The outburst of technology has been propelling industries in every nook and corner of the world. Real estate industry has also has been a recipient of it through PropTech, which has been disrupting the entire market and pushing change at an enormous pace. Driven by rapidly evolving needs and expectations of the consumers, PropTech has been the proponent of customer-centric approach in the realm of real estate, forcing businesses to rethink their strategies.
Digital connectivity can be looked upon as the future of property inspections. AR/VR technologies eliminate the need for traveling to see the property, saving time and money. Thus, the presence of a reliable high-speed internet option like the upcoming 5G connectivity becomes paramount. Blockchain is one another technology that has been revolutionizing everything it touches. It can remove the middleman in rental property payment and reduce transaction costs. By having a shared database of leasing processes, transaction history and ownership information can be accessed in an open and secure way.
Space-as-a-service (SPaaS) might help in proliferating digital connectivity and furnishing properties. Building Information Modeling (BIM) is redefining the way construction plan design is viewed with its 3D modeling, transforming hand-drawn plans into 3D models in a matter of seconds. Considering the explosion in construction costs in recent times, ConTech is a new leap in the sector to make constructions cost-effective as well as sustainable. It has the potential to become the immediate focus of interest. While drones are set to help in virtual touring of rental spaces, both commercial and residential, IoT is making strides into predictive maintenance of buildings and improving energy efficiency. The concepts of sustainability and GreenTech are no more aliens to the real estate industry, with innovations like windows that can convert sunlight into electricity and other IoT hardware that can fine-tune energy usage to reduce operational costs.
As mentioned earlier, PropTech champions a customer-centric approach. Rental values increase with enhanced tenant experience and comfort, and thus smart building apps that give emphasis to occupant’s journey, build community, and provide features that prioritize user experience have been burgeoning.
Real Estate sector a handful of challenges to meet like improving building performance and construction, optimizing occupant experience, effective water and waste management, and meeting the trend of customers going green. Also, such an increasingly interconnected ecosystem brings forth bigger concerns like privacy and cybersecurity. Companies are increasingly bringing in IT departments to assist in asset operations and management and make sure that the operations continue invulnerably. Thus, challenging path lies ahead for PropTech to mitigate.
In the wake of the rising importance of PropTech in today’s business scenario, choosing the right PropTech solution provider becomes crucial. With that in mind, our editorial board conducted a comprehensive study of leading solution providers globally. This edition of our magazine throws light on promising vendors of PropTech solution providers to enhance the real estate industry’s existing capabilities. We present to you ‘Top 10 PropTech Solution Providers 2019’ who have garnered significant visibility in recent times for their technological finesse.