the mortgage industry embraces artificial intelligence as well.

It’s already starting to happen, with real estate technology companies like Capacity and GuaranteedRate leveraging AI to streamline mortgage approval and underwriting processes. In the coming years, expect to see wider adoption in the industry.

Big Data Real Estate Analysis for Wiser Investment

Big data has big potential in real estate investment. The term refers to large swaths of structured and unstructured data that require sophisticated analytical tools to process. The result for real estate investors and developers: a clearer picture of the market landscape.

Real estate investors and developers (especially CRE) utilize these mountains of data to accurately determine trends, specifying what areas are hot for development, and how current assets are used.

The Continuing Growth of Real Estate Digital Marketplaces

Nobul, a real estate digital marketplace that matches buyers and sellers with agents, is clicking with consumers. Perhaps that’s because the platform founded by Regan McGee, “leverage(s) technology to take the pain and guesswork out of what can be an opaque experience.” Speaking with Toronto Life, McGee explains that, “I’ve never seen anybody doing close to what we’re doing to create a consumer-centric experience.”

It’s true. Before the advent of a digital marketplace like Nobul, consumers who needed an agent had only imperfect channels to search: a relative’s recommendation, phone book ads, or an agent bold enough to cold call. But younger generations of consumers are used to more choice and more control – so expect to see the continuing growth of real estate digital marketplaces.

VR, AR and Drones

During the pandemic, sight-unseen sales skyrocketed, prompting the industry to get creative. Many turned to virtual reality (VR), augmented reality (AR) and drones to market properties to remote buyers. Although the pandemic appears to be winding down, don’t expect these immersive technologies to fade away too.

Aside from their role in property showings, some in the industry are finding novel uses for VR, AR and drones. CRE organizations are starting to use VR to train property managers, and some property inspectors are utilizing drones to inspect hard-to-reach areas of a property.

The future of real estate technology looks bright. In the past-half decade alone, thought leaders in real estate technology have streamlined the transaction process for consumers, facilitated convenient remote buying, and sharpened the analytical tools used by loan providers, investors and developers.

Rate this item
(0 votes)

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries