The adoption of technology in real estate services is no longer a luxury, but rather an expectation of all stakeholders. People want convenience, functionality and added value in all aspects of life – and our industry is no different.
Despite this expectation, adoption has been relatively slow, primarily due to the expense, the lifecycle of any technology, and the challenges of integrating the new with legacy systems. Probably the first use of “real estate technology”, or proptech, was when spreadsheets were deployed to store property data.
While spreadsheets are still in use, proptech technology has evolved, its reach has grown exponentially, and is used at every stage of a property’s lifecycle. The slow lose by not looking at the big picture – yes, there are costs, technology won’t live on forever and it will take time to bring new technology online. However, there are also endless rewards when we realize the enabling power of technology.
To the pre-construction itself
Pre-development, building information modeling (BIM), for example, enables architects, engineers, construction and facility management professionals to effectively plan, design, create and manage buildings. and infrastructure. When used during design and construction, BIM can reduce costs, create efficiencies, increase productivity, and improve durability and build quality. Construction technology (or contech!), Such as 3D printing and modular construction, can also limit disruption and pollution on site.
Once operational, cloud-based Building Management Systems (BMS) are used to control and monitor construction and can reduce operating costs by reducing energy consumption, improving health and productivity, helping with real-time monitoring and enabling faster emergency response. a few.
The use of automated technology for lighting and heating, water conservation and electricity optimization techniques, the installation of energy efficient LED lamps, the use of irrigation systems based on weather conditions and the use of treated wastewater effluent for irrigation purposes are more innovative techniques that will result in less resource consumption, better energy conservation and an ecological footprint.
Listening to young people
More cost-effective smart technologies like smart thermostats, smart lighting, Wi-Fi-connected electrical outlets, and smart door locks allow homeowners to market their assets to a younger, more tech-savvy generation, without the investment significant.
Digital and mobile platforms are also used to buy, sell, rent and even manage properties. Virtual Reality (VR), Augmented Reality (AR) and 3D architectural renderings are used to enhance visualization of virtual properties and technology-enhanced asset and portfolio management increases.
In 2020, proptech demonstrated how it can help real estate companies and individuals cope with the impact of a pandemic. It has helped communities stay connected and engaged using digital platforms; it has helped people manage their assets remotely; and it has helped businesses reduce operating costs and create efficiencies. The different uses and their associated benefits can continue, with the deployment of the Internet of Things (IoT), artificial intelligence (AI) and blockchain transforming all aspects of the real estate sector.
The best equipped
Those who had integrated proptech into their pre-pandemic operations, or were already on the path to digital transformation, had an advantage, as they were able to adapt quickly and accelerate innovation. Those who did not have proptech infrastructure are still catching up and have to incur large capital expenditures in a short period of time.
Today, all players are keen to integrate technology into all aspects of the business to serve their customers, attract new customers and stay on top of the game. With a young generation of buyers and tenants still in search of more practical and sustainable solutions, advances in proptech will continue and are here to stay.
The real estate industry can use technology to improve customer service, improve operations, create efficiencies and reduce costs, become more sustainable, and improve the experience for investors, landlords and tenants. Businesses can also use technology to differentiate their offerings, stay competitive, and add value.
Simply put, proptech is good for business, when chosen wisely. The earlier you start, the better …