‘Technology for real estate industry’, well this is a statement that more than 45% of the brokers report as a terror for their jobs. But with emerging technology trends today it is important for the real estate industry to take over technologies too. One of the reasons being to improve the internal operations, in addition to adopting a customer-driven approach.
Many real estate businesses have already started innovating with technology, and therefore to compete with all it is important to identify the trends and go-to’s. During the global pandemic, technology has become a major part of our lives and there’s no denying the fact that the real estate structure has brought about some amazing fundamental shifts to reshapes this industry’s future. There are certain technologies that have already been landed in this sector, and some are yet to land in. Let’s look into these technologies in detail.
Big data is a technology that simplifies the process of analysing huge amounts of information. In the field of real estate, it helps to decrease financial risks by analysing the information and other details of the owner done before. With the help of it, the real estate agent can get an estimation of the property and provide customer recommendations.
Customer Relationship Management (CRM) Software
CRM Software is a kind of tool that helps you maintain the data of customers, companies, tenants, etc. in a single place in an organised way. It provides you with the feature to import your data, maintain your sales campaign, and quickly access your dashboards and reports. You can even allow third-party users with implying the user level restrictions and manage in parallel all the workflows with an option to change them for specific users/ business processes.
Artificial Intelligence and Machine Learning
The combination of AI and ML today is helpful to solve different complex and sophisticated tasks. Be it problem-solving, decision making, or recognition of a pattern, it can do anything. In real estate, it can help customers by recommending properties according to their preferences by identifying their previous searches. The power of advertising can also be improved with AI by recognizing customer patterns and generating actionable insights.
Data analytics is a new emerging tech stack that uses big data and algorithms of machine learning to evaluate and forecast future trends. The benefit of data analytics is that it helps the broker to improve the process of lead generations by understanding the history of a buyer. And by this, the brokers can provide better purchasing or renting options to potential customers.
If you’re looking out for more transparency, less paperwork and reduced involvement of third-party, then blockchain is a technology to help. Many people think that blockchain is only for cryptocurrency, but it is capable of serving as a digital registry as well as store data. It helps to improve the process of the transaction and during any purchase event create data transparency for buying and selling parties involved.
Cloud computing offers a bunch of benefits comprising greater accessibility, security, scalability of resources, along with savings of time and money. Cloud-based systems allow the sellers or buyers to log in to servers at any point in time and look for the desired information. It helps to improve the customer relationships and less amount IT maintenance costs.
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR allow buyers and sellers to step into a whole new arena of this real estate sector. With the help of these technologies, the potential buyers get a chance to take a virtual tour of their desired property at any point and any location of the world. Even for the unfinished spaces, the builders can give an opportunity to look into their future homes with the help of AR.
Web and Mobile Applications
In today’s era, a website or a mobile application acts as a business card for a person/ business. A website can help a broker agent to list the properties he has to recommend to potential buyers, integrate several search options with customized filters. With this, the customers can even leave their reviews which will help the broker to improve their reputation and get more qualified leads.
Internet of Things (IoT)
Internet of Things is a technology that allows devices to connect and perform smart functions from anywhere just with the click of a button via the internet. It allows the brokers to increase their energy efficiency and convenient property showing. There are a lot of customers out who look for smart homes with IoT capabilities to automate their administrative routines.
Although people believe that the process of buying and selling a property or land will always remain a physical matter, the fact is as the transactions are turning digital, the rest will soon turn digital too in upcoming years. These advances in technology today have affected positively both property developers and potential home buyers. Therefore moving at a slow pace with these trends can cause major disruptions, whereas the early adopters of these real estate technology trends will have an edge over the others in competition.