6 Technologies transforming Real Estate Industry

In recent years, the growth of real estate technology has had an influence on how the sector operates and has transformed the face of the business.

 

Innovative technologies in Real Estate

 

Real estate has always been a technology-driven sector, but the last few years have seen some significant advances. Whether you're a real estate agent trying to sell more houses, a landlord searching for better renters, or a first-time homebuyer, these new technologies influencing the real estate business will most likely have a big impact on your life in 2021 and beyond.

 

( Must Read: Smart Real Estate - Applications of IoT in Real Estate )

 

Nobody can disagree that the real estate industry and technology have a close relationship. Technological advancements have resulted in significant advances in the functioning of buying and selling platforms. Their operations and accessibility have grown considerably easier and more user-friendly for everyone involved in the industry. It is now a piece of cake for landlords to reach out to potential renters or homeowners, and vice versa. 

 

Buying and selling systems are quick and easy to use, catering to the needs of every stakeholder, from a real estate agent wanting to sell a house to a landlord searching for his ideal renter or potential homeowner.

 

Whether for building, construction services, home services, purchasing, selling, or renting, the adoption of technology has dramatically changed the interaction process for all involved parties. 

 

So, which technologies and trends should you keep an eye on in the next few years, and how will they affect the real estate sector as a whole? Let’s see.

 

( Also Read: 5 Ways AI is being used in Real Estate )

 

These are the most significant ways that technology is now revolutionizing commercial real estate businesses:

 

1. Data analysis and big data

 

What is the greatest approach to make a decision when you are perplexed? Well  Data-driven facts may be used to make informed judgments! 

 

This new real estate technology leverages both historical and current-time data to give insights on patterns, trends, prices, associations, demographic data, and prospective value in specific places.

 

How do real estate and technological developments such as big data interact? Let me summarise it for you in a few words:

 

• It assists you in pricing a property by providing real-time area price research as well as projected future price changes.

 

• Because price swings are typical in the real estate sector, the risk is quite significant. Big data reduces risk by forecasting future pricing.

 

• It teaches you how to promote and sell a property more effectively using data insights.

 

• It reduces the possibility of selecting the incorrect property.

 

• It improves the efficiency of the real estate industry's operations by recommending profitable initiatives.

 

Personalization has transformed marketing and advertising (as well as many other sectors), but it has yet to be completely exploited in the real estate industry. 

 

Real estate brokers now strive to customize their customers' recommended houses based on personal preferences and needs (such as the number of bedrooms and property location), but big data will be able to offer even more intelligent suggestions in the future. 

 

Under the appropriate conditions, real estate agents and/or home buying platforms can successfully forecast what a homebuyer wants—even if they haven't expressly said it in the past.

 

( Also Read: Top Real Estate Startups )

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A smart Real Estate Property employing key technologies

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2. Virtual Reality Walkthrough Headsets

 

Many people connect virtual reality with gaming, but it has a wide range of practical applications and has made its way into a variety of professional sectors, including real estate. It allows potential tenants and purchasers to examine a home at any time and from any location. 

 

While photographs and video may lack the impression of a genuine property tour, virtual reality is extremely lifelike and detailed, not to mention fully immersive.

 

The following are the advantages of using VR/AR in real estate:

 

• Virtual tours for advanced remote property viewing.

 

• Property marketing has become more efficient.

 

• Accessibility via mobile and online applications.

 

• A chance for clients to save time and thoroughly examine a property.

 

• The ability to span many phases of the sales, purchasing, and even decorating processes.

 

Before Covid-19, virtual reality was already gaining traction. However, societal distance has made VR adoption not just prudent but also necessary. 

 

Landlords are utilizing virtual reality (VR) to show potential renters’ commercial premises, while real estate brokers are using it to provide purchasers an interactive picture of available homes — all while staying a safe distance.

 

( Also Read: What is Virtual Tourism? )
 

 

3. Automation for the Management of Repetitive Tasks

 

Realtors, landlords, property managers, and other real estate professionals are frequently burdened by doing repeated duties on a daily basis. All too frequently, they are required to do the same paperwork for each home. It's also tough to keep all of your data in one place and get useful insights from it. 

 

The typical method of maintaining real estate data is inefficient and time-consuming. But, thankfully, there are technological solutions available to assist in making these repetitive activities more efficient. 

 

There are several software choices available to assist you in managing marketing campaigns, appointments, your real estate portfolio, and other tasks.

 

Watch this video on “Using Technology to transform Real Estate” by Microsoft:

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4. Integration of Smart Home Technology

 

Smart home technologies are transforming homes for the better. Not only are smart gadgets like the Amazon Echo or Google Home being adopted by homeowners; houses and multifamily complexes are increasingly being constructed with smart home technology in mind. 

 

The following are some of the most common built-in smart house technologies:

 

• Security measures

 

• Television sets

 

• Sound systems

 

• Home appliances

 

• Lighting

 

• Thermostats

 

( Must Read: Smart Home Technologies to follow )

 

Buyers will be more inclined to pick a place with these amenities if it becomes the standard for new builds. While you may think that these sorts of features are primarily popular among younger people, this is not the case. 

 

Many middle-aged purchasers want to acquire a home that is completely equipped with smart technology that will allow them to save time and live a more convenient lifestyle.
 

 

5. Integration of the Cloud

 

One of the most significant technical advances in recent years has been the cloud. It is now utilized in a variety of real estate applications, including lending and closing. 

 

Since the beginning of the epidemic, cloud technology has been employed for remote closings and other operations that were previously carried out in person. Who knows, when the pandemic threat has passed, we may continue to witness remote closings and an increase in electronic document signature.

 

( Also Read: Beginner’s guide to Cloud Computing )

 

The cloud is popular no matter what it is used for since it makes operations easier and more efficient, whether you are performing internal business or renewing a lease with a renter. It is also frequently quicker and more secure than alternatives.
 

 

6. The power of geolocation and localization

 

More agents are expected to go hyperlocal than ever before. One of the reasons for this is that property owners are becoming estranged from real estate agents. As a result, more real estate brokers are focused on what may increase the value of offered services – local property marketing. 

 

Geolocation, as one of the trendiest real estate technology developments, can assist agents in focusing on this market need. There is a service to be provided at a reasonable fee that includes knowledge of local marketplaces and aid in getting one's bearings.

 

In reality, there are several things that may go wrong without the assistance of a real estate agent, and a wise professional must ensure that the information they provide is exclusive and extremely relevant.

 

( Also Read: What is Smart City? )

 

In turn, geolocation technology assists in not only pinpointing the actual location of the chosen property but also visualizing factors such as property data, county maps, terrain, flood zone maps, and soils in order to estimate the land value.

 

It is a good idea to have a personal real estate management software solution designed and deployed in order to have the data and aforementioned services supplied in the most convenient method for all parties concerned. 

 

Then, as long as an agent can give his or her services while fully using all that the advancement of real estate technology implies, they all and their services will stay in great demand.

 

Watch this video on “The Future of Real Estate Technology”:

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Summing Up

 

These technologies in the real estate sector will influence the future of real estate. These high-level patterns give a kind of blueprint for the real estate industry's near future, but as usual, it's difficult to forecast exactly how new technologies will develop—and how they'll affect the real estate sector. 

 

If you're in this business or want to explore it, you'll need to modify how you purchase and sell property, and keep an eye out for the innovative technologies that will emerge in the next few years.