Until 2020, managing real estate had remained unchanged for decades, despite the technological advancements engulfing every other aspect of personal and professional lives.
Then the global pandemic hit, and the adoption of proptech was accelerated, predominantly due to necessity given the need for intelligent systems to replace older ones to limit the spread of COVID-19.
Since then, proptech has become an industry staple.
What Changes Can You Expect Proptech to Make in the Real Estate Sector
The real estate sector will be impacted by prop-tech in four critical segments: client relations, strategy development, recruitment, and employee wellbeing.
For Client Relations: Virtual Tours and Renderings Will Be Enhanced by VR and AR
Virtual and augmented reality will change how clients interact with listings. For example, virtual reality will allow clients to immerse themselves in virtual tours to ascertain whether the space is right for them without needing to physically tour the property. This gives rise to sight-unseen purchases and improves resilience.
Augmented reality will change the way developers sell new builds and architects pitch to clients as it will enable clients to interact with a rendering as if they were taking a physical tour.
For Strategy Creation: Forecasts Will be Made on Big Data
The real estate sector will benefit from big data, telling developers, agents, and architects what the next trends will be with precision. Big data is the gathering and analysing of millions — in some cases billions — of data points and sets to create patterns from which to forecast.
For Recruitment: Skills Will Be Acquired Based on Data Analysis
Rather than determine the right fit based on a gut feeling, the real estate sector’s survival will be based on acquiring employees and agents with the right skills.
Data analysis tools will help recruiters ascertain the personality types and skillets best suited to a specific role and team, reducing churn and increasing employee job satisfaction.
For Employees: Wellbeing Will Be Improved Through AI and Machine Learning
Employees in the real estate sector will be assisted through autonomous applications that operate on AI and machine learning, enabling them to focus on the essential components of their jobs. This will reduce burnout and create more productive agencies.
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