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 reach $25+ trillion dollars in 2024. It makes sense that companies are racing to find solutions to the sector's problems.

Massive Investments Have Been Made the Past Few Years

Artificial Intelligence in Real Estate has been the latest talk since ChatGPT took over. In 2023 alone, $630M was invested in AI-powered PropTech according to JLL/Pitchbook.

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:

• Large Language Models (LLM's) and Artificial Intelligence (AI) have made significant strides in comprehending and generating human language. Chat GPT, Claude, Google Gemini, Perplexity, and many more LLMs have significantly improved their abilities. The possibilities are many for Real Estate and AI.
• 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 in your Real Estate Business.

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.