3 Cutting-Edge Technologies Reshaping Real Estate Industries
New technologies strike with the force of a bolt of lightning. Small firms are increasingly attempting to incorporate technology into their business strategies, demonstrating that keeping up with new trends is no more a privilege reserved for large corporations.
This may appear to be a barrier for the real estate market, as their workflow hasn't altered in a long time. Many businesses still use conservative methods of conducting business. While becoming the next Airbnb is a lofty goal for the ordinary realtor, a few easy trends can help them stand out in the eyes of demanding and knowledgeable clientele.
So, what gives a real estate firm a competitive advantage? Let's take a look at the top five trends that will change the way you do business.
Artificial Intelligence in Real Estate Industry
AI is expected to transform virtually all corporate activity, including real estate. The widespread use of chatbots in real estate agents to assist with customer service is proof of this. Real estate brokers may use these intelligent assistants to answer inquiries, filter prospects automatically, and give a better overall experience.
But it is far from the sole application of AI in real estate. This technology is also an excellent addition to real estate management platforms because it helps users to get better recommendations on properties they might be interested in based on data examined by AI-based algorithms.
You may take 3D tours around the house as a less expensive alternative to virtual reality. Create 3D floor plans and display the property on your website or in your portfolio like a dollhouse.
Companies can use AI to:
- Get real-time information from all client interaction channels.
- Agent availability, wait times, and proactive service delivery possibilities should all be optimized.
- Using sensitivity and domain expertise predictive analytics, automatically elevate and classify situations.
- Using automated workflows, empower chatbots to deliver knowledge.
- Allow field agents to provide service based on CRM data access.
- Personalized services can be offered anywhere.
- Using complete CRM data, improve scheduling and routing.
Big Data is more accessible thanks to artificial intelligence.
For decades, business owners have struggled to gather as much information on their clients as possible to make intelligent marketing and customer service decisions. It's critical to understand your target audience's demographics, as well as when and how they're most likely to convert, whether they prefer to search on desktop or mobile, and so on.
While this data has always been available to business owners, it hasn't always been simple to obtain, and it hasn't always been accurate. Collecting and analyzing data used to take a lot of time and effort, which took time away from website development, product development, and marketing efforts.
Artificial intelligence can evaluate large amounts of data, particularly data from a CRM platform, and turn it into reports that are easy to understand. This makes it easier for business owners to access and comprehend critical information about their target market. This data is more trustworthy than information gathered, processed, and analyzed by humans. Instead of figuring out what the data means, business owners can spend their time making decisions based on it.
Augmented Reality/Gamification Technology in Real Estate Business
While a virtual reality tour is a great way to show off completed homes, augmented reality is ideal for unfinished ones. Real estate brokers can use it to portray the final home instead of using sketches or small models. Agencies can better exhibit how all rooms will look once the development is completed simply by employing augmented reality.
The best part about augmented reality is that it allows real estate brokers to take clients on tours and invite them to use the technology to customize rooms under construction to see how they would appear with the possible buyer's style and decor already in place. In other words, people can point an AR device at a space and change its appearance at will, for example by painting walls, putting digital furniture, or changing light fixtures.
As a result, employing digital components, AR can bring sketches and architectural designs to life, allowing purchasers to picture the completed project readily. This is a fun method to market residences that are still being built, and it gives real estate professionals a great tool to use when completing a deal.
CRM (Customer Relationship Management) software
CRMs for real estate agents include Salesforce, PipeDrive, Base, and a slew of others. They assist agents in keeping track of emails, phone calls, and the progress they've made with their prospects. You can get a clear picture of your pipeline and instantly spot locations where the action is required. You can quickly report on results and utilize that data to anticipate revenue once a deal has been won or lost.
Apps for mobile devices
Do you want to place an order for food? Trying to catch a ride? People nowadays do everything on their phones, and they want to browse, buy, and sell real estate from the palm of their hands.
Clients and agents can use real estate applications like Zillow and Redfin to browse, buy, or sell a home, find an agent, and be notified when a new listing comes on the market. Their systems store information about real estate, property values, mortgages, and other topics.
Mobile apps are also causing havoc in the renovation industry. It's easier than ever to hire a gardener, painter, plumber, cleaner, or any other type of professional contractor to work on your property, thanks to apps like Thumbtack and Handy.
Property contains a wealth of information about how people live. Technology now lives inside non-technical items such as doors, light switches, locks, and more, thanks to the internet of things.
Every action a tenant does produces a data point that may be used to improve their experience after you have systems and sensors in place. Property managers, for example, can collect data to learn about:
- When do they prefer to turn on the heat?
- At different times of the day, where are the places with the most foot traffic?
- Which areas are the most often used? From maintenance requests to insurance documentation, real estate administration used to include a lot of paperwork. This paperwork is now stored in the cloud, allowing property managers to track trends and enhance their property management. Owners may keep an eye on their property in real time and control security features from afar. They can send out alerts on electricity outages or remotely alter the temperature of the facility.
The Tech-Driven Future of the Real Estate Sector
The real estate industry is undergoing a massive transformation that will forever alter how we buy and rent properties. The epidemic has hastened the adoption of the aforementioned essential technologies, which will soon propel them into the mainstream. In other words, we should expect to see more AI, VR, and AR in real estate firms soon.
That's not all, though. With the support of other cutting-edge technologies like the Internet of Things, Big Data, and even block chain, the real estate industry will continue to strive for further innovation. The benefits of combining all of these technologies will provide consumers with a more immersive, engaging, and secure experience and more sophisticated tools to do business.
To meet the new problems posed by the pandemic, the entire globe has upped the rate at which it adopts new technologies. The real estate business isn't far behind and is doing its part, which is a prudent step to fulfill the highly dynamic demands of the post-pandemic real estate market.
Rohan Girdhani IT Consultant