Real Estate Technology Trends: What to Expect in 2024September 26, 2023
PropTech solutions can take many forms, including virtual and augmented reality tools that allow buyers to tour properties remotely, online platforms for property listings and transactions, property management software, and data analytics tools that provide insights into market trends and consumer behavior.
Over the next three to five years, investments are expected to reach $69 trillion by 2030. While the number and scope of emerging proptech trends are only rising, some have already been singled out as trends that will go the distance. Here are just a few of them.0
1.Focus on better commercial strategies with proptech that emphasizes AI algorithms assistance
Currently considered one of the most powerful weapons in real estate marketing operations, artificial intelligence algorithm-backed assistance is expected to quickly become the norm, offering a wide range of capabilities, including :
-Better recommendations (providing more customers with more relevant options to choose from)
-Property management (working closely alongside mobile app technology that caters to property and lease listings, buyers and even maintenance requests etc)
-Superior data analysis (algorithms would help owners improve data aspects in order to provide better services, more transparency and increased accessibility.
2. Increase of real estate crowdfunding platforms
Today, with over 80% of the world’s population using a smartphone, investing is no longer reserved for the wealthiest, and anyone with a smartphone and WiFi is able to become an investor. With Europe soon allowing regulation of crowdfunding across all European states, and proptech simplifying the search, rent, purchase and sale processes of buildings, it is expected that the trend of real estate crowdfunding platforms will continue to rise over the next few years.
This is especially the case as studies of 2020 and 2021 have clearly shown that investors want to participate in and support even smaller businesses involved in this sector. The appeal of such crowdfunding technologies is also evidenced by the heightened equal opportunities created for both issuers and investors, with last year seeing more investors who were Black, women or people of color than in previous years.
3. Increased need for customer-focused support
With such wide-scale technology adoption in the property sector through these proptech solutions, it is evident that real estate owners, developers and other related parties will also need to consider fully-integrated tech solutions that truly cater to end users’ expectations, making sure to guide them along the rapidly-changing face of such a time-honored industry.
That means additional digital solutions and tools that will focus on post-implementation, customer-focused ‘hyper-care’ support to ensure customer satisfaction as they adapt to these new platforms and apps.