An Overview of Real Estate Technology

Real Estate Tech Spans a Broad Range:

• Construction
• Management
• Business Operations
• Brokerage
• Retail
• Banking
• Climate / Energy
• Data

And within those fields, you can probably break down several sub-categories.

The total value of US commercial real estate is estimated to be between $14 and $17 trillion dollars, with $307 billion in revenue for 2021. It makes sense that companies are racing to find solutions to the sector's problems.

Massive Investments Have Been Made the Past Few Years

We all know COVID dominated 2020. Regardless, over $17 billion was poured into proptech, with many companies implementing new technologies to keep operating in this new world.

So what does this mean?

The industry is changing, and year over year more companies are entering the sector. Some great advancements over the past few years:

• Data has become more accessible. Municipalities have embraced open data - sharing parcel, assessment and other information that used to be hidden behind a high price tag. Proprietary platforms increasingly have API's, making transfer of information easier.

• Modular and 3D printed properties have popped up across the globe. Pre-fabricated methods are slashing costs and build times compared to traditional methods in many cases.

• The internet of things has become more prevalent, smart devices have changed the way we manage our spaces.

• LiDAR scanners have made their way into our smartphones. Creating 3D models used to require an architect or design professional, now it is within reach of the everyday consumer.

• Listing platforms have grown larger, changing the way buyers, tenants, and owners look for and advertise properties.

• Blockchain has gained more and more adoption. It's only a matter of time before it changes the way real estate is transacted.

The list goes on. In order to compete, professionals will need to learn and adapt.

The goal of REtech.tips is to provide valuable information on how to utilize these new technologies.

We will write about real ways these tools can make your work more efficient. We'll include templates, tutorials, processes, and other content designed to provide the most valuable information. Subscribe to the newsletter, we'll send you updates when new articles are posted.