The proptech industry is constantly evolving, and as we’ve entered a new decade, this doesn’t seem to be slowing down. 2019 saw considerable growth in proptech trends, and predictions indicate that this year, 2020, might be just as exciting. Since the introduction of proptech in the early 2010s, there has been a steady rise in capital investments and companies utilizing the new technology. No longer is the proptech sector full of startups and a myriad of real estate beginners – the largest and most expansive property companies are now using these innovative technologies to reach more customers and become more prominent than ever.
Any business or individual who is interested in finding out the innovative proptech trends you can expect to see a rise in 2020, stay tuned. Below is a list of these trends and how they impact the sector and industry.
Digital transformation in the industry
For many years, the real estate sector struggled to keep up with the rest of the world and technology. However, with the invention of proptech, this is no longer a worry for those working in the industry. The digital transformation within the industry has meant that companies are reaching new heights in terms of success and are pathing the way for future businesses to follow them.
Increased productivity is expected as a result of digitalization in real estate. Additionally, it cuts down on time to market and boosts customer happiness, which helps the company grow.
Not only is improvement part of a digital revolution. To survive and outperform rivals, planning long-term visions is necessary. Missing this shift will increase the likelihood that an organization won’t survive the upcoming major technology shift.
Property companies are using drone technology and VR/AR in multiple ways. A great example of this is how RWinvest utilises virtual reality (VR) through client viewings. Since many of their properties are off-plan and still in their planning stages, VR viewings give clients and potential investors the ability to see the completed development. Not only does this instill the investor with confidence about their investment, but it also gives personality to the development before its foundations are laid.
More developments are being designed through proptech rather than typical blueprints and traditional designs. Designers and architects utilise VR and AR to help them see their designs come to life without wasting money on a plan that ultimately won’t work. This has saved architectural companies millions of pounds since they now don’t have to start construction, which will be canceled due to building issues. The plan, framework, and foundations are constructed digitally before any work has begun to ensure it’s what the designer has envisioned.
Sustainability and green initiatives
The increasing moral panic surrounding climate change and its impacts on our world is reflected in the proptech sector. Companies are changing to use more sustainable technologies and those that will help the planet. Businesses are using intelligent lighting in their office to ensure no energy is wasted, but VR and drones help create a greener industry that is still up to date with the latest trends. Sustainability seems to be much of a trend these days but implementing this trend into a company or individual’s life means we’re more likely to see positive changes on our earth. Proptech startups are continually trying to come up with innovative ideas that are green and sustainable to find solutions to problems that have only ever been solved by single-use items previously.
Beyond the startup craze
Proptech started as a startup craze with thousands of dollars being pumped into these companies with hundreds of ideas surrounding innovating the property industry. However, it’s a lot more serious now – proptech is being utilized worldwide – and the craze has become a genuine investment for many business owners. Beyond startups, the trend of proptech is making a difference in more than one way. It’s an exciting time for those involved with proptech as more people see its benefits and what these can do for the sector.