Proptech has been gaining prominence these past few years as it had evolved from being an aid of realty brokers and elites to become the wingman of the common folk. Rather than listing scores of properties on countless pages, technology fared better when it out from a user’s end to hunting for properties.
Now Proptech or Property technology has entered into almost every facet of real estate, including renting, commercial segment, and overseas investment. The amount of money that flows into the R&D of proptech is rising exponentially. It’s only natural as Real Estate is the largest asset class in the world.
The latest upgrades are focusing more on the service end catering to the user than the realtors and the brokers.While various notions of future scapes come into play within the popular imagination, the actual determinant that shall become the foundation for a new age of proptech is data accuracy!
The upcoming innovations in Data Analytics shall tackle away from the manipulation of facts and figures prevalent in the industry now. Data Analytics in Proptech is set to evolve even further, especially in Asian countries having dense population such as India. Many proptech companies in India, such as Homes247.in has brought up analytical data predictions that can valuate properties in a more accurate way using various learning algorithms.
Rise of 5G
The advent of 5G Networks has already brought many revolutionary changes to many of the artistic and scientific platforms. Once it gains public popularity, the way we buy properties will transform entirely. 5G network will probably be widespread throughout the world before the year end.
5G would have a significant impact on the Asian markets, especially in countries like India, Vietnam, Singapore, and Malaysia. India has a population density of 420 people per square kilometer, and the rising requirement of shelters combined with one of the most youthful population brackets in the world, Proptech, along with the latest developments in Contech, is going to revolutionize the realty sector within the next decade.
Vietnam and Singapore have recently seen the rise of several successful proptech startups and realty companies. Singapore Government’s Smart Nation Initiative has undoubtedly bolstered the boost for the industry.
Augmented and Virtual Reality
Augmented and Virtual Reality is already successfully used by a few realtors around the globe and will soon reach the mainstream audience as 5G networks will gain prominence.
Though usually, ordinary people cannot distinguish between the two, augmented and virtual reality are both used differently by realtors to capture the hearts of their customers.
While Augmented Reality combines the real-world properties with digital elements to enhance the information, virtual reality completely envelops your senses within the digital platform where it imitates reality. Augmented reality can be applied within mobiles, whereas Virtual Reality requires special gear for the digital immersion.
Through AR, the customers can get a hold of highlighted information brackets with Image tagging features, Thereby making it easier to gain ample knowledge about the property without human aid nor exaggeration.
Whereas by using virtual reality gear, the customer can view and walk within the property without moving an inch away from his station, even if the property is continents afar. VR can also provide a virtual character assistant if the customer requires a touch of human and personalized service.
These futuristic technologies will soon be mainstream once 5G is popularised and will quickly eliminate the needs of brokers or salespeople.
The current standards of geospatial technology have already changed the criteria in which we view the world. The realtors were perhaps the ones who profited most from this technology. However, the coming years will see advanced degrees of the GPS, GIS, and Geotagging, which will jointly aid the VR segment of proptech.
The call for affordable housing options by various governments to tackle the growing population across the world will give the Real Estate sector an upgrade. Thus this year will see an increased zeal towards the multiple aspects of CONtech or Construction Technology.
The BIM or the Building Information Modelling is already making waves across by helping various architects and engineers to design and build structures efficiently. The year 2020 will see the use of AR and Acoustics Simulators for detailing the buildings to their utmost perfection.
The application of Generative Design shall also be implemented on a larger scale than in the previous years because of the popularization of 5G.
Drones have been used for monitoring and surveying of properties and locations, but now it shall venture out as a complete construction tool.
It will soon become a carrier for construction tools and, at the same time, provide in-depth 3D imaging and mapping of the structure.
The coming years might also witness drones replacing human workers at the forefront of high altitude construction, thus providing rapid results and efficiency.
The use of drones will ensure standardized construction patterns, especially in high altitudes, and will zero out the human fatality involved.
Internet of Things or IoT is the umbrella term that categorizes devices that are connected to work together without direct human or human-computer-intervention. The Smart Homes of today runs through IoT enabled platforms. The most popular digital home assistants of today are IoT based.
IoT will move on to the next level this coming year as the independent elder residents around the world depend more on smart homes for their everyday living options, and the real estate sector is more than eager to exploit this untapped market.
Blockchain is still a somewhat controversial subject in many countries and financial systems, mainly because of the bitcoin/cryptocurrency mayhem. However, from 2018 onwards, the world has witnessed a fantastic turnabout towards digital payments.
Once proptech integrates cryptocurrency features, the current mode of purchase and sale would transform. The very concept of security deposits may become obsolete in the coming years.
With these innovations down the line and with the aid of Proptech, Real Estate Sector is inevitable. The predicted changes will soon come into effect after the deployment of 5G Networks, and perhaps 5G would become the pillar on which the new edifice of real estate might stand tall.