Gone are the days when you can close a deal just by showcasing the properties in person. These days people don’t have time to visit every single property in person, they will ask you for the high definition videos and images of the property. Altogether, property managers, brokers, and real estate agents must work on technology transformation.
To the fact, the real estate industry is slowest at adopting the new technologies. However, with the rising of PropTech, consumers and realtors are reshaping the way they buy, sell or rent a property.
As per the reports, these days 87% of the buyers will search for the property online. Seeing that, we can say that it is high time for the agencies to integrate various technologies in their real estate business.
In the write-up, we will be going through top 6 technology trends to stand out of the crowd.
Industry Disruption: 6 Way Real Estate is Changing!
Augmented Reality is gaining traction in the real estate sector. And, many real estate agencies have already started converting their model to 3-D interactions via mobile apps.
This technology has the ability to handle a marketing strategy as well as encourage buyers for the closure of the deal. As the clients can get a more visual proposal of the property they can make a decision faster.
One of the best parts of AR technology is it lets you visualize the interiors of the property just by placing your phone in front of the empty wall. Additionally, you can even buy the interior elements that you saw on the phone by visiting the online store.
All in all, Augmented Reality works as a win-win situation for the customers as well as real estate agencies.
It is always said that “The more you know, the better informed your decisions are”. The real estate industry has reached a level wherein they will get a huge benefit from technologies like Big Data.
Speaking about Big Data, it refers to an enormous data which is conceptually analyzed based on interactions and human behaviour. A few most popular real estate platforms like Redfin, Zillow or Trulia are completely based in Big Data technology. They collect the data of customers, properties, trends of the specific area, demographic locations, and so on. This information will help them to reach the targeted audience more quickly.
Some of these data are analyzed and organised to showcase it to the buyers so that they can get the needed information about the properties. With Big Data, real estate agencies can reach a large audience base and get maximum ROI – an ultimate goal of any business.
IoT (Internet of Things)
Internet of Things refers to the devices and appliances that are connected to the clouds. These elements constantly keep sending and receiving the data as per the user needs. IoT in proptech is a complete game-changer.
It includes predictive maintenance of the home, and shortly, IoT will even provide the maintenance history of appliances present in a home. With such smart devices, real estate agencies do not have any need to spend money on the home inspection. This technology even paves a wave of energy conservation and proves to be environment friendly.
Smart devices will be integrated with the utilities, and you will be able to handle every single element of your home just with a few clicks. Slowly and gradually, buyers will be demanding a property integrated with IoT. It is well predicted that IoT will grow as a single smart appliance by integrating every single element of a property.
So, Virtual Reality is moving out of the realms of big-budget things and gradually heading towards the real estate agencies. The way people showcase a property is changing with the new technology trends. The allure of Virtual Reality lets people visit the properties from anywhere and anytime.
The buyers feel more confident about buying a property when viewed with the VR technology. Above all, real estate agencies can save a huge cost on the interiors of the property with Virtual Staging. With this tool, the buyers can experience realistic interiors in the unfurnished properties.
Furthermore, Virtual Reality works best for the marketing of a real estate agency. You can create alluring 3D videos of a property to showcase it to the clients. This will help you to attract more buyers to your platform.
Artificial Intelligence & Machine Learning
AI and Machine Learning will help real estate agencies to make the collected data more actionable.
For instance, at present most of the property sites rely on simple preferences like size, location, etc for displaying the properties. But with the help of Artificial Intelligence and Machine Learning, the sites will be able to showcase the properties based on personal traits, values, and preferences.
Chatbots will play a major role in the real estate sector, by solving the queries of clients and easing the work of real estate agents. These chatbots also help in showcasing the properties to the buyers. Many companies have started working on this technology for showcasing the property via tablet or chatbot. So, one agent can show more properties in a single day to the buyers.
Moreover, AI will provide more accurate pricing based on the trends. We can say that such technologies will bring a historic change in the way real estate business is done.
Drones are going to work as a gimmick for the real estate market, as it has the potential to reshape the market. The videography with drones is relatively easy and attractive. Drones work best when you want to showcase a bigger home or property to the clients.
Overall, they are even helpful in providing a complete tour of the area property lies. For the new builds, drones can capture the view from every floor. This will help the buyers to decide the floor of their new home or office.
At some point, the drone lets you visit the property from every angle and view. The real estates can survey a property to give needed information to the buyers. So, we can say that drones will be a major factor in the real estate industry.
PropTech Changing Future of Real Estate
To conclude, all the above-given technologies reflect the future of the real estate industry. The best thing here is you can easily integrate these technologies into your business by hiring a real estate app development company.
PropTech should never be ignored by the real estate agencies to enhance their business. And, these trends are just the beginning for the wave of improvements. More is yet to come!