What is Proptech?  

Proptech refers to the practice of incorporating technology into the real estate industry. Proptech players are committed to creating efficient & customized digital solutions for real estate developers, investors, insurance providers, brokers, and property management companies. This cross-industry technology collaboration is set to change the way people research, rent, buy, sell, manage, and invest in real estate.  

Here is a list of Proptech technologies redefining the real estate industry:

Artificial Intelligence & Machine Learning  

AI and machine learning-enabled platforms allow enterprises to make insightful decisions. Processing a huge amount of available data enables companies to personalize and offer properties based on individual customer preferences, personality traits, and values, rather than just geographic location or size. It can also analyze and predict any safety hazard or construction defects, saving time and money. It also helps enterprises foresee future competition concerning any geography by evaluating the probability of occurrence of relevant events such as changes in the demographic pattern of the micro-market, income distribution of individuals in the vicinity, project viability in the future. Furthermore, correctly trained and designed Artificial Intelligence & Machine Learning algorithms are helpful to determine the property valuation and help predict the pricing trends more precisely.  

Augmented Reality and Virtual Reality  

The digital era has changed customer behavior – people now search online before making any purchase. Potential real estate buyers are no exception. Augmented Reality and Virtual Reality technologies open a new arena for real estate providers to make the buying experience more exciting and accessible. Maintaining a demo project has been a pain for real estate developers, costing them time and money. AR/VR enables them to create and conduct virtual tours of properties for their potential customers, which will allow them to experience the final product even before construction begins from the comfort of their own homes. This will also benefit long-distance customers who can’t physically visit the project. Real estate providers can use virtual tours that detail various parameters of the property, such as temperature control, safety precautions, community guidelines and help them get acquainted with the property well in advance. Virtual tours can also provide a realistic view of the project to the prospective customer. Their expectations are set before project initiation and can help deliver the final project by meeting the customer’s expectations.  

Robotic Process Automation  

Real estate and property management involve multiple documents that are data-heavy & rules-based, which reduces the productivity of employees and the business. Real estate companies can now bank on robotic process automation to automate these rule-based tasks and enable valuable human resources to focus on business-critical functions. Real estate operations such as tenant onboarding, portfolio management, payment reminders, NAV calculations, KYC compliances, maintenance scheduling, work orders, listing management, rent management, etc., can be automated leveraging RPA. Focusing on business-critical functions, such as interacting directly with potential buyers and sellers, enhances the probability of more closed deals, resulting in positive revenue growth. RPA improves transparency and visibility into various business processes, thus enabling realtors faster and wiser property management.  

Internet of Things (IoT)  

The Internet of Things (IoT) is helping the real estate industry grow and manage businesses more efficiently than ever before. IoT devices can send alerts and notifications to tenants or property managers in case of a safety hazard or other emergency issues. They can also keep track of maintenance history, identify potential problems and allow for predictive maintenance. IoT devices can also help property managers understand tenant behavior and preferences to improve properties and provide a superior customer experience. Before making a purchase, any prospective customer or tenant can evaluate the property’s history on maintenance, electric works, plumping, fire incidents, etc., through its connected IoT devices. Processing the immense variety of data available from IoT sensors through advanced analytics poses the enormous potential to offer meaningful & valuable insights that will change the way real estate works.  

The Future of Proptech  

The Proptech ecosystem is rising and will undoubtedly continue to grow, with budding start-ups becoming larger, global enterprises. Proptech will redefine the real estate industry, just like FinTech transformed financial services and InsurTech transformed insurance services. For real estate organizations to thrive and prosper in the increasingly digitalized future, understanding and effectively utilizing Proptech solutions is the way ahead.   

But the question is, how can enterprises be prepared to leverage the Proptech revolution? How can you future-align your real estate & construction business? Black Rock IT Solutions can help! Drop a mail to sales@blackrockdxb.com. Our real estate professionals have the in-depth industry knowledge and the technical experience needed to help you achieve your business goals. 

