Biggest Real Estate Trends in 2022
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The real estate and property industry is still relatively traditional and has been slow to adopt modern technologies. This, however, is changing as the industry undergoes a substantial digital transformation.
Luckily for you, CORE Member, for today’s blog we will be talking about the biggest real estate trends this 2022!
How to improve the client-tenant experience throughout the property’s lifecycle, and how to make informed investment and property management decisions, are the primary focuses of technology use. Artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and the internet of things (IoT) are the current leading trends in property technology. The application of these technologies in real estate is still in its infancy, despite rapid innovation. This is a sign of the sector’s future growth and potential, as well as the vast opportunities that lie ahead.
Here are The Top Ten Real Estate Technology Trends for 2022
- Artificial Intelligence
Currently, the real estate industry employs a variety of modern devices. They provide a variety of information regarding occupants, location, and more. This data analysis provides insights into property market trends, enables investment risk assessment, and improves understanding of buyer requirements. Processing this information manually is inefficient and time-consuming.
Herein lies the future significance of artificial intelligence in the real estate industry. Not only does AI process vast amounts of data generated in real-time, but it also provides valuable insights from this data. Using historical data, AI identifies property market trends and generates accurate valuations. Additionally, it assists in comprehending customer requirements and recommending suitable properties, thereby enhancing the overall purchasing experience. Real estate agents are also utilizing AI-powered chatbots to stay in constant contact with their clients and accurately respond to their inquiries.
Gabbi.ai offers a Real Estate Virtual Assistant
Using AI, the Canadian startup Gabbi.ai enables real estate agents to improve their clients’ customer journey. Gabbi is an AI assistant that responds to clients, cultivates leads, and maintains a record of crucial communication. It monitors client texts, calls, and emails around the clock. Gabbi is also integrated with multiple listing services (MLS) and can independently book showings and manage various tasks. This method eliminates tedious tasks, converts cold leads, and enhances real estate agents’ teamwork.
- Immersive Technologies
Property investors are still accustomed to touring multiple properties to find their ideal match. However, this is a laborious process that is restricted by time, location access, and, most recently, COVID-19. To combat these limitations and enhance the buyer experience, the use of VR and AR technology has become a prominent property technology trend.
Numerous real estate agencies now offer prospective clients virtual tours of their properties. This enables clients to quickly tour multiple properties from anywhere in the world. Likewise, the use of augmented reality to stage properties for clients is growing. Based on their clients’ preferences, real estate agents display various furniture configurations to help them visualize their future homes. These technologies enhance the buyer experience and help agents convert prospective leads into actual sales more quickly.
Hyperreality Technologies provides VR Property Tours.
Using immersive technologies, Hyperreality Technologies is a Chilean startup revolutionizing the real estate industry. The startup provides prospective clients with 360-degree virtual reality tours of properties, thereby enhancing the purchasing experience. This enables real estate agencies to offer detailed property tours from anywhere in the world, as well as tours of properties that have not yet been built. During the property development phase, firms can better understand client expectations through the use of virtual reality tours of unfinished projects, resulting in increased sales in the future.
- The Internet of Everything
We live in a digital age where convenience and speedy access to information are of the utmost importance. Various types of Internet of Things devices and sensors facilitate this. Voice and speech recognition sensors, for instance, allow virtual assistant devices to communicate with people and control other smart devices in the home or office.
IoT devices, such as cameras and motion detectors, monitor the physical environment of a building to prevent unauthorized entry or activity. IoT sensors are now utilized in all types of building systems, including water pressure monitoring and electricity usage monitoring. The information collected by these sensors monitoring various aspects of the property facilitates the creation of a digital twin. In addition to providing an overview of building functions, digital twins are also used to control these functions.
Infogrid creates Intelligent Building Sensors.
The British startup Infogrid combines its modern sensor technology with artificial intelligence and infographics to create an IoT platform. The startup’s platform collects data from sensors embedded in the building to monitor, among other things, air quality, water consumption, and temperature. This real-time monitoring enables property managers to increase the property’s security and reduce maintenance costs and energy consumption, furthering sustainability.
- Building Management Systems (BMS)
There are numerous home and office tasks that can be automated, including adjusting lighting and temperature and managing space. These processes utilize sensors and intelligent building management systems to make people’s lives easier. BMS regulates multiple building systems, including energy management systems, heating, ventilation, and air conditioning (HVAC). It detects the ambient temperature of a space and, based on the tenant’s arrival schedule, automatically adjusts the temperature before their arrival.
