Tech adoption in real estate services is no longer a luxury, but rather an expectation from all stakeholders. People want convenience, functionality and added value in all aspects of life – and our sector is no different. Despite this expectation, the adoption has been relatively slow, primarily due to the expenses involved, the lifecycle of any technology, and the challenges of integrating the new with legacy systems. The first use of ‘property technology’, or proptech, was probably when spreadsheets were rolled out to store property-related data. While spreadsheets are still in use, proptech has evolved, its scope has expanded exponentially, and is being utilized throughout every stage of a property’s lifecycle. Slow movers are losing out by not looking at the bigger picture – yes, there are costs involved, the technology will not live forever, and it will take time to bring new technology online. However, there are also endless rewards when we realize the enabling power of technology.
The use of automated technology for lighting and heating, water conservation and electricity optimization techniques, installation of energy-efficient LED lights, employing weather-based irrigation systems, and use of treated sewage effluent for irrigation purposes are more innovative techniques that will result in less resource consumption, greater energy conservation and a greener footprint. In 2020, proptech demonstrated how it can help real estate services companies and individuals to deal with the repercussions of a pandemic. It helped communities stay connected and engaged using digital platforms; it helped people manage their assets remotely; and it helped businesses reduce operating costs and create efficiencies. The different uses and their associated benefits can go on, with the deployment of Internet of Things (IoT), Artificial Intelligence (AI) and Blockchain are transforming every aspect of the real-estate sector. The real estate industry can utilize technology to enhance customer service, improve operations, create efficiencies, and reduce costs, become more sustainable and elevate the experience for investors, owners, and tenants. Companies can also use technology to differentiate their offerings, remain competitive and add value.