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The real estate industry is experiencing a widespread digital transformation and is seeing the tangible benefits of adopting technology. New innovations are appearing all the time and there is no doubt that proptech is at the heart of this digital revolution. It is changing how real estate is developed, managed and traded.
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As the pandemic worsened, the need for technological advancement in the real estate sector was crucial. The pandemic steered this transformation and for a sector like real estate which has been traditionally slow to adapt to tech, PropTech companies emerged as real game-changers.
Until recently, the promise of smart office technology was only achievable for large real estate companies with budgets of many millions of dollars. IoT has been prohibitively complex and expensive for most building owners and facility managers. In addition, installing sensors to collect data is costly and time-consuming.
Technology has permeated into almost all business and industries, and real estate is no exception. While on the one hand the real estate industry has been quick to identify opportunities in adoption of technology, simultaneously on the other hand, the government has been coming up with various initiatives to drive in the same among the industry players.
The proptech revolution is accelerating as building operators turn to big data to monitor everything from tenant relations to their properties’ energy use.
Proptech, or property technology, companies are changing the way business gets done in the commercial and residential real estate industries. The sector is on fire — and, unsurprisingly, growth in the space has accelerated during the Covid-19 pandemic.
December 26, 2021
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December 11, 2021