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However, what is it about this technology that makes it so useful? Let’s have a look.

What is AR (Augmented Reality) and VR (Virtual Reality)?

AR (Augmented Reality) enhances our real world by adding digital information to it in the form of images, text, and audio. On the other hand, VR (Virtual Reality) is a fully immersive digital world where the real world is absent altogether.  Pokémon Go and PlayStation VR are real-life examples of AR & VR respectively.

Though AR and VR may sound like very futuristic technologies, AR first came into effect in 1968. Ivan Sutherland developed the first head-mounted display system using various computer graphics techniques. Then, in 1974, Myron Krueger developed Videospace, which was the first virtual reality interface. The first fully functioning AR system called ‘Virtual Fixtures’ was developed by Louis Rosenberg in 1992.

How Do AR and VR Work?

For AR, a series of data that includes images, videos, sounds are used, which then can be seen by people using phones, tablets, or laptops in the real world. For this, specific hardware components (like camera, display, processor), along with sensors and appropriate software are necessary.

VR, on the other hand, is a computer-simulated three-dimensional artificial environment which takes the user into an alternate world, completely shutting out the real world using a stereoscopic display. Stereoscopic display works by displaying two slightly different angles of the scene to each eye, which in turn simulates the depth along with parallax, thereby creating almost real-life like experience.

How will AR & VR rule Healthcare? 

The most significant advantage of AR and VR is that it can be modified according to the requirements of any industry, which resulted in increased adoption of their applications in various sectors. From training new doctors to diagnosing a patient’s ailment, AR and VR found multiple uses in the healthcare sector.

1. Training Doctors Using AR/VR

Several places around the world have no access to proper healthcare facilities either due to the lack of resources or due to the absence of trained professionals. Virtual Reality can be used in such scenarios to teach medical professionals, thereby preventing any unfortunate events. Medical students and physicians around the globe, being equipped with a handset that supports VR/ AR, can get a good value for training and teaching.

2. Improving Surgery Methods

Similarly, AR and VR can be used to obtain three- dimensional images of various vital organs for a better understanding of patients’ ailments. Using AR and VR along with robotics, can also prove to be a significant development in the healthcare sector.

3. Treating Neurological and Psychiatric Conditions

Using VR, the patient’s underlying traumatic conditions can be found out and treated accurately. By using VR, the brain’s cognitive functions can be identified and thereby, measures can be taken to help the patient recover.

4.  As a Part of Hospice Care

In extreme cases, where it has become inevitable that the patient is not going to make it, healthcare does not simply end. AR/ VR technology can be used to address the emotional needs of the patient, either by making sure they get to visit their favourite places or get a feel of places or events they may never get to experience otherwise.

For instance, patients facing terminal illnesses can experience the joy of bungee jumping, cliff diving, or seeing a waterfall up close. Besides, it can help deal with anxiety, and open up topics such as the end of their life and what comes next, as a vital form of emotional support, and can help make the last moments of someone’s life valuable.

Examples of AR/VR Used for Patient Care

1. AccuVein AV400 Vein Viewing System

AccuVein allows medical professionals to scan the veins of the patient in real time using augmented reality, to help locate veins for IV and blood draw accurately on the first try. AccuVein enabled healthcare providers to improve the quality of the treatment, thus providing enhanced patient experience and satisfaction.

2. HoloAnatomy

Cleveland Clinic partnered with Microsoft to launch a HoloLens App called HoloAnatomy, which enable viewers to study human anatomy with a high level of detail.

The Future of AR/VR in Healthcare

Healthcare sector is adopting new tools and methods to provide high quality care for patients with the help of cutting-edge technologies. AR / VR technologies are expected to have an enormous impact on healthcare, helping medical professionals from training to rehabilitation to real-time knowledge sharing; attempting to make our trip to the hospital a less painful one.

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