Predicting Security Technology Trends Impacting Real Estate Investment

Just like other sectors, technology has impacted real estate too. Incorporating advanced technologies in real estate changes how these operations were traditionally carried out. This makes it even better. 

The real estate market is crucial to the global economy. It is projected to reach around USD 729.40 billion by 2028 according to a Statista report. Interestingly, real estate was slow to adopt digitalization but is now catching up by adopting top real estate tech trends.

Enhanced Video Surveillance

With more individuals remaining at home, building owners and property management firms have faced greater demands on their conventional video monitoring and access control systems. The increase in data volume has overwhelmed these systems, making it difficult to manage the needs of properties with more residents, delivery personnel, and workers.

Traditionally, video systems stored footage for 30 days or less. However, many states now mandate longer retention periods. For instance, New York State requires a three-year retention to align with the statute of limitations for liability.

Proper video system archiving is essential for substantiating or disputing these cases. Although long-term storage used to be expensive, new cloud and local storage solutions have made it more affordable, allowing many clients to maintain three years’ worth of video footage. You can also integrate commercial building access control systems with video management software to monitor door access and receive alerts when someone enters or exits the building.

Customer Relationship Management

Numerous organizations have expanded their reach and recruited outside their usual areas. The primary teams of investors, developers, and bankers are now facing challenges in effective communication.

Due to the rapid hiring of many individuals in mortgage banking, each with their own sales methods, our clients have lacked insight into various performance metrics. This has hindered efforts to reconnect with previous customers, evaluate mortgage officer performance, and securely manage sensitive contact details across the company.

Utilizing Customer Relationship Management (CRM) technology can streamline scattered contacts, offer cohesive marketing strategies, boost sales and productivity, establish performance benchmarks for management, and utilize the company’s website as a platform for generating new business.

Blockchain Technology

Have you ever considered how Blockchain technology could be integrated into the real estate sector? Surprisingly, it stands out as one of the most popular Proptech trends. Why is that? Because any property transaction, whether it involves buying, selling, or leasing, entails significant financial investments and personal data.

Traditionally, high-value asset transactions such as real estate deals were never carried out electronically. Instead, they relied on offline methods like face-to-face meetings and cash exchanges. 

However, with the rise of Blockchain technology as a leading trend in real estate, there is a chance to modernize this traditional process. Therefore, the real estate industry is undergoing a transformative shift with Blockchain leading the way.

Internet of Things

One of the key trends in proptech is the extensive use of Internet of Things smart devices. Once considered a novelty, IoT devices are now ubiquitous. As per JLL’s Global Real Estate Technology Survey 2023, 48% of real estate firms view IoT as the next technology to embrace.

In the upcoming years, we anticipate a rise in smart sensors and devices in most new constructions and the retrofitting of older properties to offer similar comfort and connectivity.

IoT will continue to be vital not only in residential real estate but will also emerge as a leading trend in commercial real estate technology. Understanding IoT-powered devices and software that will influence the industry’s future is crucial.

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3D Virtual House Tours

Solutions that support search applications are closely linked to those that offer prospective buyers the ability to take virtual tours of properties. This is one of the key technological trends in real estate for 2024, as it reduces the need for physical visits and the associated costs. Allowing virtual viewings eliminates many properties from a buyer’s list without needing a physical tour.

Although most buyers will still wish to visit a property in person before making a final decision, the savings in time and money for both customers and real estate agents in identifying the right match can be significant. Today, virtual reality technologies provide nearly lifelike virtual tours of homes, enabling detailed examination of the property’s condition, interior features, and furniture.

Digital Twins

As online information continues to expand, potential buyers will have more chances to research and examine properties. Picture viewing a 3D digital representation of each building while searching for a home. These tools will forecast the crucial environmental factors a specific house can endure (such as earthquakes, tornadoes, landslides, etc.). 

Property management companies will track the current state of buildings (including any existing or potential damage, repair history, and fire escape plans).

Furthermore, digital replicas can aid in the construction of houses, assisting developers in assessing the safety of their projects. These tools can help prevent building collapses and allow developers to use their resources efficiently.

Endnote

The integration of technology in real estate has sparked a fundamental change, reshaping the industry’s landscape. It has become the core of contemporary real estate operations, ranging from the detailed use of real-time data for improved property management to the expansive influence of AI and VR in revolutionizing the buying experience.

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Written by Billy Guteng. September 3, 2024

Billy is a content writer for Kukun. He was born in France, and has lived in multiple cities around the world ever since. He loves art, design and architecture as well as construction and real estate.