A significant application of BMS is space management, particularly in commercial buildings. It determines where people are working in a building based on foot traffic. This information is essential post-pandemic because it enables workplaces to reduce congestion and maintain social distance norms. Additionally, BMS utilizes occupancy data for efficient energy distribution within a building, resulting in reduced electricity consumption.
Pinestack develops Building Digital Twins.
Pinestack is a German startup that provides software solutions for managing various building systems. The startup’s software collects data from a property’s various sources to create a digital twin. This digital twin helps with asset management, building navigation, analytics, and more, in addition to monitoring various building systems. Additionally, Pinestack offers a workspace app and simple integration capabilities to maximize operational efficiency in a building.
- Big Data & Analytics
Companies use big data analytics, a growing property technology trend, to identify investment-worthy properties from real estate market-related data. As a result, these real estate firms can identify properties that meet their clients’ specific requirements. Some clients desire a home in an area with convenient access to their workplace, schools for their children, etc. A service of this nature also enables real estate agents to maintain long-lasting relationships with their clients and improve their overall business performance. In the real estate industry, building information modeling is another unique application of big data analytics (BIM). Startups can create BIM models of buildings, which are then used for property maintenance, construction, and other purposes, by collecting data from various sources.
Northspyre facilitates data-driven property analysis.
Northspyre, a startup based in the United States, utilizes big data to provide real estate analytics solutions. Rather than manually entering property-related data into spreadsheets, real estate agents can rely on artificial intelligence to collect and update data. The software of Northspyre analyzes this data in real time and generates a dashboard with various insights. This information is utilized by real estate agents for market analysis, risk assessment, and benchmarking.
Rockestate creates 3D Models of Buildings.
Rockestate is a Belgian startup that creates 3D property models using actionable real estate data. The solution of the startup calculates multiple types of data, including addresses and advanced building characteristics, to create virtual property models and provide insights. These insights consist of a flood risk analysis, a roof analysis for future alterations, a reconstruction value estimation, and the actual property value.
- Property Management Applications
Regarding real estate, agents, owners, and tenants must deal with a variety of documentation and compliance requirements. Numerous startups are developing customer relationship management (CRM) platforms in the cloud for real estate companies and agents. These CRM platforms assist agents in keeping track of their clients and ongoing transactions, as well as securing relevant documentation.
Due to their cloud-based nature, these platforms are easily accessible and make crucial data readily available. Cloud technology also enables property as a service (PaaS) platforms with a customer-centric focus, allowing tenants to utilize building space and services according to their needs. Tenant experience platforms are another property software gaining popularity. They establish a dedicated communication channel between owners and tenants.
HqO develops a Tenant Experience Platform
HqO, a startup based in the United States, is revolutionizing the commercial real estate industry with its tenant experience platform and mobile application. Tenant experience initiatives and building technologies are centralized on the platform. It offers features such as office employee event scheduling, online takeout ordering, and secure visitor management. The platform enables office owners to effectively engage with their tenants, thereby retaining current tenants and attracting new ones.
Real Estate Account Management is aided by Ezen Financials.
Ezen Financials, a Kenyan startup, uses web-based software to assist property managers and landlords. Its property management software automates receipts and payments, tenant and landlord email communication, and user-initiated text messages. Other features include account management for landlords, lease management for tenants, and a portal for tenant complaints. The software provided by Ezen enables property managers to effectively manage multiple tenant accounts and properties, while also providing a channel of communication between them and tenants.
- Blockchain technology
The majority of property-related transactions continue to involve numerous third parties, such as banks and real estate agents, as well as copious amounts of paper documentation. The real estate industry also faces the challenge of rising property prices. Today’s younger generations are less likely to invest in real estate because they cannot afford it. Blockchain as a trend in real estate technology is addressing these issues in several ways. Smart contracts are blockchain-based contracts that store property transaction data and are digitally signed when the buyer and seller conditions are met.
It eliminates the need for third-party participation and paper documentation while enhancing the process’s transparency and security. Tokenization using blockchain enables people to invest small sums of money in the form of tokens in real estate, making real estate investments more accessible.
Dyvare enables Real Estate Tokenization
Using blockchain technology, the Spanish startup Dyvare is democratizing access to real estate assets. The startup’s artificial intelligence-based smart contracts eliminate the need for intermediaries in real estate transactions. Additionally, it tokenizes residential and commercial property units. On their decentralized exchange platform, these tokens are traded, providing clients with a seamless property investment experience. Other features, such as big data analytics for matching potential buyers with sellers, are also available from Dyvare. This makes the process of purchasing real estate more accessible, transparent, and safe.
