The Rise Of Proptech

PropTech (property + technology) is an emerging sector that is using technology to transform every aspect of the property industry – from how buildings are designed and marketed to how we search and buy our homes. Over the last few years, there has been the rise of "Real Estate Technology" revolution to meet customer expectations, making property services more convenient and efficient for consumers through the use of technology. 2017 is set to be the year that promises to change the face of global real estate and construction (REC) sector. Listed below are some key technologies you should be keeping an eye on in the industry this year.

Property Analytics: Using smart statistical analyses, there are apps which can find quality residential investment properties for domestic and overseas buyers, and consistently negotiate prices below market value. Using the information provided after analytics, one can buy a property in the right area, know demand and value and develops it for profit. One of the major players in property analytics is:

PropertyAnalytics: They analyze property data, find investments, and advise on developments.

Property Management System: Some companies/startups are utilizing data science to connect buyers to their required real estate agents, top mortgage professionals and top attorneys that specialize in real estate. Along with that, they present a complete property management system along the buyer’s journey; from securely managing all the documentation to providing moving services.

One of our client Abode is developing a unique platform the matches the right service provider to buyers needs using Data Science.

Cloud and Real-time data:

With the help of smart devices, construction foremen and supervisors can now follow a project in real time and identify important milestones. Construction employers can monitor job progression, delivering invoices and payments to vendors and give their feedback online without any hassle.One prominent example in this regards is:

onTarget: It’s a visual collaboration solution for construction industry.onTarget provides a single interface, with real-time project management.

Virtual Reality:

According to a research, the use of Virtual Reality (VR) in property is already a $1 billion global industry. VR presents Building Information Modeling (BIM) design platform to replace the old computer-aided design (CAD). With the help of BIM, developers can use VR to create more realistic and detailed architectural modules. With VR headset, home buyers won’t drive or fly out to see a property to get a good feel for it instead they’ll be able to live in thousands of homes before making a decision.

MatterPort 3D Showcase is the most realistic, immersive way to experience a property online.

Use of drones:

Drones are used during surveys to check the condition of hard to reach places and can be equipped with lenses that are able to read serial or model numbers, meaning that construction surveys can be performed in detail. A good level of safety can also be achieved through drone usage. They not only save time but also improve safety for construction workers. E.g., a roof survey would normally involve human workers climbing onto the roof, which involves considerable risk.

Parrot Bebop2 is a compact, lightweight drone with flexible propellers shaped for ultimate safety. It can fly up to 25 minutes, long enough to cover large properties with its 14 MP photos or full HD videos.

With the emergence of PropTech, we noticed Chicago is a host to incubators and accelerators in this space including Elmspring and REach which was launched by the National Association of Realtors (NAR).

 

 

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