Prop Tech Trends of 2023 to watch out for.

Within the last 30 years, the real estate industry has changed a lot. IT now plays a vital role in shaping the real estate industry. The real estate industry is undergoing a substantial digital transformation and it is important to watch out for Proptech trends that would work well in the industry in 2023.

Proptech is one of the biggest industries expected to reach  $8.6T by 2026. One of the major factors to make it such a huge market is technology. Technology became such an important factor for consideration as it enabled everyone involved in the industry to make better decisions. Hence, to create a better consumer experience, it has become crucial to consider some industry trends. 

Proptech trends are influenced heavily by the online behaviors in the pandemic that had forced millions to have most operations shifting online. Newer innovations and technologies are changing the way real estate works and it will change even more in the coming years.

Here are 6 major Proptech trends of 2023 

1. AI and ML. 

Artificial intelligence and machine is vastly used in real estate and will be used even more because it allows realtors to pass data pipelines and algorithms to their decision-making process. Furthermore, AI and ML can be used for various other purposes like advertising, and content marketing. AI can be used to better customer experience for example AI chatbots, will respond quickly to consumer searches.

1. CRM software. 

CRM software was a huge hit in other industries and is emerging in real estate because it is essential for real estate agents to be in touch with clients and leads. It is also crucial to maintain smooth communications and hence CRM software is used. They are used for end-to-end management like managing incoming requests and preparing price quotes to sell and manage the property. They can provide features that are specific to the real estate industry.

1. Automation. 

Time-consuming and repetitive tasks are not unknown to the real estate industry. Documentation, property and client management, and lead generation can end up being very resource-consuming, and hence real estate industry is in dire need of automation. 

2. 3D modeling 

With 3D modeling, it has become easier to picture the property and lead without actually visiting the site. It has a lot of practical applications and is a trend of high value to the property tech industry. This is one of the tools that will enable harnessing the power of technology for the benefit of the industry. With 3D modelings, we can get an idea of any space in 3D from its 2D image, and hence it can be used for viewers to walk through the property virtually and showcase the property in the best way possible.

1. VR and AR 

AR and VR were significant technologies in gaming but it is also used in real estate for a better consumer experience. AR and VR are primarily used to enable virtual property staging and showcasing properties. Arranging 3D guided tours for home buyers can benefit both sides of the industry namely Real estate agents and firms and consumers. Agents can showcase their properties in the best light and clients can visit the property without actually traveling to the property site.

1. Blockchain. 

Blockchain is becoming increasingly popular as it helps eliminate paperwork and bureaucracy while maintaining the needed transparency. Blockchain is a great emerging prop-tech trend as it’s efficient and involves multiple parties. These transactions are also secure because of their decentralized nature. 

Like any other industry, real estate has also adopted technology for the betterment of the industry as a whole. These trends that are mentioned will add more value to the real estate industry as a whole and will be the key to creating ripples in the industry.

While working with real estate professionals, we always consider the best trends that are valuable and can separate you from the market. We specialize in end-to-end solutions for property technology and we create solutions that are convenient and user-friendly and customized for you.