One of the most expansive developments in the technology of the 21st century is PropTech. We’ve covered it before in our “What is PropTech?” write-up, but in all honesty, it is a topic that will never run out of ammo. PropTech trends are coming, and they’re coming in swinging.
When the Covid-19 pandemic first hit, Covid pushed many businesses to position their workflow into a cloud-based technology-focused environment, and the real estate industry is no different.
As we end this year and move into the next, let’s look into some exciting developments and trends that PropTech has in store for us in 2022 and beyond!
|1. AI Chatbots
2. Efficient Buying and Selling Process
1) AI Chatbots
AI Chatbots are the cornerstone of automated communication technology. When we think of Apple, we think Siri. When we think of Amazon, we think of Alexa, when we think of Samsung, Bixby. The list goes on and does not stop there.
Virtual assistants and chatbots seek to make information travel through us in a more streamlined and convenient way, and PropTech is seeking to adapt that into its technology too.
One of the reasons AI Chatbots and virtual assistants are so popular is that people are getting increasingly busy. They expect clear and concise answers at a moment’s notice, and chatbots help them achieve that.
With the inclusion of chatbots in PropTech, prospective buyers can inquire about a property they’re interested in and get answers instantaneously.
2) Efficient Buying and Selling Process
We all know that there have been growing concerns over the physical nature of home buying because of the pandemic, even with vaccines.
As a result, this poses several problems for real estate agents and developers, as they are restricted in their craft. However, PropTech and technology, in general, helps with this problem.
Now, every home buying process, from home tours to signing and closing, can be done virtually. Many real estate property management platforms are working efficiently, enhancing their applications for ease of use and convenience for both buyers and sellers.
Therefore, both buyers and sellers can alleviate their worries and continue to manage their property deals from the comforts of their own homes with ensured safety.
3) Predictive Analysis of What Consumers Want Through Big Data
Many media platforms use predictive analysis to recommend things based on our preferences. For example, Netflix looks into what we’ve watched in the past and recommends similar shows based on that. The same can be said of other entertainment platforms. In 2022 and beyond, Property companies can seek to utilise this feature to their advantage.
With the inclusion of PropTech and the adoption of new technology, property developers can make software that checks all the boxes for prospective buyers and renters, helping them look for the property that fits their needs before they even know they want it.
PropTech is here to stay, and so are we!
Are you looking to join a team that is empowered through technology? You’ve come to the right place. Join IQI today and find your place with us in this ever-growing industry!