Three PropTech Trends to Watch Out for in 2020
Property Technology (PropTech) is the so-called ‘wave’ of innovations disrupting real estate right now. New technologies emerge every day designed to improve the quality of life for its users. PropTech impacts everyone in the industry, whether you’re a tenant, professional or landlord.
Here are three emerging trends that you need to know for 2020:
Smart contracts are self-executing contracts. A contract’s terms of agreement are first put into a decentralized blockchain network. The contract is ‘performed’ once triggered to perform commands such as checking the implementation of commitments.
PropTech is embracing this innovation with smart contracts. This is eliminating the need to use third parties, such as real estate lawyers, to facilitate real estate transactions. Features such as automatic signatures and an ongoing record of transactions also increase the ease of signing contracts and facilitate seamless, streamlined interaction between tenants and landlords.
Data is a huge part of everyone’s lives, and the real estate sector is following suit. Big data and the increasing use of algorithms for data-driven decisions represent a shift towards process improvement. The increasing importance of data makes way for increased transactional transparency, convenience and value.
You can reap the advantages of data through innovations such as CoreLogic, which is the largest provider of property insights and analytics in Australia and New Zealand.
The company’s wide product range means that it can help tenants with their individual needs. Blockbrief is an example of what websites such as CoreLogic are capable of. It is a database of zoning data and development sites. The program alerts tenants of zoning changes and given in-depth detail to ensure that they have a competitive advantage and are prepared for any changes coming their way.
Artificial Intelligence (AI)
AI turns this data into action and is forecasted to be the biggest disruptor of the commercial real estate industry. From designing to the leasing of buildings, AI transforms data into actionable insights through predictive analytics and machine learning.
For example, AI-powered chatbots and analytics empower tenants by recommending properties to them based on their personal preferences and can access improved customer service and pricing trend forecast.
About Tenant CS
Tenant CS is an independent Asia-Pacific-based company that provides commercial tenant representation services. We help our tenant clients to source suitable premises and to negotiate the terms and conditions of their lease agreements.
We have offices in Sydney, Melbourne, and Singapore, and are a part of a global network of tenant advisors, which means we can service clients all around the world!
Contact one of our team members today to find out how we can help you.