Advanced tech innovations are shaping our future, from genetically modified food, self-driving automobiles, voice assistants, and now real-estate. If you’ve been out for a rental or looking for property to own, you’ve probably noticed the industry is moving from the conventional “huge billboard signs “to real estate agent websites and mobile apps. These new trends are becoming more and more popular for individuals searching for the right property.
So, what changed? Well, according to Jim Berry, a Deloitte & Touche LLP Partner, real estate isn’t about location! Location! Location! Anymore, but all about location, experience, and analytics. There’s no doubt that the real estate industry has historically been lagging when it comes to tech. With the introduction of advanced tech, there’s been a monumental rise in sales and especially for the commercial real estate industry.
Therefore, if you are professionally engaged in the real estate industry and are looking to expand your business, you need to have a firm understanding of the market by getting up to speed with the following tech trends in real estate.
Blockchain is the technology behind the popular digital currency Bitcoin. This technology makes it possible to distribute digital data preventing copying of the information. In 2017, an apartment complex in Kyiv Ukraine went down in history as the first property sold using blockchain — a huge step for real estate in new technology. The use of cryptocurrency in real estate is beneficial, preventing the possibility of fraud, reducing the number of mediators during deals, as well as tedious paperwork.
Augmented Reality and Virtual Reality
According to statistics, the introduction of VR (Virtual Reality) has taken a significant leap in technology and is on track to becoming close to a $20 billion-dollar industry by the end of 2020. With VR technology, potential property buyers can virtually tour homes anytime, anywhere in the world saving time and money while increasing engagement and efficiency.
Augmented reality (AR), on the other hand, is capable of superimposing a computer-generated image of an object in real life. Real estate builders and brokers can use this tech to virtually decorate a space or to portray the potential of unfinished spaces helping buyers make a final call.
Protech and Web Platforms
Amazon, Airbnb, and Facebook are among the key players who have joined the Protech bandwagon introducing smart contracts, bidding apps, and on-demand showings. These solutions have made a positive impact in real estate, allowing realtors and brokers to connect potential clients and work closely with their peers to close more profitable deals. For instance, a buyer or renter looking for luxury apartments for rent in the Bay area can make last-minute calls and instant bookings easily.
The Internet of Things (IoT)
The Internet of Things (IoT) is such a huge topic in tech, partly because it promises the idea of a smart home. With this technology, everything incorporated in a household; including home appliances, plumbing, lighting systems, and security. With IoT, property information is easily available in real-time for monitoring and control or business analysis purposes.
Big data technology helps key players in industry analyze a huge amount of data in anticipation of future trends. This tech makes it possible to maintain a personalized relationship with clients using a CRM tool that makes an analysis of leads and their future actions. For instance, real-estate managers selling high rise apartments for rent in Oakland can make predictions using big data on customer behavior, rent patterns, online habits, among others, and make better business decisions.
Key players in the real estate industry are making a killing with Artificial Intelligence (AI). The tool uses AI algorithms to match deals with potential clients maximizing income potential for investors through data analysis, recommendations, and property management. Real-estate managers can also use virtual assistants, chatbots to engage potential clients, making customer service, and marketing more convenient and efficient.
There’s no doubt that the future of real estate lies in advanced tech. There are multitudes of advanced real estate tech discovered each day, and, sure enough, we might not have touched on all bases, but those outlined make a great point of departure. It’s also worth mentioning that mapping out your business future is much easier with straight forward recommendations to guide you through. Familiarizing yourself with the latest technological trends in real estate will not only create awareness but make you stand out from your competition.