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In 2022, the global property technology (PropTech) market's estimated value was $29 billion. By 2030, experts forecast that to grow to a whopping $94.2 billion!
PropTech, after all, makes real estate processes more convenient, efficient, and secure. It can also help make properties safer, healthier, and eco-friendlier.
However, some types of property technologies will see more use this 2023 (and beyond). We've discussed the top trends in the guide below, so read on.
1. Better PMS Features
Property management systems (PMSs) help facilitate accommodation businesses' day-to-day operations. These include computerized reservations, housekeeping, and maintenance schedules.
However, with so many PMSs popping out, software makers started offering more features. For example, as per this Appfolio vs Yardi guide, the former lets users screen tenants. By contrast, the latter has more automation features, such as for leases and invoices.
2. Generative Artificial Intelligence
Generative AI is an AI technology that can generate text, images, audio, and video. In real estate, one of its uses is creating more accurate property representations. For example, it can produce a much more detailed video description of houses for sale.
Generative AI can also develop property descriptions based on market trends. For instance, it can produce a text or audio file describing a home's increasing value.
3. Robotics Technology
In 2022, the global robotics technology market was worth an estimated $75.89 billion. That increased to $88.8 billion this 2023.
The real estate industry is a driving factor in robotics technology adoption. After all, robots can provide property tours and answer basic buyer questions. Others, like aerial vehicles or drones, provide images or live property videos.
Robots can also help make property management safer and more efficient. For instance, they can inspect areas otherwise dangerous or inaccessible to people. They can also repair minor structural issues without human involvement.
4. Clean and Efficient Energy Technologies
Real estate is behind as much as 40% of global carbon emissions. Thus, using technologies to curb that will be a priority this 2023 and beyond.
An example is renewable energy technology, including solar panels and generators. They generate cleaner energy and much less carbon than fossil fuels.
Another is smart home automation, which can also help cut energy waste. These include intelligent thermostats and automated or remote-controlled LED lights and windows.
5. Blockchain Technology
A blockchain is a shared computer database or ledger. It's best known for its role in cryptocurrency, such as Bitcoin and Ethereum.
However, blockchain use has also spread to real estate. For example, it helps facilitate secure data sharing and property finance transactions.
Some property sellers also use blockchain to create non-fungible tokens (NFTs). NFTs are digital tokens or certificates of ownership. People can use NFTs to prove they own a piece of real estate.
Embrace These Property Technology Trends
From improved PMSs to robot and AI use, these are the top property technology trends this 2023. So if you're a property owner, do yourself a favor and take advantage of them. They can help you find better tenants or buyers or, at the very least, keep your property in good shape.
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