It is amazing to note that the real estate industry across the world is valued at Ksh 22.4 quadrillion ($ 217 trillion) with only 30% being non-residential property. Significant progress in middle-class economic growth has only fueled rapid improvement in the sector.
Industry stakeholders and developers have therefore had to be more strategic in innovations and inventions to meet the shifts in the needs of the target market.
The following are some of the property technology (proptech) that continues to revolutionize the real estate world.
(a) Blockchain technology
Purchasing a property can prove very difficult as it involves numerous and tiresome procedures and players including banks and brokers. This makes it illiquid and inefficient.
Decentralized transactions involving the blockchain could improve the monitoring process of real estate transfers, fasten it, and make the valuation technique transparent and convenient.
Also, it could eliminate completely inaccessibility and corruption in real estate. This is because the data within it cannot be tampered with; it is owned by anyone and can be accessed by anyone who is signed up to the scheme.
(b) 3D-printing technology
In countries like Russia and China, construction companies are capable of printing houses within a period of 24 hours. Unbelievable! This is all thanks to innovative and fast 3D- printing that could really come in handy in densely populated areas where housing is scarce. This saves on labor and costs.
“Customers are very keen on the property features as shown on the images on our websites. We have invested in the latest technologies to get this right and that is the secret of our success in real estate industry, ” says Reuben Kimani, CEO Username Investment.
(c) Internet of Things (IOT)
This is a game-changer that has completely redefined how people generally associate with their environment. The comfort and convenience through the integration of digital assistants into individual lifestyles cannot be ignored.
Previously unimaginable things like having a home fridge send a shopping list to the local supermarket for delivery are now possible. The lights can even dim and switch off by themselves now when the homeowner falls asleep.
(d) Virtual reality
Physically visiting the property for inspection by potential landowners is now a thing of the past. Virtual tours are now possible from anywhere in the world.
It incorporates every detail of the property with even barriers on the designated boundaries that create a sense of reality. This saves time and also gives them an opportunity to suggest some changes and adjustments to suit their preferences.
Drones are very ideal for taking aerial images and is one of the very essential trends in the real estate sector as it has advanced storytelling in the sector.
Potential homebuyers can now get amazing images of the property so as to analyze their curb appeal while getting a glimpse of the neighborhood.
Great pictures of the property gives the owners an edge in the marketing sector as the property’s appeal is massively improved.
Robotics process automation (RPA) has made the undertaking of repetitive procedures in the manufacturing of real estate materials very easy. Also, robots are actively replacing human labor in the construction process with only human intervention required in a few technical stages. This has helped save a lot of lives that previously occurred due to the dangers of construction work.
Continued advances in technology will prove very vital in the milestone improvement of the real estate sector. This would create a more efficient, vibrant, beautiful and exciting global real estate industry. This means improvement of the quality of living in the world.