The term proptech – property technology – is an umbrella term referring to a range of technological tools for the real estate market. Many industries have continued to embrace the development of technology, and the real estate market is no exception; the use of property technology has increased in recent years, notably throughout the COVID-19 pandemic when the industry was forced to adapt to an unusual new set of circumstances.

As property industry professionals – such as Ryan Mahoney of Dubai, UAE – will be well aware, it is crucial to take advantage of this evolving technology to grow the real estate business.

The Evolution of Digital Real Estate

Proptech encompasses a range of technological tools. Buyers and prospective tenants have increasingly turned to online marketplaces to search for their perfect homes. Platforms such as Zillow and Redfin allow people to search for homes with a variety of filters and to interact with real estate agents. In the interests of enhancing the user experience, estate agents can use virtual reality and augmented reality to allow users to truly picture themselves living in a property.

The embedded PDF takes an in-depth look at the impact of virtual reality and augmented reality on the real estate market.

In the rental market, landlords can now make use of property management software to manage their rental properties with greater ease. Rental management software can handle rent collection, maintenance and lease renewals, taking the hassle out of property management and freeing up landlords’ time.

Tools to Help Agents Monitor the Market

Technology is not only seeking to make customers’ lives easier; advancements in machine learning (ML) and artificial intelligence (AI) allow real estate agents to track developments in the market and provide valuable insights into market trends.

Furthermore, as well as helping to manage and analyze large amounts of data, AI and ML can also be used to automate tasks such as investment analysis and property valuation.

The Future of Proptech in the Real Estate Market

As a younger generation of real estate agents are entering the industry, they bring with them a more technologically savvy outlook. The real estate market has been slower to adapt to advances in technology, but the benefits of utilizing these tools are becoming even more evident.

These automated services reduce the chances of human error, ensuring that lease and property management runs smoothly. Staff members can use the additional time they have at their disposal to make key decisions on how to drive their business forward instead of focusing on manual data input.

This technology should not be viewed as a replacement for human workers; rather, it should be considered a useful tool. Working in tandem with artificial intelligence and machine learning can improve efficiency and customer service.