Digital innovations invade all the spheres of modern life at a giant pace and the speed is just gaining momentum. Business, education, industry and everyday life have been and are still being reshaped to match the new reality.
Real estate technology trends are having a major influence on the industry and changing the way real estate agents, brokers, investors, and managers operate. With funding for real estate property technology (proptech) increasing every year, more startups are emerging with new technologies.
With all the rapid changes in the real estate industry, you need to be prepared for real estate tech trends by adopting a culture of continuous improvement and change.
The next big trends in real estate technology:
CRM and Big Data
When it comes to real estate technology trends, big data is one of the most popular technologies. Big data is a huge quantity of data that is evaluated to provide predictive analytics such as Airbnb analytics about customer purchase intent and behavior based on past associations, trends, and patterns.
Using CRM tools, on the one hand, show you the potential customers, their activity and interests. On the other hand, it can be used for making predictions as to the market conditions, property buying or investment perspectives or price. Being a real estate business you cannot do anymore without custom real estate software solutions and CRM tools for better staff, resources and customer management as well as better document administration and access anytime from anywhere.
Cloud Property Management Software
This software has helped the owners and tenants to log in and check the details regarding their properties at any point in time. It has reduced the expenditure on maintenance of the property and has also increased the scalability, security, and accessibility of the information. Cloud property management software has simplified the entire process and made it more efficient.
It helps easy storage of documents and contracts that can be accessed and shared in real-time.
Tenants, as well as owners, can log-on to the system and check every aspect about the property effortlessly.
To discuss modern digital trends without mentioning Blockchain is nonsense and real estate is not an exclusion. In 2020, we can expect more properties sold via blockchain technology. The transactions made do not then require any middlemen or bank verification. Though the technology was overhyped in 2019, now real use cases for it can be seen beyond payments and digital currencies. Blockchain is going to be widely applied in real estate and asset management giving it the fresh start. At present, it can be thought of as an operating web-based real estate market with active business, benefiting from transparency and security. Financial scams and cyber-attacks have little chances with this innovative technology. It’s due to the fact that there is no single authority holding the record of the transactions exist.
Virtual Reality (VR) and Augmented Reality (AR)
One of the notable tech trends of the real estate industry in the last few years, virtual reality has changed the way in which this industry works. It offers prospective customers a chance to conduct the visual tour of multiple properties in a short span of time. AR and VR are helping the customers to check the properties without actually visiting them and thereby allowing the customers to compare different options effortlessly. Brokers, builders, and real estate agents can use augmented reality to show different ideas for unfinished spaces that the customers can decorate according to their tastes and choices.
Advanced remote property tours that can be accessed via smartphone apps.
Minimize investments in conducting multiple open houses for a single property as target customers can have a personalized tour as per their convenience.
Real estate application development is the aspect to consider for all agents or real estate business owners. Mobility is now the key to success and a great advantage in the increasingly changing and competitive environment. Most CRM and real estate software product development processes come with mobile apps already, however, it is predicted to become even more popular and practical next 2020 year. It can allow agents to access property details, as well as the necessary documents and tools any time even on the go and get any information required right at the palm.
Real Estate Robots
The rise of robots is another notable development in real estate technology trends. Nowadays, customers expect an immediate response to their questions. This is why real estate robots such as virtual assistants, voice bots, and chatbots are very important. They not only respond to customer questions with no delay, but they also free up time and allow real estate professionals to focus on other important things. Chatbots such as CRIBZ, ChatFuel, and Holmes trigger answers based on specific keywords or actions to offer timely assistance. They are found on many websites and popular social media platforms. In addition, voice bots such as Siri and Alexa can perform routine tasks such as create reminders, schedule meetings and search the internet for neighborhood data.
Fractional Property Platforms
These platforms have gained immense popularity in the real estate industry because they allow investors to purchase a fraction of property. Since most properties on these platforms are shared by realtors, they can also have a share of the rental income or any profits in case the property is sold.
Benefits of functional property platforms:
1)Encouraging investors who were wary of investing in real estate until now to take the plunge.
2)Ensuring better profits for the seller/lessor as the property stays idle for reduced durations.
When it comes to real estate technology trends, the importance of automation cannot be overstated. Real estate tasks such as emails, social media, online chat, invoice processing, and property accounting are being increasingly automated.
Usage of robots as virtual assistants, voice bots, and chatbots in the real estate industry has increased and improved the interaction between the prospective customers and the sellers. Leveraging technology to automate routine administrative and communication tasks will free up your time and allow you to remain competitive.
IoT – Internet of Things
This technology has made the different aspects of a property such as plumbing, electrical services, etc. accessible to prospective customers. Properties which have IOT facility command higher market value. Smart applications like automated lighting systems or automated air conditioning are proving big draws for customers.
Also, it meaning better property management through centralized control of essential systems like HVAC, lighting, fire, and security systems. It is an important tech trend to be followed in the next decade as it has the potential to redefine the real estate industry in a big way.
While buying or selling a property will always be a physical affair, it is a fact that the future of real estate transactions is digital and mobile. To gain an advantage over the competitors, one being in business should become an early adopter of the innovative technology trends.