Innovative Tech Trends Disrupting the Real Estate Industry
Today, technology is spreading to all walks of life and across all industries. From ordering online to checking for news, we are surrounded by technology. No industry is exempt from technological advances, but real estate has traditionally been a niche when it comes to embracing the latest tech trends. But, in the past couple of years, technology has revolutionized the face of the real estate sector.
Today, many real estate professionals appreciate how technology has made work faster and more convenient, and have thus started to realize the towering impact of technological solutions. With the help of a tailored real estate application, buyers can find their listings and get pre-approval for their loan in a matter of time. Similarly, sellers can sell houses and communicate with potential buyers without any hassle.
If you are planning to join the real estate disruption bandwagon, here are some real estate tech trends to keep an eye on.
Cutting-Edge Real Estate Technology Trends to Watch Out for
As a leading destination for real estate app development services, we’ve curated a list of the top tech trends transforming the real estate industry in a massive way. Here they are.
- Big Data
The real estate industry is positioned to benefit from Big Data. The more data you have, the more decisions you can make. Need help attracting leads? Predictive marketing can assist you to track people who are likely to sell or buy a house soon. Leveraging analytics can track down leads and can save you time, thus helping to curb your marketing budget.
Websites like Zillow, Redfin, and Trulia have harnessed the power of big data to disrupt the real estate industry. These companies collect data about buying and selling trends, traffic, demographic information, consumer survey results, etc. in a given region, and then analyze and compare this data to get ideas about price and potential value in a specific area.
For property owners and managers, Big Data collects real-time and historical information about all types of building systems, such as HVAC, electricity, utilities, fire safety, telecommunication, etc., transforming that information into preventive maintenance. This pleases tenants and property managers.
- AI and Machine Learning
The real estate industry might be slow to embrace the changing technologies, but they are catching up, and artificial intelligence with machine learning will assist them in collecting the data in a more actionable way.
Chatbots on search sites can easily and rapidly answer customer queries and even accompany home buyers to showings. Reputable Android and iPhone application development companies are integrating AI in real estate apps, allowing real estate agents to run showings using tablets or chatbots to trigger impressions.
AI will also help predict price trends more accurately. This type of technology takes into account past market trends in a given region, but may also take into account schools, crime, market activity, and transportation, making the purchasing process faster and easier.
- Augmented Reality and Virtual Reality
Augmented reality and Virtual reality will make online browsing and buying homes more fun and easier. Realtors can help potential buyers create virtual reality tours of real estate that they can experience from the comfort of their own home, or allow long-distance buyers to travel virtually to properties that they cannot physically visit. Staging is a great way to increase the perceived value of an asset but can be expensive.
By reaching out to a reputable iOS and Android mobile app development company, you can integrate this feature in your app to improve the quality of online shopping by virtualizing real estate by digitally adding furniture and accessories to interior photos. VR creates life-like architectural images and step-by-step instructions to help buyers understand and experience the property even before construction begins, thus enhancing their overall buying experience.
After receiving the offer, you know that your work is not yet finished. Transactions can be costly and time-consuming as they have to go through an intermediary. And with every cybersecurity breach on the news, many buyers and sellers are concerned about their personal information being circulated, especially how transaction methods are changing in the industry now.
A trusted app development company knows that by integrating blockchain technology, realtors, as well as buyers, can transact safely and transparently without intermediaries. Blockchain also allows real estate professionals to create smart contracts by digitizing (“blocking”) information and storing it in a public but 100% encrypted database (“chain”).
Instead of intermediaries checking the legitimacy of transactions, the process ends with a network of thousands of computers scattered around the world. After the transaction is verified on the network, the participant’s information and electronic signature are recorded, an identification code is assigned and stored on all computers on the network. Since thousands of computers have a unique copy of the transaction, it is almost impossible to hack the information.
The Key Takeaway
Technology is reshaping the real estate industry by making it more productive. As the use of technology increases, and agents acquire more buyers who have grown in the technology era, these diverse tech trends can help you grow your business.
AppStudio is a leading real estate application development company, assisting real estate companies to take advantage of the tech trends by building robust web and mobile apps from data scraping, analytics to automation. Contact us to discuss your requirements.