How Proptech Could Change Planning and Development in the U.S. — Blogs

Prop­er­ty tech­nol­o­gy, or proptech, involves the blend­ing of infor­ma­tion tech­nol­o­gy and real estate, cre­at­ing plat­forms such as web inter­faces, apps, and tech tools that aid in plan­ning and devel­op­ment process­es.

The proptech move­ment is still in ear­ly stages through­out many parts of the Unit­ed States, but it’s set to make poten­tial­ly sig­nif­i­cant changes soon. 

1. It Could Help Find the Best Pieces of Available Land Faster

Arti­fi­cial intel­li­gence (AI) is often part of the proptech con­ver­sa­tion. Although the spe­cif­ic uses of the tech­nol­o­gy vary, they gen­er­al­ly involve using trained algo­rithms to eval­u­ate data and make con­clu­sions faster than humans could with­out help.

One emerg­ing proptech option that fea­tures AI is called City­Bidr. It’s a prop­er­ty mar­ket­place that uses more than 15 data sets and a machine-learn­ing algo­rithm to deter­mine the ide­al uses for land more effi­cient­ly. More specif­i­cal­ly, it can deter­mine whether land is most valu­able con­cern­ing its cur­rent per­mit­ted use or anoth­er one. 

City­Bidr can also help prop­er­ty own­ers deter­mine the right times to sell to to max­i­mize invest­ments. In a case study men­tioned on the com­pa­ny web­site, sev­er­al par­ties who owned prop­er­ty near the site of a future light rail sta­tion dis­cov­ered new devel­op­ment dou­bled the val­ue of their homes. 

This exam­ple is not the only way to apply AI to proptech, of course, but it’s already gain­ing trac­tion. When speak­ing to ATTOM Data to give mate­r­i­al for a City­Bidr case study, the com­pa­ny’s CEO and co-founder Bryan Cop­ley said mul­ti-fam­i­ly devel­op­ers par­tic­u­lar­ly like using the City­Bidr marketplace.to dis­cov­er prop­er­ties they might not be able to find list­ed on the mar­ket yet.

Cop­ley con­tin­ued by con­firm­ing that the City­Bidr site facil­i­tat­ed near­ly 15,000 proac­tive offers on off-mar­ket prop­er­ties. Thanks to tech­no­log­i­cal solu­tions like this one, real estate pro­fes­sion­als have anoth­er effec­tive resource they can use when hunt­ing for the per­fect piece of prop­er­ty to meet their needs. 

2. It Could Streamline the Creation and Distribution of Property Plans

Numer­ous apps on the mar­ket short­en the time it takes to make prop­er­ty plans and dis­trib­ute them to mem­bers of the devel­op­ment team or who have spe­cif­ic requests for fea­tures the fin­ished prop­er­ty must have. Some of the apps give instant access to dig­i­tal blue­prints, which is par­tic­u­lar­ly con­ve­nient when new con­struc­tion crews and oth­er build­ing pro­fes­sion­als begin work­ing. 

Oth­er apps show site plans and pro­vide peo­ple with a visu­al ref­er­ence that con­tains things like the loca­tions of trees or gar­dens, plus the planned places for ter­races, park­ing lots, and more. Since apps allow quick infor­ma­tion shar­ing all respon­si­ble par­ties, instant con­tent reduces any con­fu­sion and helps pre­vent mis­takes. 

These apps should also facil­i­tate clear com­mu­ni­ca­tions between devel­op­ers and clients. Peo­ple from out­side the prop­er­ty sec­tor often have trou­ble pic­tur­ing the results of a project when it’s still in the ear­ly stages. Pulling up infor­ma­tion on an app could guide the con­tent of the con­ver­sa­tion and help prop­er­ty pro­fes­sion­als answer any ques­tions from clients as they arise. 

3. It Could Lead to Superior Smart Cities

As the proptech move­ment gains momen­tum, so does the push toward mak­ing high-tech cities. Many of the smart cities in the works promise to have a full assort­ment of sen­sors, cam­eras and auto­mat­ed com­po­nents that ease pain points for city man­agers mak­ing the place safe, fun and ful­fill­ing for its res­i­dents. 

A recent report about smart cities in the Asia-Pacif­ic region asked 30 experts from tech­nol­o­gy, gov­ern­ment and real estate to weigh in about the role of proptech solu­tions in the devel­op­ment of smart cities. The con­clu­sion was that inte­grat­ing tech­nolo­gies into these cities could have pos­i­tive effects, but all tech invest­ments should sup­port the needs and wants of cit­i­zens. 

some amount of risk involved in mak­ing sub­stan­tial invest­ments in proptech solu­tions to help with the plan­ning and devel­op­ment of smart cities, then sub­se­quent­ly adding addi­tion­al high-tech advance­ments into the pic­ture as a planned devel­op­ment starts to take shape. How­ev­er, sev­er­al apps exist to boost engage­ment and trans­paren­cy between city and res­i­dents.  

Most of them let peo­ple do things like report pot­holes or pay for park­ing. It’s easy to imag­ine, though, how apps could play an instru­men­tal role in help­ing urban devel­op­ers opti­mize future smart cities. 

Out­side the Unit­ed States, city plan­ners in places rang­ing from Ger­many to Sin­ga­pore are inter­est­ed in using things like vir­tu­al real­i­ty, 3D geo­da­ta, and big data analy­sis to improve city plan­ning. As the pub­lic con­tin­ues show­ing an inter­est in increas­ing­ly high-tech cities, urban plan­ners will fre­quent­ly rely on proptech to bring the ideas to life. 

4. It Could Help City Planners See Where Hidden Needs Exist

City res­i­dents can give input to help plan­ners make deci­sions. Sim­i­lar­ly, Inter­net of Things (IoT) sen­sors are help­ing the proptech move­ment thrive. Peo­ple can pro­vide feed­back about things they fre­quent­ly notice, such as per­sis­tent jams in a spe­cif­ic part of a city or the fact that a sec­tion of a com­mu­ni­ty that walk­ers often use does­n’t have enough street­lights. 

IoT tech­nol­o­gy helps dig deep­er and reveal res­i­dents might not bring up them­selves. For exam­ple, sen­sors can track the flow of traf­fic to see the direct links between peo­ple’s move­ments and prob­lems that improved plan­ning could solve. In the Dutch city of Dor­drecht, for exam­ple, IoT sen­sors gath­er data about which streets indi­vid­u­als trav­el on most often, how they use the pub­lic tran­sit sys­tem, and how fast they move. 

Peo­ple don’t pay atten­tion to those things unless major slow­downs occur or a bus goes out of ser­vice, for exam­ple. But, sen­sors can give city plan­ners valu­able input as the dwellers in a des­ti­na­tion go about their dai­ly lives. 

The Proptech Movement Will Continue to Spark Changes

The exam­ples here mere­ly scratch the sur­face of what’s with proptech for city plan­ning pur­pos­es. Peo­ple should notice even more rel­e­vant appli­ca­tions for it soon. 

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