According to Future Market Insights, the proptech industry is expected to grow in value from $18.2 bn (£15.24bn) in 2022 to $86.5bn (£71.01bn) in 2032, while FinLedger reported that the first half of 2022 saw a record $13.1bn (£10.75bn) invested in real estate tech and proptech companies. If it continues at the same pace, the proptech industry could even set a record in venture funding.
As we look at the last quarter of 2022, what can we expect from the industry?
According to the Institute of Real Estate Management, the top issue mentioned by real estate management professionals is finding ways to automate repetitive tasks. The real estate industry has an array of niche products, including capture leads, email responses and transfer of contacts. But each task requires a different app or service, resulting in a build-up of various services. To truly automate and consolidate businesses, all-in-one platforms will increasingly be required, to create one simple system that provides a holistic service.
Real estate customer relationship management has proven to be a game changer in the property scene: it can help reduce time spent on managing agents and employees, boost client interactions, increase data accuracy, and decrease the average length of the sales cycle. When CRM meets artificial intelligence, an even more powerful platform provides more highly personalised property matches and valuable insights into clients.
However, many real estate professionals will persist with manual processes if CRM platforms are not user friendly or don’t understand users’ specific requirements. More must be done to show CRM can be affordable, easy to implement, and offer an incredibly valuable return on investment to those in the property industry.
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