Property5 Innovations Transforming the Property Industry (Including AI). Photo: Guilherme Cunha (Unsplash)

5 Innovations Transforming the Property Industry (Including AI)

Those working in trading and finance are used to hearing about the increasing influence of technological innovations like Artificial Intelligence.

Dr Thomas Starke, featured in one of our trader interviews, went into great detail about how AI is revolutionising the financial markets:

Pod Chats: Dr Thomas Starke on the Rise of AI

But the scope of AI and similar 21st century innovations is proving far greater than just the world of trading. We've already seen in one infographic how AI is affecting the Poker industry, but what about property?

The property industry has seen many changes over the years, both through advances in the technology available and with enhanced performance products being introduced to the market.

In light of modern digital transformation, traders and developers in the property industry are having to behave more innovatively in order to attract the next generation of homeowners. With that in mind, the folk at British Gypsum, manufacturer of interior lining systems, have put together the 5 most innovative developments in the property industry.

1. Augmented Reality

Augmented Reality (AR) continues to provide unique opportunities for every level of the industry, from the early construction stages to the final marketing and sales process. AR can be used by property professionals to bring traditional, flat print materials such as blueprints and photos to life, right in front of the customer. Offering an enhanced, personal experience, AR is continuing to provide an end-to-end solution for the property industry, offering homebuyers full visibility of their purchase before the construction stage.

2. Artificial Intelligence

Although a relatively unknown area, AI is no longer an area that needs to be restricted to the residential property market, with many commercial property businesses looking at the use of artificial intelligence for tasks such as analytics and some property management job functions. AI functions include virtual tours and chatbots for real estate market places, which free up developers for creative tasks. The automation of AI is continuing to enable property businesses to improve their cost-effectiveness.

3. Proptech apps

As innovative techniques evolve, so has the area of property technology (or proptech), including downloadable apps for those who want a faster and more convenient way to do business. Apps available include ones specific to those looking for rental spaces, like Hubble, which matches landlords and tenants of flexible office space in a similar way to Airbnb.

For developers, there are apps such as LandInsight that aim to find land in the UK, identify its current owner, carry out a valuation and compare to other nearby plots. In addition, there are several construction and infrastructure focused downloads that aim to make building management more efficient, including Asset Mapping, which gives 3D visualisations of buildings' infrastructure such as air conditioning, plumbing, smoke detectors and security cameras.

4. 3D maps and printing

Helping to further transform the property industry is the 3D technology for both mapping and printing. Not only does a 3D map of a property create a better granular understanding of the layout, shape and size, but it is also produced at a much faster rate on a printer than traditional models.

It is also predicted that by 2030, the property sector will see construction move towards 3D printing buildings. Advances in the technology could mean that printers can work with ordinary materials used in construction, such as concrete and steel.

5. Construction technology

Gone are the days of generic construction work, as innovation paves the way for new technology during the construction development stages. These include soundproofing solutions and durable plasterboard technology which is adapting to modern day needs and changing the preconception of poor quality new-build housing.

Further residential solutions include magnetic plaster, which allow walls to be decorated with paint, wallpaper, stickers or specialist finishes such as whiteboard or chalkboard paint without affecting the attraction of the magnets.

For more from British Gypsum, head to