Toronto’s Michael Rustom on tech innovations transforming real estate
The real estate market remains the most important sector in the global economy. A Statista report says that the market will grow to around US 729.40 billion by 2028. But the market in many ways remains stuck in an analog age. Only recently has the industry begun to fully embrace the potential for innovative technology solutions to transform the way things are done, and in doing so, greatly reduce costs and increase efficiency for brokers and buyers.
Michael Rustom, a consultant in IT and systems integration, has worked with many firms in their attempts to catch up to other industries.
“The real estate industry is ready for this kind of transformation. The technologies that we’re implementing, like AI, Virtual Reality tours, Smart Homes – these aren’t just trends. They’re becoming integral to how businesses operate and compete.”
A crucial driver of this transformation is Proptech (combination of “property” and “technology.”) Proptech leverages technologies such as cloud computing, mobile solutions, artificial intelligence, and the Internet of Things (IoT) to create more efficient, advanced solutions for the real estate industry. Proptech is revolutionizing how properties are bought, sold, rented, and managed.
“I work with firms to develop Proptech packages that suit the needs of their particular market,” says Rustom. “We typically design a more data-driven approach that gives them the opportunity to provide personalized customer experiences and see smarter decision-making.”
The Internet of Things (IoT) is another game-changer.
As more buyers expect the conveniences that these technologies offer, firms are racing to be able to present the most up-to-date, fully integrated options for homes.
“These devices can automatically adjust temperatures, manage lighting, and enhance security,” says Rustom. “It improves living environments but also helps in reducing operational costs. This goes a long way towards making properties more efficient and appealing.”
Virtual reality (VR) technology is also making a significant impact by offering immersive virtual tours of properties. This allows potential buyers to explore homes from anywhere in the world, saving time and travel expenses while providing a realistic sense of space and layout.
In addition to these technologies, automated property management systems are streamlining tasks such as maintenance scheduling, rent collection, and tenant communications. These systems reduce administrative burdens and improve efficiency. “Automation in property management is a game-changer,” Rustom notes. “It allows for seamless operations and better service delivery.”
The rise of real estate app development is another trend transforming the industry. Mobile applications provide features like property search, virtual tours, and real-time communication with agents, enhancing the overall customer experience.
“The future of real estate will be decided by those who can best adapt and innovate in this new tech environment,” says Rustom.
With such rapid growth in the industry, it’s no longer optional to integrate these kinds of innovations. Proptech solutions can modernize real estate processes and allow firms to build a brighter, more customer-centric future.
Cover Image: Freepik
About the Author
Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.
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