The world of real estate development and investment is ever-changing due to incredible new leaps forward with technology.
The goals of property-specific technological advances for real estate investors are to simplify the building and selling processes, increase efficiency and, ultimately, drive profitability.
Today, we will discuss 6 modern trends in property technology, or “proptech”. These include data protection; automation and streamlining processes; uses of AI; social media marketing; virtual home tours; and robotics in construction. But before we dive into our discussion of these 6 proptech trends impacting real estate in 2023, let’s have a look at what the term “proptech” really means and why we need to know all about it.
What is Proptech?
The term “proptech” is used to refer to all property-specific tech innovations. These innovations are technological tools to help property developers and investors increase their profits with streamlined processes. According to proptech expert Kurt Uhlir, it is the responsibility of anyone who has the resources and capacities to multiply what they have been given to help others reach their potential. This is the essence of proptech advancements.
These disruptive technologies can revolutionize the real estate industry in several key areas. For one, advanced technology can streamline buying and renting processes, as well as property management. The latest tech can also make searching for investment properties far easier and quicker. Proptech can also make marketing efforts, home tours and construction more efficient.
Why Learn About Proptech?
Technology related to real estate and other big business areas is developing and changing all the time. This is like a process of evolution, where new species of awesome ideas and inventions are constantly in the works. It is easy to get left behind if you do not make the effort to learn about technologies in real estate as they are launched.
So, if you are involved in the world of developing, selling, buying, or renting properties, it is worth keeping on top of the latest trends. Kurt Uhlir has several patents for new tech inventions on the go, and so do other business tycoons. So, property sale sites need to keep up with the current trends in proptech in order to stay at the top of their game.
Now, let’s have a look at 6 trends in proptech that are making a splash in 2023.
6 Proptech Trends Impacting Real Estate in 2023
Remember that this list is not exhaustive. We have compiled this list of 6 proptech innovations based on their significance in the world of real estate, but there are many more awesome innovations in this field on the top of those mentioned below.
1. Data Protection and Selling Customer Data
A big problem in the online property trade industry is the sale of customer data. Many big real estate sites such as Zillow, Trulia, and Redfin are known to sell clients’ data to marketing companies. In fact, most of Zillow’s revenue comes from collecting consumer data and selling it to real estate agents.
This is a huge annoyance to customers, some of whom are not even looking to buy a home. Many people will sign up for a property site purely to check the market conditions and find out the average house price in their area.
These unscrupulous platforms are best avoided by any customer who does not want to be hounded by marketing emails. Even once you submit an unsubscribe form, many of these marketing emails will find their way to you.
Instead, you should use a property site that prides itself on customer privacy. A notable platform is exprealty.com, which does not sell customer data to marketing companies. They use property technology to find you relevant and quality search results without leaking your data to boost their profits at your expense. Make sure you read the small print and find a platform you can trust.
2. Automation and Streamlining Processes
Another key proptech trend impacting real estate in 2023 is the simplification of rental and buying processes. Property sites will have the best chances of success if they make these processes user-friendly and straightforward.
Technology is being utilized by real estate companies to streamline application processes, as well as approvals, rent collection, and property management. This makes renting or investing in property simpler and more appealing.
Automation is the new norm in proptech, and it allows customer relations and property management processes to be streamlined and much more efficient. Not only does this free up more time for agents to develop their business marketing and brand image, but it also suits customers.
Now, investors can find and analyze deals, buy and sell properties and manage their rentals much more quickly and easily. With clever tech solutions, much more of the rental and buying processes can move forward without a worker manually doing the labor.
3. AI in Property Investment
Artificial intelligence (AI) is one of the most significant tools when it comes to proptech and the evolution of the real estate industry. It is a significant factor in the automation and streamlining of processes. Moreover, AI can help to accurately predict which locations will be the most profitable for developers to invest in.
When customers are searching for their next potential investment property, they can use the latest tech to filter their searches for the most profitable properties within their budget. AI can automate processes and analyze data to optimize market profitability and revenue.
Finally, AI is a useful tool for people in the real estate industry who rely on quality content to boost their digital marketing efforts.
4. Social Media Digital Marketing Tactics
One of the main ways that real estate agents are making more money is by developing quality content, such as blog posts, videos, and podcasts that they share on social media platforms like Facebook, Twitter, TikTok, and Instagram. These posts should be targeted toward a target demographic and designed to be informative, engaging, and relevant to the industry.
