After the last years of collective experience with COVID-19, the Real Estate industry is increasingly incorporating technology in its processes. Because of the lockdown, the real estate leaders had to rethink how physical assets are built and operated, while the construction sector has been trying to improve safety trends.
Now that the bridge between real estate and technology is finally built, the golden era for PropTech has arrived. We are witnessing many implementations of technology, which include:
- The adoption of a flexible workspace: Places that can adapt to different needs and situations, and sustainability within buildings in order to complement the return to work.
- Virtual tours or remote property management for buildings: There has been a huge increase in the mass migrations from cities to greener spaces, which has given place to more single family rental properties. Last year, around $24 billion was deployed into PropTech businesses, we expect to see a 25% growth by the end of 2021.
- PropTech start-ups: Traditional real estate businesses are noticing that technology can bring substantial benefits to the industry, such as more efficiency and transparency, the improvement of vacancy rates and more sustainability. This is a key factor that should be taken into account as the Real Estate has one of the highest carbon footprints. It generates 30% of global annual greenhouse gas emissions and consumes around 40% of the world’s energy.
The traditional Real Estate companies have two options: trying to invest and outsource or build in house. Many are building in house and incorporating technology to implement their existing assets through digitisation, analysis and innovation. The PropTech market is incorporating more specialist technical professionals and investing in their employee skills. Likewise, an important portion of its workforce is shifting into the digital world.
At present, playing it safe involves making use of technology in order to save time and money, search the market, improve processes and offer an unforgettable experience to customers.