Mevi creates Real Estate Smart Contracts
Mevi is an American startup that utilizes smart contract technology to digitize real estate transactions. Mevi Smart Contracts provide a quick method for creating, distributing, and signing government-compliant real estate documents. The detailed revision history of transactions stored in smart contracts increases the openness of the system. Moreover, since the data on their smart contracts are stored in blockchains, they are always accessible and tamper-resistant.
- Real Estate Aggregation Platforms
In the past decade, people’s purchasing experiences have shifted online. Due to the personal and high-value nature of its transactions, however, the real estate industry has been slow to catch up. Since COVID-19, with the advent of online property aggregation and listing platforms, this has begun to change. Numerous real estate companies have an online presence where they list their properties for clients to view. Additionally, numerous startups compile property listings from various sources and display them on their platforms. They provide solutions for a variety of use cases, including buying and selling real estate and renting it out. There are additional online platforms, such as real estate crowdfunding and co-investing platforms. These allow people to invest small sums of money in real estate at a time when property prices are soaring.
EquityDoor enables Real Estate Crowdfunding
EquityDoor, an American startup, is an online property aggregation platform that utilizes crowdfunding in the real estate industry. There are numerous real estate development projects that require funding. The EquityDoor crowdfunding platform connects these projects with potential investors. Investors invest a minimum amount of capital based on the project’s suitability to their investment criteria and financial capacity.
The Zeehaus Co-Investment Platform
Zeehaus, an American startup co-investing platform, is reducing the cost of homeownership. The company’s platform allows its clients to apply for home financing. Once a suitable investor has been identified, the home is purchased through a trust in which both the homebuyer and the investor serve as trustees. The homebuyer has the right to occupy the property, while the investor receives monthly rent on his investment. The greatest advantage here is that as the property’s value rises, both parties benefit.
- Drones
Before purchasing or investing in a property, people typically examine it from multiple angles. This is to ensure that they receive both the functionality and aesthetics they desire. However, it was not always possible to view a property from these distinct angles. Due to the introduction of drone technology in the real estate industry, this is changing.
Currently, prospective buyers can view properties from an aerial perspective using drones. This enhances the overall property purchasing experience and ensures that buyers make more informed decisions. Property maintenance is another important use case for drones in the real estate industry. Smaller drones can fly and reach places where humans cannot, for instance, inspect for flaws. This allows for the monitoring of commercial and residential properties, which facilitates maintenance planning.
Triad Drones make Aerial Property Tours possible.
Triad Drones is a drone manufacturer based in the United States that caters to the real estate industry. It provides aerial photography and videography services to its clients. While aerial photography is useful for viewing a property from a variety of perspectives and is an effective marketing tool, aerial videos assist in property development and maintenance. This allows real estate agents to provide a better customer experience and allows property managers to effectively address maintenance issues.
LibelLab provides 360° Virtual Property Tours.
The French startup LibelLab provides services to the real estate industry using drones. Lib-Drone, the drone division of LibelLab, provides aerial photography, aerial videos, and virtual tours from the sky. To create these virtual tours, the startup utilizes drones equipped with 360-degree cameras and connects the resulting photographs. These virtual tours enable clients to examine properties in greater detail and to visualize themselves in the space without being physically present. This also enhances the overall interactivity of purchasing a property.
- Information Security
It is evident from past trends that despite the traditional nature of the real estate industry, it is transitioning towards new technologies. These new technologies generate massive amounts of data, which will continue to grow. Personal information collected via smart devices about residents, as well as sensitive property documentation and transactional data, must all be protected. Government regulations on data collection and utilization are one approach to addressing these issues, but they are insufficient.
Numerous startups offer software solutions for monitoring cyberattacks on buildings, encrypting data collected by IoT devices, and other functions. Blockchain also contributes by securing property-related data in the form of immutable blocks of code. This is a relatively new challenge in the real estate industry and a trend that is anticipated to become much more prevalent in the coming years.
Totem Buildings provides assistance with Real Estate Risk Management.
Totem Buildings, a startup based in the United States, is addressing cyber security issues in the commercial real estate sector. The startup provides a SaaS-based risk management platform that monitors a building’s various systems for cyberattacks. This platform also includes vendor risk management, i.e., the system automatically audits building contractors and staff for policy compliance and related issues.
Building Cyber Security is improved by KTech Labs.
The Canadian startup Ktech Labs creates cyber security solutions for the real estate industry. 360 PropSecure is a method developed by KTech Labs to increase the security of buildings. It consists of a cyber risk assessment and a SaaS-based continuous monitoring system. Among its security features are vulnerability management, secure remote access to different systems, data backups, and device security.
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