Technology has now branched out in all spheres of life and all industries. From checking for news updates to ordering online, we are enveloped by technology. 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. In a short period, real estate service providers have realized the impact and effect of technical solutions.
Technology is disrupting the way real estate has worked in the past. If you are looking to join in the bandwagon of real estate disruption, here are the real estate technology trends to watch out for.
The top 10 real estate technology trends that have been considered for disrupting the industry are as follows
Fig: Top 10 technologies in real estate
Artificial intelligence and machine learning move the data collected into action. This combination helps in making smarter decisions using pattern recognition. Along with this, 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 its users streamline the home search process with personalization powered by AI. The system determines the expectations of the consumers and recommends properties accordingly. The search remains no more a result of just the search query but the overall system.
Due to the Internet of Things, technology now lives in things around us like windows, doors, light switches, appliances, etc. With appropriate sensors and devices, one can make things easy to use and manage. IoT is the future of smart home technology. Internet of things in real estate also provide valuable insights into the property that can be used as an input for insurance, real estate management, and compliance.
Data and real estate agents are a match made in heaven. Analyzing data to formulate long-term strategies that are data-driven 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.
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, maintenance will all be automated and optimized.
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 out for properties that appeal to them. It can save time and effort also makes all processes transparent. While real estate mobile applications have been here for some time, 2021 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 gives the customer the option to view properties they like in the neighborhood immediately.
Virtual reality in real estate makes the search and buying experiences more interesting as they provide a virtual tour of the property to the 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 is changing the way for real estate records and information. Blockchain will bring down the rate of real estate frauds and increase compliance. This will also lead to minimizing tax leaks and result in better property prices. The use of cryptocurrencies in the real estate industry could also see the light of day in 2021.
Real estate robots are not just beneficial for buyers, but they are also helpful 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 provide efficient and budget-friendly aerial photography that helps create a better and more elaborated virtual experience. Real estate drones make compelling and dynamic images of otherwise inaccessible areas. This would lead to better property records, title data that is 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.
Various real estate related tasks have now become automated. Data scraping, Data 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 shall become standard in 2021
It is impossible to think of an industry that is unaffected by the global pandemic, but the COVID impact on real estate was palpable. Low sales, project delays, and regulatory changes were some of the problems that the industry faced during the initial period but real estate is bouncing up well to make it a great turnaround story in 2021.
Work From Home scenarios is pushing people to invest further as they embrace the idea to continue working from home. There will be more investments in making home smart, catapulting to the more significant trend of generating more data for real estate tech.
Mindbowser helps you get all the technology pieces that you may require to take advantage of the trend. We have worked with real estate tech companies helping with all aspects of technology from building web and mobile applications to data scraping, analytics, and automation.
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