Proptech is a relatively young industry quickly disrupting the traditional real estate journey, including searching, buying, selling, renting, and more. From e-signing property agreements to arranging 3D apartment tours, startups are leveraging digital transformation to disrupt the real estate industry as we once knew it. In light of these trends, the industry is expected to grow dramatically to reach $5,388.87 billion by 2026, at a CAGR of 9.6 percent.
The growing demand for 3D virtual houses and apartment tours is eliminating the time and expense needed for visiting multiple properties. Real estate agents heavily benefitted from this virtual touring trend when the world was in the grip of the pandemic, and the trend is only likely to soar now with more user-friendly features. For instance, AI chatbots are now making the entire property buying experience similar to online shopping.
The properties and their building management systems are also getting smarter. The use of IoT technologies, for example, ensures added security, reduced maintenance costs, and optimal resource consumption to drive sustainability.
To put the spotlight on such key developments in the industry, PropTech Outlook illustrates how proptech startups are leveraging the latest developments to enhance performance and exceed consumer expectations. This edition also features a thought leadership article authored by Armando Lambert, VP, Enterprise Optimization at Bayview Asset Management, Micah Kotch, Partner at Blackhorn Ventures, Jake Fingert, General Partner at Camber Creek, and Matt Thompson, Partner and Kevin Wu, Intern at Skyview Capital. They shed light on topics relating to the different trends in the proptech start-ups pace and how technology is helping the industry reach greater heights.
In this edition of PropTech Outlook magazine, we also bring to you the story of some of the emerging proptech startups that deliver the best outcomes for their clients. In the list, Intellihot stands out particularly for its innovative AI-powered water heaters that eliminate waste and cut down greenhouse emissions by 37 percent for providing endless hot water.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the proptechs pace. We would like to know your thoughts.