In a world we live, technology is continually evolving, reshaping the real estate sector and enabling it to stay ahead in the changing market conditions and consumer behaviors.
FREMONT, CA: Every industry has been revolutionized and dominated by technology with real estate being one of it. The technological advancements have intensified the real estate industry towards a high road. The opportunity for tech-enabled companies to compete in this space is driven not only by the absolute size of the market but also by the confined amount of innovation to-date. Real estate tech also termed as proptech, has been shaped by shifting market conditions and consumer behaviors with the novel technologies for affecting human lives. The future of real estate depends on the technology-based improvements in capital markets. Salesmanship and personal experience are pinned to be prominent for businesses in the real estate ecosystem.
According to sources, fueled by long-term investor confidence global capitalizing of real estate property technology has been rising to 36 percent each year. This figure is set to expand with more real-estate focused investment funds penetrating the market. The increase in funding has not only floored the way for a new wave of proptech startups but has also expedited the rate of disruption in the business. Newer proptech occupants now have the means to benchmark their potential growth while more traditional proptech firms have the capital and confidence to construct into new markets.
Real estate has always been an industry reliant on technological developments. It can help customers get the right information instantly and can add significant value in recommendations based on their preferences. Even if the AI revolution does kick into action, its effectiveness will depend on how it gets implemented and whether it works integrating alongside business models and approaches. AI is here to stay and will magnify almost all digital consumer experiences delivered by property agencies. To remain relevant, leveraging real estate technology to the businesses, with advantages of automating predictable communication and administrative tasks stands a must.