PropTech Trends To Look Out for In 2018
Looking ahead to 2018, there are several PropTech trends companies can't afford to ignore in this ever-changing landscape. Five of these PropTech trends are:
1.) Virtual Reality
While virtual realtiy has its obvious uses for sales and marketing, allowing investors to view properties virtually from miles away, it’s also viewed as the next phase of Building Information Modeling (BIM) and as an enhancement to computer aided design. When used strategically, developers can use VR to create more realistic and detailed renderings, which transition into virtual reality walkthroughs.
2.) Internet of Things (IOT)
The IoT refers to the network of physical objects (devices, vehicles, equipment, and buildings) that are connected to the internet through embedded devices and software, which
allows these physical objects to collect, analyze and exchange data. This includes everything from cellphones, HVAC, lighting sensors, wearable devices and almost anything else you can think of. According to analyst firm Gartner, there will be over 26 billion connected devices by the year 2020 (with some estimating this number to be much higher – over 100 billion).
Through drones, construction companies can now build knowledge into their projects and execute site monitoring missions so easily and safely that it becomes a daily routine, reducing costs and project delays. Drones not only save time (and therefore money), but also improve safety and mitigate risk. Instead of sending a human up onto a roof to conduct a survey, you can send a drone, which is just as – if not more – accurate.
One of the more disruptive real estate technologies, blockchain provides information regarding all buyers, sellers, title work, reporting, lease comps and vendor work on any individual commercial property. Having this information at your fingertips cuts out paperwork, enhances market transparency and shortens the speed to transact from days/weeks/months to minutes or seconds.
As mapping technologies have improved exponentially, location has never mattered more for the real estate industry. Now addresses come with a list of data attributes such as building types, sale values, and points of interest – the type of information that helps companies make much better and more informed decisions about their real estate.
The above is an excerpt from the Occupier Edge Sixth Edition. Download the full report here.