Top 10 disruptive real estate technology trends (2022)
We have ground-breaking news.
Real Estate Technology (or “PropTech”) has seen a deluge of investment in recent years. Seriously. Perhaps at a level beyond what any of us could have imagined.
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In fact, almost $32 billion was funnelled into software development in 2021, up from $24 billion in 2020.
Why? Well, for one, the pandemic accelerated technology adoption in the market – where numerous property managers started to recognise the importance of protecting their bottom line.
Now, with their software in place, the majority are just looking for ways to remain competitive by following the development of complex real estate technology trends.
What is the future of real estate technology?
It seems that, despite worldwide economic uncertainty, investor confidence has remained high for Real Estate Technology for the past few years, hitting record levels in March 2022.
As such, the number of real estate technology startups has increased by 300% over the past decade. Many have seen exponential success.
There’s no doubt that, going forward, this market growth is only going to continue over the next few years – especially as more businesses in real estate assign a budget to their total digital transformation.
Soon, every property manager will be onboarding whatever clever system promises to guarantee their long-term survivability in an ever-evolving climate.
The top 10 most disruptive real estate tech trends in 2022
Everywhere you turn, technology is being incorporated into our industry… for obvious reasons. Throughout 2022, there have been massive leaps in innovation that could change the face of our industry forever. Let’s take a look at some of the biggest real estate technology trends dominating the US, UK, and even Australia.
1. Virtual reality tours of properties
What started as a temporary solution during COVID-19 has turned into a useful, interactive asset for real estate organizations, allowing them to connect with leads much further afield.
By creating and publishing interactive VR tours of their available properties, they can rewrite consumer experiences, share accurate property information, and build trust with their audience.
2. Real estate crowdfunding platforms
Across the world, thousands of businesses and home-buyers are using the internet to connect with crowdfunding investors who can help them avoid a risky mortgage.
Rather than sourcing finance through traditional streams, they are offering others the chance to become shareholders (or part-owners) of the asset they want to purchase.
This alludes to an interesting future for real estate organizations.
3. Real Estate Management Software
This real estate technology trend shouldn’t come as a surprise.
Why? Because decreasing wastage is proving essential to businesses who want to protect their bottom line.
As a result, earlier this year, the global property management software market hit a value of $14.9 billion, growing at a CAGR of 8.21%. Real estate investment management software in particular has been celebrated for reducing human error.
4. Blockchain technology
For buyers of properties, security is paramount.
Over the last few years, blockchain technology has been used to reduce the element of risk associated with real estate – creating transparency and encouraging more people to buy and sell properties.
5. Real estate CRM platforms
Marketing is key to the success and growth of every business. Wouldn’t you agree?
It makes sense, then, that CRM systems (which allow employees to easily utilize multiple digital channels) has risen in popularity. Through them, teams can answer queries, target audiences, and even convert leads.
6. Big data in real estate analytics
How useful would it be for you to know exactly where you could find your ideal tenants?
Well, with the aid of big data companies like Outra, you can.
This real estate technology trend has been taking the industry by storm, allowing property managers to remain competitive by taking advantage of all the insights available to them.
7. AI and machine learning in property value estimation
For years, real estate firms have been forced to conduct extensive surveys to figure out whether or not a property is worth their investment.
Today, though, this task can be taken over by incredible Artificial Intelligence.
8. Mobile-first user experiences
The average UK adult spends over four hours a day on their phone.
This is more than the three hours they spend on a PC, which means businesses over the course of 2022 have been rapidly adapting their sales models to suit.
What’s more? Property managers have also been following this real estate technology trend by adopting software that allows them to communicate directly with their tenants.
9. Real estate chatbots
Despite a desperate urgency to personalize consumer experiences, real estate businesses have been implementing chatbots in 2022. Why? To quickly troubleshoot common queries.
While these can be frustrating to buyers and renters – especially those trying to find out specific information – it does allow firms to prescreen leads and save time overall, suggesting why so many websites are starting to use them.
10. Automation of the rental experience
Short-term rental businesses (like Airbnb) have seen huge success in automating their “onboarding” process over the course of this year.
Rather than manually scheduling cleaners every time a vacationer is due to enter or exit the property, for example, software can be set up to make bookings on the owner’s behalf.
Top 3 real estate technology trends still relevant from 2021
It’s a lot to take in, isn’t it?
However, there are still more technology trends in real estate… ones that started emerging in late 2021. Now, they seem like they are here to stay (making them well worth paying attention to).
1. PropTech adoption
Proptech isn’t just for real estate anymore. The need to manage employees within a facility – whether it’s a distribution center, retail space or office – has become paramount.
Organizations across all industries are leveraging technology to optimize space utilization and make strategic decisions around what they need, what they don’t, and ways to change their existing workspace layouts.
2. Energy management and sustainability
Environmental, Social and Governance (ESG) is here to stay, and it will be a huge factor in valuations, leases and investment decisions for commercial properties.
It’s no longer a nice-to-have feature, but rather a long-term expectation that will drive value for properties and avoid wasting energy.
3. Space management
Landlords and property owners now view “space” as a part of their business strategy, which gives facility management teams more responsibility and a bigger seat at the table.
Technology will be necessary to drive collaboration between finance, human resources, real estate and other departments to achieve a holistic plan that aligns productivity with business goals.
Real estate technology trends – FAQs
Isn’t the ongoing innovation of PropTech simply incredible?
Tasks that used to be tiresome and overly complicated are now made easy with the help of real estate software programmes, freeing up time for property managers to better serve their residents.
If you’re feeling a little overwhelmed by all the technology trends in real estate and still have questions, check out these helpful FAQs below.
Stay in-touch with real estate tech trends through MRI Software’s property management
Throughout the prognostications for real estate technology trends in 2022, there’s a common theme of flexibility.
The need to work smarter and be nimble is greater than ever. PropTech plays an integral role in helping businesses run productively, strategically and efficiently.
As we look ahead to the future of real estate technology, strong momentum in the industry would come as no surprise to MRI Software.
In 1971, we proudly founded the “PropTech” category and have been paying keen attention to the rise and fall of real estate technology trends over the years, using them to adjust our software solutions.
Why? To stay on top of the growing capabilities of technology and help our clients achieve their absolute maximum potential.
Check out our comprehensive and extensive residential property management and request a demonstration today.
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