As one of our tech industry’s newest verticals grows, it begins to be used in one of the oldest industries, property. It’s likely that, in the future, our buildings are going to become more connected to our social needs.
While FinTech is changing the financial sector, PropTech could possibly transform the real estate industry, drive innovation and improve design, development and operations in our real estate assets and communities.
Real estate players are adopting tech
PropTech includes technology as a solution for creating, developing, renovating, purchasing, selling, promoting, and handling real estate. It’s gaining traction among stakeholders after initial resistance. It can contribute towards improving operations and the bottom line for many businesses.
According to the Emerging Trends in Real Estate study, two specific technologies for PropTech applications – artificial intelligence and drones – are becoming popular among many construction companies and building owners.
In buildings, AI systems are deployed to control operations ranging from elevator maintenance to heating capacity. Meanwhile, drones are used to track sites and control developments after they have been completed.
A transformational era for construction
Drone training courses can play a part in getting workers trained to handle PropTech jobs. With the rise of drone and AI tech, the industry might experience a fundamental shift that can start disrupting previous construction processes. The likes of AI, robotics, drones and other new technology are allowing for greater collaboration and accountability.
There are a handful of live examples that can be found today, including wearable site safety applications and drones, or the advanced experimental robots that are being tested in order to replace simpler on-site tasks.
Mobile networks can benefit
With 5G coming into the picture, mobile network operators can benefit greatly from unmanned aerial vehicles, as potential business opportunities are uncovered and IoT projects become more commonplace. Think about the authentication, monitoring and controlling of drones. Networks could help provide a wider area of connectivity and help with UAV identification as well as registration.
There are a few challenges that networks might face. For one, interference is higher and resource utilization is lower than it is on the ground. Base station antennas tilt down on cell towers, so drones that rise above tower height might be at a disadvantage while facing interference. Still, 5G and other solutions are positioned to provide more efficient connectivity.
PropTech and smart cities
With so many of us becoming attuned to the use of technology, people search for technology for jobs they carry out, as well as services that they use. This is evident in the real estate sector where people increasingly opt for smart property.
Integration of homes with the Internet of Things (IoT) is expected to exponentially increase in 2018. Smart home technology and property experts say that the average smart home could consist of more than 500 fully integrated smart devices by 2022.
The reality that is being observed is that the millennial generation is showing a growing interest in buying smart homes.
Establishing a critical culture of creativity is a prerequisite for digitisation. Realtors should, therefore, challenge whether, when, as well as how they should implement measures to adjust to digitization.
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