Since last year, the real estate market's digitalization has been projected to increase as Covid-19 pushes a digital transformation on all the industries, including the more conservative sectors too.
The real estate industry is no exception when it comes to digital disruption. Real estate has been a late adoption of digitalization when compared with other industries. The efforts of large businesses to develop proprietary tools were another issue that hindered the adoption of real estate technology trends.
However, these concern lines are blurring with time. As a realtor, you may have seen a significant change during the last ten years.
Real estate technology trends are on the hike. The adoption of cutting-edge technologies in the real estate market has the potential to forever alter the way business is conducted in this age-old industry.
Now in Real estate, clients are beginning to purchase homes in new ways. Typically starting with internet market research and identifying a clear image of what they want from their future homes. Furthermore, industry participants are beginning to see the advantages of investing in and using current technologies.
According to the University of Oxford's Technology and the Future of Real Estate Investment Management research, 53% of real estate organizations would be directly investing in technology by 2020.
Digital marketing has risen to the forefront of best-in-class realtors' marketing efforts. The real estate sector is now relying on digital marketing for everything from generating new leads to closing a sale successfully.
But, the question that arises is what does digital transformation mean in the real estate business?
The shift that occurs in the real estate business as a result of the deployment of digital technology is known as digital transformation.
The way real estate is acquired, sold, leased, and maintained is evolving thanks to digital solutions.
Real estate technology trends such as automatic apartment matching, virtual home tours, renter portals, site management, and contactless solutions are made across home loans, payments, and insurance services.
With new generations of consumers and realtors choosing smart real estate digital solutions that promote faster rentals and more convenient living arrangements, the business shows no signs of going back down.
Here are Top 10 Real Estate Technology Trends
1. Using increased data volumes & business intelligence
Without business intelligence, it's difficult to envisage the future of real estate mobile or web application development. Furthermore, successful Custom Mobile App Development Services with accurate and good data grows at an exponential growth rate in most cases. With these considerations in mind, real estate technology is becoming a reality. BI provides several tools for improving decision-making.
Big data-derived business intelligence is already one of the most popular real estate technology trends in property management. It can help a real estate application by influencing the way property owners, agents, and clients engage in the app/web.
2. Building Information Modeling (BIM)
BIM is a smart 3D model-based method that provides architects, engineers, and construction (AEC) professionals with the knowledge and tools they need to plan, design, construct and manage buildings and infrastructure more efficiently. It is amongst the most popular real estate technology trends.
By optimizing workflows, enhancing communication, and facilitating collaboration, BIM is used to save money on construction projects. Architects may use BIM software to manage design processes, property owners and investors can use it to track operations, and engineers can use it to model systems like HVAC.
3. Use of Blockchain
The real estate industry is one in which blockchain technology may thrive. The use of cryptocurrencies is one of the most talked about real estate technology trends and has been recognized as beneficial for a variety of reasons.
Also, Smart contracts are a type of blockchain application that stores contract terms as computer code. The contract is initiated and asset exchange occurs after all requirements are met. Smart contracts eliminate the need for bank verifications and middlemen in the real estate industry.
4. Online Platforms for Renting and Purchasing
Consumers expect high-quality digital experiences in almost every aspect of their lives, including banking and buying takeout pizza—and real estate is no exception.
Clients are increasingly using the Internet rather than meeting with real estate brokers to find their new homes. The advantages of utilizing automated property technology amongst all the other real estate technology trends are numerous. Users can do everything online: research, buy, sell, and rent.
5. Use of Automation
It is the responsibility of real estate companies to be there for them and guide them through the process. This involves connecting with them on social media and being prompt in responding to their messages.
Businesses can use RPA technology to automate a variety of manual operations, including digital marketing, invoice processing, customer service, and property inspection.