A real estate company can use AI to help create this content and target it toward interested parties. Content is a great way to showcase expertise as a real estate expert and drive more traffic to a site.
In this modern age, it is surprising how much networking and information spreading takes place on sites such as TikTok. This platform and other social media sites are great places to demonstrate your expertise in a certain field, develop a following, and build trust in your products or services.
Social media content can draw people in, improve your online reputation and allow you to share valuable information relating to your brand while keeping your audience entertained. With clever algorithms, this content can be targeted toward people who have recently searched for services or products like yours.
So, if someone has recently searched for property prices in their area, for example, a local real estate company’s latest videos might come up on their “for you” page.
5. Virtual Tours of Property Listings
Another way that modern technology is impacting real estate is the availability of virtual home tours. These virtual tours might be presented as 2D videos online or else as virtual reality (VR) immersive experiences. VR is a very fashionable trend in tech in general at the moment, not just in the world of property.
Virtual tours often allow for 360-degree views of each room, as well as detailed descriptions of the features of the home. A virtual tour will also allow customers to see a floor plan and learn a bit about the neighborhood.
A well-designed virtual home tour has the potential to keep customers interested and engaged with a home listing. What’s more, this proptech trend means that viewings are more accessible and more potential customers can be reached. Now, home buyers and renters do not need to make the trip to visit a property, if they are not able to, they can simply view it online.
This is also a great innovation for viewing homes that have not been built yet! With modern tech, we can now show homes as they will look upon completion. So, if you are marketing new builds at the presale stage, you can still show customers what their brand-new home will look and feel like upon its completion.
AI can help developers to identify optimized spatial layouts for their new developments and VR can allow buyers to walk through homes that do not exist yet.
6. Robotics in Real Estate Construction
Last on this list, but by no means least in the world of genius proptech innovations, is the use of robotics in real estate construction. Robotics is another way that we can see technology evolve through the years. Machines are becoming increasingly capable of completing clever and fiddly tasks.
In recent years, construction has been a key focus within the field of robotics development. Robots in the construction industry can now lift heavy items and place them with precision where they need to be.
Moreover, they can inspect construction work and highlight areas of weakness or faults. For instance, a drone can monitor a construction site from a unique perspective and provide useful feedback.
A robot can also demolish a construction project. These uses for robots improve the safety, efficiency, and quality of construction work in real estate. They reduce the need for construction workers to be in precarious positions.
The use of robots can also help to tackle any issues of labor shortages in the construction world. These proptech tools have the potential to revolutionize the real estate world for developers.
Finding Efficient Real Estate Sites You Can Trust
So, property sale sites have a lot of modern tech to keep up with and utilize for more efficient processes and increased profits. And from the perspective of an investor, you can investigate property sales sites to ensure you are using a reliable, trusted, and efficient site.
Remember, some of the big sites, like Zillow, Trulia, and Redfin are selling customer data for profits. This is not in your best interests. So, make sure that you do your research and find a property sale platform that does not sell your personal information.
You should also look out for exclusive property listings, filtered search features, and sites that boast regular updates. These platforms will give you the best shot of finding a solid investment property.
It is also important how a property sale site treats its customers. You want to find a website that is well-designed so it is easy to use. Moreover, look for a platform that has a great online reputation. Customer reviews and testimonies will help you out here.
Look for mentions of fast responses, personalized customer support, and quality advice from an expert, vetted realtors. The process of buying or renting a property should not be taken lightly and you want to be in the hands of caring professionals as you make this bold move.
Remember that eXp realty will not sell your data. Current VP of Marketing and Operations, Kurt Uhlir, ensures that they use the most up-to-date proptech to make the user experience easy, efficient and helpful. All searches are accurate and display up-to-date available properties in your area.
Now that you know what the umbrella term “proptech” refers to, you are well on your way to understanding its relevance in the modern world of property development and investment. Today, we have looked at 6 current trends in proptech that are impacting renters, buyers, and developers in 2023 and why it is important to stay on top of the latest trends.
We have seen that there is a move toward data protection in trusted property sales sites, while others are selling customer data for profit. Moreover, automation and streamlining processes are key goals of proptech. We have also discussed some uses of AI in property sales and the importance of social media marketing. Proptech has also revolutionized virtual home tours and the use of robotics in construction. When it comes to innovation in real estate technology, there is a lot going on and more to come!