Stay ahead of the curve: explore the top 5 technology trends in proptech

Welcome to the Doorstead Newsletter, your go-to source for the latest real estate, property management, and proptech insights. We recently published a highly-read blog post about the top technology trends changing property management. Today, we're excited to share some of those trends with you here on LinkedIn.

Big data

With vast amounts of data collected from various sources, including tenant information, market trends, and property performance metrics, property managers can better understand their portfolios and identify areas for improvement by utilizing big data.?

According to a recent study on big data in real estate by 麦肯锡 “nearly 60% of predictive power [for property value] can come from nontraditional variables,” including hyperlocal features such as proximity to cafes, gas stations, and other specificities.

Big data analytics can help uncover patterns and trends that might otherwise remain hidden, leading to more accurate rental pricing, reduced vacancy rates, and improved tenant satisfaction.?

Artificial intelligence (AI) and machine learning

AI and machine learning are increasingly automating property management tasks, from screening tenants and setting rental costs to providing data-driven insights for decision-making. By leveraging AI algorithms, property managers can optimize their operations and improve overall efficiency.

In a new Urban Land Institute survey,?28% of survey respondents reported creating data analytics software solely within their organization, a higher percentage than any other type of emerging technology.

Discover more compelling statistics about artificial and machine learning in proptech from our full blog post.

Internet of Things (IoT)

Internet of Things (IoT) devices revolutionize property management by enabling remote monitoring, predictive maintenance, and energy management. Smart thermostats, leak detectors, and access control systems are just a few examples of IoT applications in property management that provide both convenience and cost savings.

According to data from IoT Analytics , over 7 billion internet-connected devices are growing exponentially. And this is a big money game: according to an infographic from 英特尔 , the global IoT market is set to hit $6.2 trillion by 2025.

Learn more about the Internet of Things here. ?

Virtual and augmented reality (VR and AR)

Virtual and augmented reality technologies are transforming the property management landscape by offering immersive and interactive virtual tours, allowing prospective tenants to experience a property without physically being there.

Virtual reality (VR) is transforming the real estate industry and providing agents with the tools to expand their business, attract more clients, and deliver exceptional services. With 44% of clients searching for properties online (according to a survey by the National Association of REALTORS? ), adopting VR technology is crucial for real estate agents, property managers, and homeowners to stay competitive.

Mobile applications

Mobile apps are making property management more accessible and user-friendly. With apps for rent collection, maintenance requests, and tenant communication, property managers and tenants can stay connected and informed on the go.

According to HOA and Rental Property Management Software - ManageCasa , 80% of property management employees worked remotely during the pandemic, and almost half of all property managers plan to integrate new technology into their work processes. Remote access applications and mobile apps could help the pivot to streamline tech processes.

Some of the main benefits of mobile apps for real estate are user-friendly navigation, high levels of interaction,?cost and time savings, and improved sales prospecting.

Embracing these technologies and adapting to the changes they bring is essential to stay ahead in the rapidly evolving world of property management. By integrating these tools and resources into your business, you'll thrive in this new era of proptech.

Read our full blog post here for more details on big data, AI and machine-learning backed, virtual and augmented reality, and the Internet of things and smart homes. We also provide insights on top proptech automation trends that are widely being implemented in the property management space.

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