In the last year, the investment in technology in the real state sector was 4.000 million dollars approximately according to the American consultancy CB Insights. In 2019, there are 259 start-ups in Spain, and they will employ 7.500 people according to real estate consultancy CBRE. The platforms in proptech will invoice 6.500 million dollars in the next 5 years according to Juniper Research.
Traditionally the sector was very conservative, but lately we can find a large amount of start-ups with a lot of improvement for the sector.
The transformation started in the marketing area. New web sites were allowed the viewing pictures of the properties, read technical details or get in touch directly with the owners. Another novelty was the glasses of virtual reality which were used in fairs to show properties.
Nowadays there are more sophisticated technologies: the Drones are being used to show the surrounding of the property or technical inspections. But the disruption comes from the change in the buying process. Before, in order to buy/rent a property we had to visit it, now platforms such as Compass get the offer and the demand in contact, allowing a totally digital experience process.
Experts talk about a new tendency in the sector: automated valuation model platforms based on Big Data and Artificial Intelligence. These new services will be integrated with “old services” like decor, homecare or insurance, and obviously they will use blockchain for the signing of the contracts.