The evolution of technology world has brought a disruptive impact on the Real Estate market. It has upgraded the traditional process of buying, selling and leasing the properties and added various significant opportunities into the market space; helping the economy to grow exponentially.
But, in the midst of all these technological innovations, if you are someone still wondering what all technologies are making a difference in the Real Estate industry and how, this article will be a good read for you.
Here, we will have a brief introduction to the popular 7 technologies that are/will transform the Real Estate economy with the relevant real-life examples.
So, here we go.
1 : Artificial Intelligence
Artificial Intelligence (AI) has introduced automation to the Real Estate market. The technology, in the form of Chatbots and Robots, have taken the major fraction of the monotonous and repetitive tasks, making the workforce free to utilize their time and energy for productive tasks. This has scaled up the employee engagement and user satisfaction rate, as well as helped to bridge the gap between those in need of property-related services and those offering them.
2 : Mobile Technology
Mobile apps like Zillow has set the foundation of a new Real Estate realm. They have empowered the Real estators and salespersons to get connected to a wider audience, engage them with impressive UI/UX, promote their services via push notifications, offer real-time assistance, gain deeper customer insights to enhance their marketing plan, and much more.
In other words, Real Estate app development has opened new doors of opportunities for the Real Estate business with higher probability of easier, convenient, safer, and effective results.
3 : AR/VR Technology
The AR/VR technology has simplified the process of buying, leasing, or selling a property. With the feature of 3D Virtual tours, it has made it easier for the prospective users to see, touch and experience the property while sitting in the other corner of the world. Besides, it has provided them with the opportunity to measure every single dimension and experiment with the furniture and property virtually in addition to attending offices virtually.
The two most relevant examples of application of AR/VR technology in Real Estate business world are Realer Places and IKEA. While Realer Places enables the users to walk into the 3D model of the property (even the unfinished one), IKEA let them try different set of furniture to build the desired lifestyle.
4 : Predictive Analytics
As depicted by the name, the Predictive Analytics has added the power of prediction via analysis to the industry. It has made it possible for the Real Estator to predict how interested a user is into the property and thus, put more energy into converting those who are willing to. This has helped the marketers to invest their time and efforts at the right place and earn higher profit.
Another implication of Predictive Analytics in terms of Real Estate process is that it has enabled the business owners, agents, and users to get an escape from dealing with fraudulent by analyzing all the previous transactions and records.
5 : Blockchain
Blockchain is taking Real Estate to the next level in numerous ways. The technology, also called the Internet of Trust, is providing the Real estator with immutable data records that can be accessible from anywhere but couldn’t altered without the consent of the owner. This has embed transparency, accessibility and security to the process, which eventually encourages more and more users to invest in Real Estate. The technology has also put the practice of involving multiple intermediaries to an end, which has enhanced the market value and helped the marketers enjoy higher profits.
Besides, it has streamlined the payment process by introducing cryptocurrency and crypto wallets into the market.
6 : IoT and Drones
IoT and Drones also changing the game of Real Estate industry. Drones, on one side, are making it possible to take aerial photos of the property without risking human lives, improve the construction plan for creating impressive infrastructure, and do better marketing. While IoT, on the other side, is enhancing the lives of officer goers by empowering them open/close their house windows and doors, and employ other infrastructure or home utility even when not at home. Besides, the technology has made it easier for them to connect with the real estate agents, family members, doctors, and others in real-time and enjoy better suppo88rt.
7 : 5G Technology
5G technology proves to have the potential to revamp the Real Estate business. The technology, with its higher network coverage and speed, is expected to help the real estate business owners to locate their property more precisely and accurately, which will eventually result into better indoor way finding services. Besides, it is expected to cut down the cell tower lease rate as well as the space required, which will bring more buildings and profits into existence.
As you can see, the technologies are taking over the Real Estate industry. They are adding new dimensions to the real estate sector, making it compulsory for all to embrace these technologies into their processes to live a better future.
Considering this, what is your next step? Are you planning to introduce these technologies into your traditional Real Estate business? Share in the comment section below.