Mobile app development has exploded during the last decade as various industries leverage mobile software in interesting ways. PropTech is a prime example of this phenomenon. PropTech has experienced significant growth in the last few years, with billions of dollars pouring in every year. And experts expect the PropTech market to grow from US$ 18.2 billion in 2022 to US$ 86.5 billion in 2032.
So, what exactly is a PropTech mobile app? In a nutshell, PropTech stands for “Property Technology.” Technology, like a mobile app that people like renters, buyers, sellers, researchers, builders, managers, and others can use to optimize the way they engage with the real estate industry, is PropTech.
Any top app development company that offers the following services can probably develop an excellent PropTech app for you:
#1 Internet of Things
In layman’s terms, the Internet of Things (IoT) is the interconnection of computing devices such as mobile phones that can send and receive data. IoT devices typically have sensors, processors, and software like mobile apps that allow them to communicate with each other and users.
PropTech and IoT seem to be a marriage made in heaven. Homeowners and renters can use IoT technology to control their homes in various ways. Likewise, property managers can manage apartments and even apartment buildings with IoT tools. For example, they can use IoT apps to control the temperature in a building. Sensors in hard-to-reach areas can alert managers if there are any upcoming maintenance concerns.
#2 Augmented Reality
Augmented Reality (AR) has been around for many years but caught the public’s imagination with Pokémon Go. In the mobile game, players would look at the real world through their mobile phones for pocket monsters.
In a nutshell, AR augments the real world with graphics.
So, what does this have to do with PropTech? Well, renters, real estate agents, and home stagers are using AR apps to help themselves or others visualize what an empty property would look like with enhancements like furniture, appliances, wallpaper, or different coats of paint.
#3 Virtual Reality
Virtual Reality (VR) and Augmented Reality are quite similar but not the same. The difference between VR and AR is that in VR, your vision is entirely replaced by a virtual world, usually through a headset or mobile gear. People who use gadgets to turn their mobile phones into VR headsets use VR apps.
With the onset of the novel coronavirus, more homebuyers, investors, and renters began touring properties virtually through camera footage, images, and of course, VR. PropTech VR apps had a significant role to play in this evolution of the buyer psyche.
With the COVID-19 pandemic, apartments, condos, shops, and restaurants added technology to allow keyless entry and minimize the risk of disease transfer through physical contact. Beacon is one technology that came into play.
Beacons use Bluetooth wireless signals to connect users through mobile apps. Beacon technology allows authorized people to enter areas through the keyless entry. Beacon also improves accessibility for the blind.
In addition to these mobile services, an excellent PropTech mobile developer should also be able to create web apps. With web applications, real estate companies can shift their mobile footprint to the web.
PropTech mobile apps are changing the way we engage with the real estate industry, sometimes using new technologies like IoT, AR, VR, and Beacon.
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