Leading Proptech Industry Trends in 2023

The global real estate industry has been undergoing a period of increasing digital disruption in recent years. This is mainly due to the prevalence of new proptech start-ups offering solutions that are altering the industry through the introduction of new technologies.

Ryan Mahoney of Dubai, UAE, has been working in the real estate industry for many years and has been heavily involved in a number of start-up businesses. As we enter 2023, there are several new proptech trends on the horizon that could cause further digital disruption.

Increased Automation

One of the core aims of proptech is to increase efficiency. Automation is therefore becoming more important and widespread. In real estate, automation helps agents to streamline processes and deliver services such as valuations, marketing and communication more effectively. This leaves more time for the agents to work on areas such as networking, growing brands and developing strategies for lead generation.

Through adopting tools that allow for the automation of certain tasks, real estate agents are beginning to drive new business growth in the wake of the pandemic. Automation can also be utilised in other areas of the property industry, such as taking rental payments and managing property expenses.

Virtual Reality

One proptech trend that accelerated during the pandemic was the use of virtual reality. At a time when meeting people face to face was either potentially dangerous or banned, real estate agents got creative with technology.

Services such as virtual 360-degree tours of properties have since become the norm. Not only can potential buyers view properties online — they can also view properties that are still under construction using architectural visualisation technology. An increasing number of buyers are also prioritising smart homes and appliances.

iBuying

Currently, iBuying only accounts for around 1% of the total residential real estate market. However, experts have suggested that as many as half of all property transactions could be made by iBuyers within the next decade. The quickness and convenience of this type of sale offers a level of certainty that cannot always be delivered by traditional real estate transactions.