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If you want to buy a house, how do you survey the right property?
Do you drive around your neighborhood to find an on-sale property or check from property listing website?
Of course, the second option works better nowadays! To upscale the efficiency and fulfill the market needs, there are many new technologies used in the real estate sector.
Today, we will be sharing with you the latest property technology trends in 2024!
Top Prop-Tech Trends in 2024
1. Co-Renting and Co-Living Marketplaces
Due to the rising need for affordable housing, co-renting and co-living arrangements are expected to become increasingly popular in 2024.
The advanced online marketplace, such as JaGaApp and Jiranku functions similarly to traditional rental listing sites, but with a focus on matching potential co-residents and renters. It fosters a sense of community among residents.
1. Smart Buildings with More Tenants
As there are more people live in the same building, resource management becomes crucial. Smart building systems can help optimize energy use and utilities based on occupancy.
2. Co-working and Leisure Spaces
Managing shared working space and recreational areas requires advanced tools for booking, communication, and potentially integrating event management software.
3. Co-renting Efficiency
Automating tasks like rent collection and maintenance requests becomes vital for managing multiple co-rented properties.
4. Co-living Platforms
AI can streamline matching tenants with suitable properties, automate lease agreements, and equip chatbots to handle tenant inquiries 24/7.
2. Neighborhood Social Networking Apps
Imagine a social media platform specifically designed for your neighborhood, where you can not only find roommates compatible with your interests, but also connect with the local community!
You can browse potential apartments, see what the neighborhood is like, and connect with people who might become your future flat mates. One of the examples of neighborhood social networking apps in Malaysia is Homates.
1. Easy Sign-up and Profiles
Joining the app should be a breeze with a streamlined registration process and tools to create personalized profiles that showcase your interests.
2. Finding Your Fit
The app leverages location data and natural language processing (NLP) to connect you with people and communities that align with your interests and where you live.
3. Communication Hub
Built-in chat features enable seamless communication, allowing private messaging and group discussions for residents to connect and share information.
4. Safe Space
To maintain a positive and secure environment, the app provides group chat moderation tools that enforce community guidelines and ensure everyone feels safe using the platform.
3. Fractional Investment and Crowdfunding Platforms
Democratizing real estate investment continues to be a dominant trend in Proptech for 2024.
These platforms remove the traditional high cost of entry by allowing individuals to buy smaller shares of properties, rather than needing the capital for the entire one. FundMyHome is one of the Malaysia’s crowdfunding platforms for people to buy their home with lesser financial burden.
1. Data-Driven Decisions
Proptech is placing a stronger emphasis on data analytics, often powered by AI. This allows for deeper insights and more informed decision-making across the real estate landscape.
2. Risk Management Makeover
Due diligence and risk assessment processes are being optimized for efficiency.
3. Digital Security First
With more data being collected and analyzed, there’s a growing focus on robust digital security measures to protect sensitive information.
4. GreenTech and ESG
It is downhearted to announce that the real estate sector has contributed almost half of the global carbon dioxide pollution.
Therefore, the future of Proptech will focus on sustainability solutions to achieve greater transparency in ESG practices.
1. Renewable Powerhouse
Proptech is embracing renewable energy sources like solar and wind power, often coupled with advanced technology for efficient management and integration with the grid.
2. Smart Building Systems
Advanced building systems are emerging to optimize resource utilization, meaning they can manage everything from heating and cooling to lighting more efficiently, leading to significant operational improvements.
3. ESG Data Trackers
Being transparent is key! Platforms are being developed to collect and analyze environmental, social, and governance (ESG) data in real-time. This allows building owners and investors to monitor their sustainability performance and make data-driven decisions for a greener future.
5. IoT and Smart Home Automation
The benefits of having a smart home and growing emphasis on energy efficiency, sustainability, and personalized living experiences is making Internet of Things (IoT) technology and smart home automation an indispensable part of the Proptech landscape in 2024.
Ultimately, IoT and smart home automation are key tools for proptech companies to create sustainable and user-friendly living spaces that contribute to a safe environment. You can find some amazing examples of smart home here!
1. Advanced Property Management Systems
Proptech is seeing a rise in advanced property management systems that integrate with IoT and smart home devices. This allows for real-time monitoring and control of building systems.
2. Predictive Maintenance
Leveraging IoT sensors, property managers can proactively address potential issues before they escalate by monitoring equipment and building infrastructure in real time.
3. Renewable Energy Integration
Proptech is facilitating the seamless integration of renewable energy sources like solar panels and smart grids for a more sustainable future.
4. Connected Smart Devices
There is a growing focus on creating a connected ecosystem within a property. This ensures all the smart devices work together for a user-friendly experience.
6. e-Signing
The digital signature market is poised for significant growth, with experts predicting a Compound Annual Growth Rate (CAGR) of 20.8% between 2023 and 2033. Currently, DocuSign reigns supreme, holding a whopping 67.6% share of the global market.
E-signing remains a vital component of any prop-tech solution involved in real estate deal management. This technology streamlines the process by allowing documents to be signed remotely in minutes, eliminating the need for in-person meetings and accelerating deal closure.
1. E-signing Everywhere
The demand for individual e-signing solutions and prop-tech software with built-in e-signing modules is surging, particularly in document management systems.
2. Security First
To enhance security, some e-signing solutions might incorporate biometric authentication, adding an extra layer of protection.
With that said, Malaysia’s prop-tech trends are seemed to have the potential to grow, as the housing demands has been increasing over the time.
These technologies will enhance the transparency and efficiency for people to look for their properties.
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