The property industry has often been slow in adopting new technologies. However, proptech, a convergence of property and technology, provides solutions that are disrupting the industry – and their capabilities are only getting bigger and better.
Read on for 5 proptech innovations you need to know about.
1. 3D printing
Though 3D printed houses sound like an idea that won’t be realised until sometime in the distant future, they are, in fact, already a reality.
That’s right, there are people in the world right now living in printed houses.
Due to the low costs involved in printing 3D houses, in comparison to going down the traditional bricks and mortar route, 3D printed houses are expected to transform the affordable housing market.
2. Internet of Things (IoT)
IoT refers to physical objects (smart devices) that are connected to the cloud, with the ability to communicate information globally.
Let’s say you want to view a complete history of a property’s maintenance status – as more and more devices within the home become smart devices, IoT would allow you to do just that. IoT solutions can solve problems like letting you sign digital contracts, telling you when your boiler was last serviced and allowing you to see who’s at your front door even when you’re not home.
3. Big data
Big data refers to a large volume of information available online which the property industry can use to its advantage to make data-driven decisions.
The information gathered can provide insight into buying trends, price predictions, and property history, as well as everyday tasks such as notifying property managers of maintenance required before issues even take place.
Though larger companies are already harnessing the power of big data, it’s still not the mainstream – and it should be, because the entire property industry can benefit from it.
4. Augmented Reality (AR) & Virtual Reality (VR)
AR and VR aren’t brand new to the market but they are becoming more accessible and more widely used. They provide 3D models of properties that are viewed through a headset. This is designed to allow the viewer to visualise the property before committing to a purchase (or agreeing to let).
One thing’s for sure – AR and VR have made everyones lives easier by reducing the need for in-person property viewings. This is something we ourselves use at City Relay to provide potential residents with the highest standard of virtual tours. Read more about AR and VR here.
5. Drone technology
When you hear about drones being used in the property industry, you may think about how they provide aerial shots of properties that traditional photographs would struggle to capture, and you would be right. However, they are also particularly useful in construction, allowing construction sites to be monitored, collecting data more easily and efficiently, and even transporting construction materials across sites.
Found any of this content useful? For more, or to find out about the proptech solutions we offer, get in touch today.