Top 8 Technology Trends that will revolutionise the Real Estate Industry in 2019
The latest technology trends are emerging in real estate and they are changing how brokers, real estate agents, and investors used to operate in this industry. With the advancement of technology in real estate every year, more and more start-ups are coming out of the shadows with their latest technology.
Companies like Facebook and Amazon are also planning to evolve real estate technologies.
Just imagine, in the morning after waking up you ask Alexa about news and then use a mobile app to make your bed and later coffee for you. We will be living in a whole new world where technologies will be evolving rapidly.
With this rapid development of technologies, there will be huge changes in the real estate industry. There will be a culture of real estate tech for a better life. Below are a few tech trends that will change real estate forever.
- Big Data
When we talk about the latest and popular technologies in property selling, data proves to be on the top of it. It is a large quantity of data that helps the companies to understand customer behavior and intent to purchase by ‘analyzing their patterns.
The same technology is used in many other industries as well. This is the reason why Netflix, Facebook, Amazon, Uber knows what you want to consume.
With the help of a CRM tool, companies can use the data to know when a potential customer visited their website and what action they take. This data or information can give a fair idea of when the customer is going to make a purchase or what the ideal price should be for them.
- Cloud property management
One of the real estate technology trends is cloud property management which is getting immensely popular. In this, the buyer and seller of the property are connected for the whole day and night and the buyer can see every detail and information of the property and can directly lock the deal. In this model, communication is reduced to just phone and via email.
It gives many benefits such as enhanced security, scalability, easy accessibility, saves time and cost as well.
Blockchain is a revolution and it is impossible to talk about the latest technology in real estate without mentioning Blockchain. Bitcoin, Litecoin, and Ethereum are some cryptocurrencies. It is a digital public ledger that records every transaction without the involvement of any 3rd party in the process like a bank. This ensures a fast and less expensive statement process.
This technology is on the rise and soon many properties will be sold through blockchain.
- Virtual reality & augmented reality (VR & AR)
Virtual reality & augmented reality respectively are another technological advancement in the real estate industry. With this new tech, buyers can virtually tour the property whenever and from wherever they want to.
Virtual reality will save a lot of time and money for both buyer and seller and it will increase engagement and efficiency.
With the help of augmented reality, a broker can allow customers to suggest some designs before they want to buy it and the buyer can decorate the space from their devices. This will also change how we see construction.
- Real estate’s bots
The increasing use of robots is also an interesting emerging technology in the real estate industry. In this fast-moving world, the buyer needs a quick and relevant response, therefore, chatbots, voice bots, and virtual assistants are crucial.
It not only saves time and cost but also allows the seller to focus on more important work. There are chatbots like holmes trigger, CRIBZ, and Chatfuel that respond on some particular keywords and offer on-time assistance. Voice bots such as Alexa, Google Home, and Siri can perform jobs like scheduling meetings; create a reminder and taking notes.
- Mobile apps
Much software are now available in your Smartphone as an application which means a property owner can access any data or tool and can contact any person at any time. This kind of accessibility allows you to not only save time but you can also work while travelling as well. You can have all the data in your hand and you can do business from anywhere.
- Fractional Property Sites
One of the recent technology trends in property business is platforms for buying and selling of fractional properties. They are attracting investors in large numbers and it is expected to rise. In this, investors can buy a fraction of a property and as there are many investors of a single property, they will share the profit collectively whenever the property is sold.
Automation is one of the most important technological trends in the property business and it cannot be overlooked. Some processes need to be automated for the smooth functioning of the business. Tasks like online chat, email, voice processing, and accounting can be automated easily.