6. Use of Virtual Reality (VR)/Augmented Reality (AR)
Virtual/augmented reality is another major real estate technology trends. Virtual tours can be utilized to show what a property would look like using AR/ VR technology. Buyers are predicted to increasingly employ virtual reality (VR) technology to evaluate homes, benefiting from spatial visualization without having to physically visit the property. This will save time and money while providing users with a higher-quality experience. The following are the advantages of using VR/AR in real estate:
- Virtual tours for advanced remote property viewing.
- Property marketing efficiency has improved.
- Accessibility via mobile and web applications.
- Customers have the opportunity to win time and thoroughly inspect a home.
7. Assist from artificial intelligence algorithms
Another real estate technology innovation to take advantage of is artificial intelligence (AI). Buyers and tenants are growing more tech-savvy. Artificial intelligence (AI) algorithms are a technique for matching transactions with customers and maximizing the profit potential of investors. These are three ways in which artificial intelligence (AI) driven digital solutions can help you improve your real estate company's performance:
- Recommendations: AI-based algorithms can personalize your website or app's interactions with clients.
- Property management: They can assist with tracking key indicators and anticipating long-term trends in crime rates, property prices, potential errors, and when a repair is required, among other things.
- Data analysis: It is more about Machine Learning (ML) than Artificial Intelligence when it comes to analyzing data assets. ML is frequently associated with Big Data as a modern AI application.
8. The Internet of Things (IoT) and Real Estate
Real estate technology trends like smart houses, apartments, and technologies are transforming the way we live. The Internet of Things (IoT) powers smart devices, which are quickly becoming one of the most popular property management trends.
- Devices such as smart lights and locks are examples of smart amenities. Home cleaning and package delivery are examples of integrated services.
- WiFi, smart sensors, and intelligent access controls are some of the advantages of improved connectivity.
- Some of the tools that help property managers and tenants develop a more lively community include built-in event calendars, resident support, and on-demand services.
9. Geolocation and the power of localization
More agents are expected to go hyperlocal than ever before. One factor is that property owners are becoming increasingly disengaged from real estate salespeople. As a result, more real estate brokers are concentrating on what can improve the value of supplied services – local property marketing.
To estimate the land value, geolocation technology helps to determine the physical location of the chosen property. This resl estate technology trends also helps to view criteria such as property data, county maps, topography, flood zone maps, and soils.
10. Drones
Drones can be used by real estate agents, brokers, and commercial realtors to acquire aerial imagery of properties. Drones can be used in real estate for a variety of purposes, including:
- inspecting all sections of the property, even those that are difficult to reach, such as the roof and crawl spaces, etc.
- Commercial tenants who want to examine a building before leasing it might use this map to locate it, etc.
Future of Proptech
Proptech is an ambiguous term made up of the words "property" and "technology." It includes all of the solutions that contribute to real estate software development for commercial purposes. CREtech stands for commercial real estate technology, whereas REtech stands for real estate technology. It is most commonly used to describe the software used in real estate tools and applications.
Real estate technology, Proptech solutions is a relatively new industry that is predicted to explode in the next years. As the world's population is expected to quadruple by 2050, so will the demand for real estate.
In any case, as people around the world become more familiar with real estate technology, the opportunities will continue to grow.
Let's build a tech- solution to meet your Real Estate business needs!
The world has already transformed as a result of technological advancements. Their influence is critical in various businesses. One of them is real estate. While adoption is gradual, the industry is increasingly convinced that technological strategies are necessary, and we anticipate that adoption will accelerate as PropTech projects and other big disruptors in the real estate environment emerge.
If you're thinking of incorporating technology into your company, don't let the opportunity go. You may already reap the benefits of PropTech in 2021-2022 while staying one step ahead of your competitors.
Terasol Technologies is happy to assist you with any real estate needs you may have. Our team of experts will tailor a solution to your needs or assist you in setting up a great solution for your company.
Are you ready to get started on your project? Feel free to contact us to discuss your needs and get an estimate of the solution.
