Technology Trends in Real Estate have been in development over time. The availability of portable technological devices has impacted different industries in Kenya and globally generally. Technology has advanced in many ways and it has revolutionized every industry including the real estate industry.
Real estate technology called PropTech has transformed Real estate operations and selling. The goal of PropTech is to enable property owners to manage their assets and bring efficiency when transacting with tenants.
PropTech works hand in hand with FinTech (Financial Technology) to help with finance management. Necessity is the mother of invention and every single day there are emerging new trends to promote seamless operations in our day-to-day lives.
In 2023, we foresee innovations that will disrupt and improve the real estate market in a bid to promote affordable housing. Some have already started working and others that will emerge. Some of them include:
Virtual Reality, AI, and Machine Learning
AI and machine learning are here to automate processes and improve the functionality of systems by focusing on pattern recognition. AI will be of help in helping an investor manage risks and invest where there is a high probability of returns. AI acts as a risk calculator.
Virtual reality is already here and it will be adopted on a large scale going forward as it enhances detailed online searches and property purchases. Virtual tours assist in decision-making as an investor can see the features of the property they are looking to purchase.
Data Management Tools
There is a lot of data in the real estate industry which is fundamental in tracking history and planning for the future. You can analyze trends through the data you have and learn how to position yourself as an investor.
Transactions, customers, prices, and finances are among the many pieces of information that have proven to be important. Getting rid of manual processes will help in having accurate insights into this sector.
Use of eSignatures
Digital signatures are legally binding and they save time and resources. The government of Kenya promotes this initiative as one can access these services online through the e-citizen portal. There are a lot of processes in the transfer of ownership and the use of eSignatures will streamline the experience.
Property Management Apps
There exists applications like Assetisha which help in property management. The App allows you as a landlord to monitor your units, communicate with tenants, and receive payments. This gives you time to focus on investing as the App is serving you. The inspiration behind the user experience is based on promoting efficiency.
The main challenge of technology is adoption. The faster you adopt, the faster you grow and benefit from it. Embracing technology is preparing yourself for the future. Say Hello to PropTech.