5 Technologies That Have Changed Real Estate Industry
Real Estate industry was mainly characterized as a non-technical field, the one that stayed away from any innovation or technology. However, those are long gone days, and technology has a major influence on Housing and Real Estate businesses. With the change in the housing market when it lost its value and transformation in consumer behavior and habits, the property sector made a switch to technology.
There have been some great breakthroughs in the industry and all the credit goes to the technological revolution. The real estate and housing IT solutions streamlined the process of buying, selling, and listing of properties through powerful websites and mobile apps. Real estate agents, investors, brokers, managers, and everyone involved changed their approach with evolving technology. Whether it’s an established firm or an emerging startup, now every company is embracing technology to keep pace with the time and advancements.
As technologies, such as virtual reality and data science pave their way toward the mainstream market, we can see real estate professionals using them to enhance their business growth. Today, we will talk about 5 advanced technologies that will become the heart of the real estate in the coming years. Let’s get started:
One of the most important steps before buying a property is to view it and take a house tour. However, it is a major concern for people who cannot visit the location due to any reason. In such a situation, virtual reality proves to be a savior and a convenient way to take a look at the property inside and out. Tenants, buyers, and others can walk through the house even from a distant city and at any time of the day. VR has made on-site visits possible even before the construction is complete. Virtual reality development is a robust solution for real estate companies to provide their clients with truly amazing experiences without even setting a foot into the physical space. Moreover, the technology also allows businesses to rework on textures, sizes, materials, distances, views while the project is still in the construction stage.
Real estate professionals need information regularly regarding the market, prices, demand, and whatnot. There is regular fluctuation and sellers need to fox prices based on the market structure. Hence, they must have access to data that can be used to make informed business decisions. Big data technology enables them to collect, analyze, and draw a conclusion about the market and see how their properties are performing at any given time based on different categories, from rental to energy efficiency. Data analytics helps them to get a clearer picture of the industry, know the elasticity of demand, and predict consumer behavior in the future, etc. In fact, startups have completely adopted big data analytics to make smarter and profitable decisions that are based on facts and numbers rather than assumptions. Data is also used to adjust the number of people in a building, sell & buy properties at the right time, and for various other reasons to minimize costs.
Internet of Things
Although IoT is now an old concept, it still remains an intriguing idea for many. Businesses are yet not sure how to utilize this technology to garner more revenue and add convenience to their operations. Well, real estate can be a perfect and easiest example to understand how IoT can work wonders for your business. As people are now inclined toward smart homes and automation, IoT development service can offer you an ideal solution to offer your clients the same. You can create commercial spaces that are connected digitally with mobile devices. The temperature can be set using sensors, mobiles can be turned into remote controls, blinds can be controlled, and more. Of course, this technology can be used in residential properties as well but working spaces will experience great evolution.
The real estate technology list cannot be complete without mentioning blockchain. Initially, it got a lot of attention for cryptocurrency and bitcoins but soon it was applied in the housing and property sector. As you know, blockchain technology is a digital, public ledger for transactions and doesn’t require any verification. Landlords can sell portions of their properties using blockchain. There will be no need for middleman which will reduce legal expenses and make the settlement faster. Also, the buying and selling process could be more secure with complete encrypted contracts. Companies can store titles securely using block chain ledgers.
Real Estate Robots
This may be the last name in our list but is certainly the most effective to provide a smooth customer experience. People nowadays lack patience and they need answers to their queries as soon as possible. Of course, real estate business owners and their teams could not keep track of all the messages. Hence, robots that work as virtual assistants or bots. They address all the queries with accurate answers without any delay allowing professionals to focus on other important tasks. Based on keywords, these chatbots find answers to the questions and offer immediate help to clients. So, if you still haven’t included these real estate robots on your website or app, then it’s time to seek chatbots development service and stay ahead of the competition.
No doubt that buying and selling properties will be more of a physical affair but the process to reach this stage has transformed digitally. The real estate industry is moving toward the change in a much faster speed and you must keep pace with it if you wish to avoid any disruptions in your business. These points are an insight into what the future holds for you and it’s better that you stay prepared. Although it’s hard to state exactly how technology will transform the sector, if you keep track, then you can get through all stumbling blocks easily. One thing is for sure that technology has the power to change the industry for good and early adopters will have an advantage over others.