Traditionally, the property market has been slow to adopt new technology. The most traditional of asset classes has, whether purposefully or otherwise, been slow to embrace and adapt to the ebbs and flows of technological innovation. This evident reluctance to do so, a lack of willingness to fully embrace change, must end if the property sector is to provide an all-round, more competitive and fulfilling duty to their customers and clients.
There is plenty of evidence, however, that attitudes are changing. A new generation of investors and buyers, more versed in and familiar with the technology, apps and tools are looking to inject the property market with much needed updates and innovation. Inevitably, the real estate market in the United States has plunged itself into the pool of PropTech. By the end of 2017, over $5 billion had been invested in PropTech, 150 times more than the $33 million that had been spent only seven years prior.
The latest research confirms this. There has been a 13% increase in property developers and investors who believe that embracing and implementing state of the art property technology (PropTech) will have an undeniable and lucrative impact in the short and long-term future. In just 12 months, 61% of investors and property firms, up from 48% can see the benefits of the long-term adoption of cutting edge technology.