TOP TAKES is IoT Sources’ filtered content channel, bringing you the most important breaking news and notable events surrounding the Internet of Things. Today’s post originated from: www.musttechnews.com.
With nearly 179 Property tech start-ups raising US$4.8 billion since 2013, we cannot help but notice the rise in technologies and innovations that are changing the way we see property investment. As the real estate platform continues on a steady increase at 36% per year, we must adapt the way we work and hunt for homes to stay in the game.
Today, we’re talking about 3 trending innovation drivers that are revolutionizing the world of prop tech.
IoT Adds Value to Real Estate
With an estimated 26 billion smart devices by the year 2020, this includes everything from HVAC, cell phones, wearable devices, and lighting sensors, according to analyst firm, Gartner. Technology is changing the value of real estate, which is based solely on location. The Internet of Things is already playing a strong impact in the world of Prop tech, as developers are increasingly furnishing properties with smart devices and appliances.
For example, an HVAC with a built-in smart system will sense the ambient temperature and automatically start before the tenant enters the home. This will help enhance the overall user experience as well as help inefficient system operations, save energy, money, and safety.
Adoption of Cryptocurrencies
As one of the upcoming technologies that have recently grown within the past decade, cryptocurrencies are expediting asset transfers that make it easier for investors to purchase online and abroad. In fact, Blockchain and other disruptive technologies can help release information regarding all buyers, sellers, reports, tasks, vendors, and lease comps.
This greatly affects the RE market as it simplifies the way buyers dealing with mortgage loans, property purchases, use of lawyers, and any other middlemen in between the purchase transaction.
Value of Location to Real Estate Sales
While location analysis is nothing new, artificial intelligence is taking geolocation to the next level. Geolocation tech transforms simple maps into full sets of data on the said properties. Real estate developers can make thorough valuations to keep property decisions based less on a game of change and more of an economic-based strategy.
As brands discover the benefits of GPS-fueled augmented reality, they’ve been on the search for new years to reach their target customers. In fact, marketers are using advanced geolocation data with mobile devices on wearable tech to identify more than the physical location of the user.
The real estate industry is only just beginning to see the potential for tech-driven innovations that are likely to change the world we live in. A list of technologies will affect how we run the real estate industry, with Blockchain in the lead. So, if you play to stay ahead of the curve, be sure to do your research, follow the recent real estate trends, and get ready for the innovative drivers that are revolutionizing the world of prop tech.