16 Real Estate Technology Trends to Look Upto in 2024

Technology has now branched out in all spheres of life and all industries. We are enveloped by technology, from checking for news updates to ordering online. Similarly, the real estate industry is also influenced and affected by technology.

The impact of technology on the real estate industry has increased in past years. Real estate service providers have realized the impact and effect of technical solutions quickly. In this article, we talk about 16 real estate technology trends to look out for in 2024.

Related read: How Web Scraping Can Be Extremely Advantageous For Real Estate Tech?

What is Proptech?

In simple terms, Proptech is a term formed by merging two words: property and technology. It is defined as the usage of technology in real estate. The goal of Proptech is to make everything easier for everyone involved in owning, leasing, renting, buying, selling, and managing properties. 

Suppose a person lives in a residential building, having an app that not only helps him/her access their flat but also carries broad functions like a mobile key card, ordering food, visitor registration, and much more. 

We have seen a growth of such applications over the past few years, but the trend is accelerating at a greater speed now. Proptech now incorporates more features and functionalities than ever. There is no sign of slowing down for Proptech as more and more consumers and realtors are adopting it to facilitate faster rentals and more convenient living.

Technology is disrupting the way real estate has worked in the past. If you want to join the bandwagon of real estate disruption, here are the technology trends to watch out for.

16 Real Estate Technology Trends Disrupting the Real Estate Industry

The top 16 real estate technology trends that have been considered for disrupting the industry are as follows.

✅Artificial Intelligence and Machine Learning

Artificial intelligence and machine learning move the data collected into action. This combination helps in making smarter decisions using pattern recognition. Additionally, Artificial Intelligence in real estate algorithms combined with a robust IoT device framework will facilitate high-quality property management, including better control of power, lighting, and security systems.

For example, an online real estate marketplace helps users streamline the home search process with AI-powered personalization. The system determines the expectations of the consumers and recommends properties accordingly. The search remains no more a result of the search query than the overall system.

✅Internet of Things

Due to the Internet of Things, technology now lives in things around us like windows, doors, light switches, appliances, etc. One can make things easy to use and manage with appropriate sensors and devices. IoT is the future of smart home technology. The Internet of Things in real estate also provides valuable insights into the property that can be used as input for insurance, real estate management, and compliance.

✅Big Data

Data and real estate agents are a match made in heaven. Analyzing data to formulate data-driven long-term strategies has become an integral part of real estate technology companies. Big data in real estate is helping to predict trends, opportunities, and strategies for companies. Companies can make data-backed decisions.

✅5G

With the provision of 5G, sensors and devices can communicate securely and consistently, providing reliable communication. With higher bandwidth and consistency, complete smart management of the place is possible. Security, Energy, surveillance, and maintenance will all be automated and optimized.

✅Mobile Applications

From ordering food to booking a ride, people like to do everything from their palms’ convenience. Extending that convenience to the real estate industry, there have been different mobile applications where you can buy, sell, browse properties, or find an agent.

Buyers can virtually meet sellers and look for properties that appeal to them. It can save time and effort and also make all processes transparent. While real estate mobile applications have been here for some time, 2024 would see a surge in experience and matching backed up with Big Data and AI.

On-demand matching will connect buyers with an agent in an Uber-like setting. This will reduce the transition time from scheduling a visit to getting it done and give the customer the option to view properties they like in the neighborhood immediately.

✅Virtual Reality

Virtual reality in real estate makes the search and buying experiences more interesting as they provide a virtual tour of the property to potential buyers that they can view remotely. With virtual reality implementation, real estate has entered the third step of synthesis in technology usage.

A customer can now remotely visit the property he/ she is interested in through virtual tours. The COVID era has further pushed VR acceptance, and today property buyers and sellers can make deals without meeting.

✅Blockchain

Blockchain is changing the way for real estate records and information. Blockchain will bring down the rate of real estate fraud and increase compliance. This will also lead to minimizing tax leaks and better property prices. The use of cryptocurrencies and blockchain development in the real estate industry could also see the light of day in 2021.

