Real estate technology, also called proptech, is one of the driving factors in the unprecedented growth we see today in real estate. Proptech trends are taking over the real estate industry. Once known for its traditional approach, today’s property development market has evolved completely due to PropTech's adoption in real estate. 
According to JLL's real estate technology survey, more than 80% of real estate occupiers, investors, and developers expressed plans to escalate their expenditure on real estate technology over the next three years.
In order to stay ahead of the competitors, integrating the latest real estate tech innovations is the way to go forward and win the race. It is no longer a choice but a necessity for real estate investors and developers to stay updated with the latest proptech trends. From AI-driven analytics to blockchain-based transactions, PropTech innovations are revolutionizing the industry. Let's find out which proptech innovations have the highest impact on real estate investment strategies.‍

Leveraging PropTech for Investment Success

Virtual Reality or Augmented Reality:

‍It is projected that virtual reality in real estate will reach $2.6 billion by 2025. Today, everyone is well aware of virtual reality; it is literally everywhere. But exactly what is this VR technology? And how virtual reality in real estate can be used?

Virtual reality for real estate is a true game changer. VR in real estate refers to a 3D computer-generated setting that demonstrates a project with realistic 360-degree images, sounds, and other sensations through gadgets like headsets, seats, and body suits so that the client can receive the ultimate physical experience from anywhere in the world. In real estate, this means agents can offer customers guided virtual tours more conveniently and economically.
AR consolidates virtual sensory elements into an existing environment by placing additional data over it. For example, Relata’s Visualization Suite comes with a feature that allows customers to take virtual tours. This provides them with an immersive 3D realty tour experience.

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‍Data and Analytics:

‍The power of data is undeniable. Today’s real estate professionals do not rely on assumptions because they have the magical tool of data analytics with them. The real estate industry is leveraging the power of data effectively. It is the key to making informed investment decisions. PropTech solutions harness the power of big data and advanced analytics to provide valuable insights into market trends, property valuations, and investment opportunities.
For example, the Analytical Suite from Relata takes the reins of well-managed lead data, converting it into strategic intelligence thanks to the Lead Management Suite. With the help of data analytics, the sales team designs the perfect pitch and addresses customer queries like a breeze, making the buyer's journey seamless.

Artificial Intelligence:

‍There is hardly any industry that has not yet leveraged artificial intelligence; AI is ruling every industry, and real estate is not left behind. AI in real estate can impact the business highly. Real estate investors do not see AI just as a fancy addition; they see it as a must-have because of the value it adds to any business. 84% of businesses foresee the rising significance of AI chatbots in customer communication, and in real estate, communication is the ultimate key. Here, the use of AI chatbots is an absolute game changer. AI can also help in understanding customer demands better; with AI, utilizing customer behavioral analytics gets super easy. Relata has its own AI chatbot named Reiya. Reiya is a generative AI that can speak in 8+ languages and can share important information and links within a few seconds.

Blockchain:

‍Blockchain technology increases transparency in real estate. The distributed nature of blockchain ensures that all property records, ownership details, and transaction histories are securely stored and easily accessible to authorized parties. It also has the potential to facilitate cross-border real estate transactions by providing a secure and transparent platform for international buyers and sellers to conduct business. This could open up new markets and investment opportunities, fostering global real estate collaboration.

Here are some real-life examples of how leveraging proptech is revolutionizing the real estate industry. ‍

Proptech Success with Relata:‍

Relata’s innovative proptech solutions have benefited many real estate industry leaders. The implementation of Relata Proptech Solution has yielded remarkable results for industry leaders like The Guardians. With a staggering 38.19% increase in conversion ratio from site visits to bookings, Relata's innovative technology has proven to be a game-changer in the real estate landscape. ‍

So how can you implement proptech strategies for your real estate?‍

To get all the benefits of PropTech in real estate investment strategies, you can consider the below tips.

1. The first step is to conduct a thorough assessment of your current processes and identify areas where PropTech solutions can streamline operations, enhance efficiency, and drive growth.

2. The second step is to allot a separate budget for implementing proptech solutions. Real estate tech startups like Relata have an excellent range of proptech product suites, specifically built for your real estate needs.

3. The third step is definitely to prioritize data security and privacy by implementing robust cybersecurity measures and adhering to industry regulations.

4. Lastly, stay updated with the latest real estate trends and adapt quickly to the changing demands of home buyers.

As PropTech continues to evolve, it presents endless opportunities for investors to transform their real estate investment strategies. Whether it is virtual real estate tours or AI for real estate, all these modern-age proptech solutions can impact real estate sales heavily. As today's homebuyers are a tech-savvy generation, they are likely to prefer tech-based solutions like VR tours or smart homes, primarily because tech brings transparency and increase customer conveninece. So why wait? Start exploring the world of PropTech today and unlocking the full potential of your real estate investments.

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