The Future of Proptech in 2020 and Beyond

Image by Mona Tootoonchinia from Pixabay

Proptech is at the forefront of the property industry right now, and more people and companies are using it to their advantage. Since the rise in popularity of Proptech, utilizing these interesting and innovative tech pieces has become easier. As we begin in 2020, we start to think about the future of Proptech and what it means for everyone involved in the process of modernizing the property sector. Not only this, we have to start considering the future beyond 2020 and how we can successfully continue using new technologies such as drones and VR. 

Interested in finding out more about the future of Proptech in 2020 and beyond? We have the perfect list for you. The potential of technology within the property industry is endless, especially when technologies are consistently evolving. The consensus is that this year, Proptech will grow in maturity and emergence of the new tech will continue to consolidate the sector. 

The Current Proptech Landscape

Innovative trends come and go, but the real estate technology industry continues to be invested in. In 2008, the sector was worth a small $20 million, however, fast-forwarding to 2018, the industry was worth a whopping $4 billion. In 2020, the sector is predicted to skyrocket in terms of value. Not only is this exciting for the investors within Proptech, but it’s a great thing for property investment companies too. It’s not essential that businesses use the latest technology, but it does improve the way that we rent, sell, design and construct both commercial and residential property. Using technologies is a fascinating way to lead an average property business into greatness, exceed projected revenue and gain more clients just by researching more and buying into Proptech as a whole.

The current landscape predicts huge things for the Proptech industry in 2020, as more companies choose to invest in real estate technology, it continues to be at the forefront of leading industry. From advanced technologies like augmented and virtual reality (AR/VR) to the increasing number of smart properties being developed, the future is exciting.

The Rise of Smart Rental Properties

Smart homes are becoming a formality for many of us. Smart assistants such as Alexa and Google Home are popular with young people as they provide answers to life’s craziest questions. However, the recent popularity of becoming eco-friendly and the impending climate crisis means more people are looking at ways to become green and sustainable. Smart technology is one of the easiest ways to do this. Many property companies are implementing smart lighting and thermostats into their developments, including RWinvest, for example. As a landlord or investor, having a rental property with smart technology will mean you have very little worries when it comes to your tenant’s energy and electricity bills. Smart lighting on average uses about 25% to 80% less energy and lasts 3 to 25 times longer than traditional bulbs. 

Drones Delivering Quality Assurance

Drones have long been used for capturing beautiful images of skylines, but property companies have started using them to capture the construction of developments. Drones deliver quality assurance to potential and exchanging clients since they feel confident when seeing the whole development from a height. Long gone are the days of having to take bad quality images of different aspects of a building site; the popularity of drones means companies can now simply video their constructions and send to clients for reassurance. Plus, they also make for good updates if clients are worried about the progress of the development!