5 residential property tech trends you must watch out for

Technology adoption across the real estate industry has accelerated in recent years to say the least. Keeping up with the latest residential property tech trends can be difficult, but understanding the technologies that are popular today can help your organization stay ahead of the competition.

As artificial intelligence (AI) evolves, so do its applications in the multifamily, affordable, and public housing spaces. The right AI-powered technology solution can help your property business stay on top of emerging trends and new challenges, such as:

• Staying one step ahead of fraudsters
• Increasing resident engagement
• Establishing and complying with ESG initiatives

Let’s take a look at the residential property tech trends that are gaining momentum in the industry and see how they could impact your business.

Fraud prevention

The shift towards digital solutions in property management has brought along its share of challenges, among which is the growing threat of fraudulent activities. Fake rental applications, forged identity documents, or illicit financial transactions are just some examples of the many fraudulent practices that property managers and owners deal with.

PropTech has been one of the useful residential property tech trends for fraud prevention. PropTech solutions integrate advanced identity verification methods to ascertain the legitimacy of prospective tenants.

PropTech can also offer machine learning and AI that can detect unusual patterns or anomalies in transaction data, flagging potential fraud before it materializes. This pre-emptive approach ensures that property businesses are always a step ahead of fraudsters.

Use of data to create a digital twin

A digital twin is a virtual replica of a physical asset. In real estate, this means creating a digital version of a property, down to every detail. With the rise of the Internet of Things (IoT) devices and advanced sensors, gathering detailed data about residential properties has never been easier.

Property owners and managers can now get insights into their home’s efficiency, wear and tear, and even predict future maintenance. It bridges the gap between the digital and physical world, revolutionizing the way we view, manage, and improve our homes.

Providing flexible digital services

Flexible digital services in PropTech represent how real estate operations are catering to changing consumer preferences. These services allow tailored experiences, such as personalized communication channels, online payment portals, or on-demand property maintenance. By integrating with advanced technologies, such as the Internet of Things (IoT), these platforms ensure real-time control for property managers and residents.

VR for virtual tours

Virtual Reality (VR) for house tours has become a popular real estate trend as part of the drive towards flexible digital services. Using VR, potential buyers or renters can take a tour of a property from the comfort of their own homes. This not only saves time but also reduces the hassles associated with scheduling and logistics.

Beyond convenience, the reduction in physical property visits means cost savings. Real estate agents can showcase a property to numerous clients without the repeated need for staging, cleaning, or incurring travel-related expenses.

AI for sustainability initiatives

In light of increased energy costs, consumer awareness, and legislative attention, sustainability is a main concern throughout the real estate industry. As commercial real estate trends lean more towards sustainability, residential property managers are also thinking about how to reduce their carbon footprint.

Reducing energy usage across properties will require the use of “green clauses” in leases, and these clauses can be abstracted from contracts easily with an AI-powered lease abstraction tool. Alongside tools that can automatically analyze your property’s energy usage, this technology can help your residential organization take meaningful steps towards reducing your carbon footprint and saving money in the process.

Multifamily, affordable, and public housing spaces have all seen frequent shifts in market trends because of the pandemic. By arming your organization with the latest technology, you’ll be able to meet the challenges of tomorrow and gain a competitive edge in the digital world.

Learn more about how PropTech can help you address residential real estate property trends in this webinar.

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