A Digital Age report revealed that 81% of older millennials found their home using a mobile device. It’s no longer surprising why realtors are eager to understand how they can leverage technology for their business.
Today, we’ll reveal in this list the top real estate tech trends transforming the industry this year and beyond. Find out how you can utilize each so that you can reap its maximum potential for your real estate business.
9 Real Estate Tech Trends You Should Watch Out For
1. Big Data
Real estate businesses deal with massive data that may be impossible to evaluate quickly using a manual process. With the use of Big Data, you can source and analyze large data sets to help you draw meaningful insights.
Additionally, Big Data allows you to understand your customer psyche, helping you learn their desired approach. When combined with useful analytics, Big Data can also help you identify the root cause of defects so that you can take the necessary action.
Cost and time reductions and smarter decision-making are also vast advantages of Big Data. It’s essential, though, to keep your personnel prepared to work with significant data resources so that you can maximize your project outcomes.
Blockchain technology proves useful for the real estate industry as it helps get rid of various structural inefficiencies. For this reason, it enhances the conduction of operations.
This tech trend helps improve the transparency of decentralized digital records and prevent the risk of fraud. Smart contracts are another practical application of blockchain for the real estate industry.
This paves the way for faster deal closing and equal commission distribution.
The use of robots as virtual assistants and chatbots grows increasingly in the real estate industry. One of the most significant impacts of this tech trend is its ability to improve the interaction between sellers and customers.
Chatbots can serve as your business’ 24/7 customer care representative. Apart from setting reminders, chatbots can also offer recommendations for your prospective clients based on their preferences.
4. Cloud Services
Cloud computing solutions for businesses have revolutionized different industries, the real estate sector included. One of its practical applications for the industry is cloud storage.
With cloud storage, you can easily access customer information from anywhere in an instant, helping improve customer relationships. Cloud computing solutions also help boost security, particularly for your customers’ sensitive information like social security numbers and financial details.
In a nutshell, cloud computing services can bring several advantages for your business including reduced costs, improved security, and increased productivity. If you have no specialized knowledge about cloud computing, you can look for a reliable cloud service enabler that can jumpstart your cloud transformation.
5. Internet of Things
Internet of Things (IoT) refers to a technology infrastructure where devices like thermostats and lighting systems are connected and coordinated via the internet to execute “smart” functions. IoT is among the real estate tech trends that have a profound impact in the real estate sector as it helps enhance consumers’ lives.
With the use of IoT-enabled sensors and real-time energy monitoring, this tech trend helps increase energy efficiency and enable predictive maintenance. You can leverage this technology to boost the confidence of your prospective buyers.
6. Mobile Apps
Mobile applications transform how real estate agencies operate. Today, customers can access information on the properties they are considering buying through a mobile app.
Not only can it help improve the collaboration between your business and customers, but it also saves time, labor, and resources. Additionally, it can serve as a one-stop solution for your customers’ issues and queries, helping resolve these things in an instant.
If you’re looking to maximize this tech trend, mobile app support will prove useful. IT companies like Yondu offer this solution so that you can focus on your core business.
7. Push Technology
Many real estate agencies that have smartphone apps are leveraging push technology. Push notification gives the advantage of sending regular alerts to your target customer directly.
This tech trend connects your potential clients with relevant information, even if they are not actively searching for it. You can use push notification to inform your customers when new listings become available.
8. Workflow Automation
Thanks to automation systems, you can do away with tedious paperwork and repetitive tasks and focus on running your business. Workflow automation solutions help accomplish communication and administrative tasks, like sending emails and processing invoices.
By automating your workflow, you can send out timely email campaigns to boost your marketing efforts and ensure quicker payments.
Virtual reality is one of the notable real estate tech trends that has transformed the industry in the last few years. This technology enables customers to tour various properties in a short time visually.
Augmented reality also allows customers to decorate unfinished spaces according to their taste and preference. With VR/AR, you no longer need to conduct several open houses, thereby reducing costs while giving your customers a personalized experience.
Technology helps enterprises across various industries globally to meet the evolving needs and expectations of customers. It’s easy to see why many companies are looking to leverage technology to make significant changes in their business.
If you are a realtor or a real estate company owner, it helps to consider these technology trends influencing the sector this year and beyond. This is especially true if you want to stay relevant and be the top choice of your target market.
Are you looking for a top-notch tech solutions provider that can help you advance your business goals? Set an appointment with our team to know how you can maximize the benefits of these technologies!