✅Real Estate Robots

Real estate robots are beneficial not only for buyers but also for real estate agents. Virtual assistants, voice bots, or chatbots help consumers get immediate answers to all their queries in no time. This keeps the communication going and helps in providing clear solutions.

Various proactive property management firms have started to use automated technology like robots to ensure quick and clear communication between buyers and agents.

✅Drones

Drones provide efficient and budget-friendly aerial photography that helps create a better and more elaborate virtual experience. Real estate drones make compelling and dynamic images of otherwise inaccessible areas. This would lead to better property records and title data backed with video proofs.

Also, drone images can be used to enhance marketing. Combined with Geolocation, the system will point to the physical position of the chosen property and be able to visualize parameters such as zone maps, soils, landscapes, and country maps for the determination of the value of the land.

✅Automation

Various real estate-related tasks have now become automated. Data scraping, processing, and other mundane tasks shall be automated to get things done quicker and better. Marketing automation is already enabling real estate agents to deliver real-time, customized marketing messages to prospective buyers during the sales process. Data scraping and process automation will become standard in 2024.

✅Fractional Property Investment

We all know that property prices are going over the roof, and many would-be-buyers want to buy their desired properties but can’t afford them at their full price. Fractional property investment solves this problem by enabling buyers to build a deposit on a full future purchase.

Fractional ownership is percentage ownership in an asset that allows the individual to share benefits such as usage rights, income sharing, etc, with other individuals or investors. Fractional property investment is expected to flourish more in the coming years.

✅Virtual House and Apartment Tours Using VR

3D virtual house and apartment tours are becoming popular, thanks to the virtual reality (VR) technology that enables buyers to see their desired properties through virtual viewing, which brings them close to the real viewing experience. It saves time and cost and allows buyers to make quick, informed decisions.

With today’s advanced VR technology, buyers can see the property from the inside and feel details like furniture placements, interior ideas, and much more, which can help them make the right choice for their property purchase.

✅Automated Rental and Purchasing Property Platforms

There are various platforms available today for renting and purchasing properties. They offer great insights and data about the property right on the screen of our mobile devices. Apart from insights like interested buyers, best offers, location, etc, there is much more information that these platforms can offer to their users.

In the past year, these platforms have seen a tremendous rise in their usage and the trend will only grow more and more in the coming years.

✅Upgrade Interaction Through Automated Real Estate Marketing

Automated real estate marketing is essential for professionals seeking to improve client interactions. Automation offers benefits such as personalized communication, immersive virtual experiences, and increased efficiency. By embracing technology, real estate professionals can build stronger relationships with clients and drive business growth.

✅Buying and Selling Websites

Most people search for houses online now, making it the main way real estate agents find leads. Agents are quickly making websites to help them. People mostly use the internet, including social media, to look for homes. Real estate groups are also using phones for different tasks, like talking to clients.

✅Hyper-Personalized Messages

Real e­state technology trends increasingly rely on personalized messages. Agents use advance­d data to group clients by lifestyle. This enables sending emails with de­tails on homes, benefits, and pape­rwork tailored to each person. The key in these tre­nds is delivering specific information to each individual.

The Future of Proptech

Proptech is growing rapidly and is expected to grow more than double by 2025. As buyers become increasingly comfortable with the new technology trends, proptech is poised to grow.

Implications of Covid-19 on the Real Estate Sector

It is impossible to think of an industry unaffected by the global pandemic, but the COVID-19 impact on real estate was palpable. Low sales, project delays, and regulatory changes were some of the industry’s problems during the initial period. Still, real estate is bouncing up well to make it a great turnaround story in 2024.

Work From Home scenarios push people to invest further as they embrace the idea of working from home. There will be more investments in making homes smart, catapulting to the more significant trend of generating more data for real estate tech.