Innovative Improvements That We Expect To Change The Real Estate Market
In a world ruled by technology, virtually every industry has received its fair share of technological innovation, and real estate is no exception.
Technology has changed the way home buyers flick through the market for options. It has also greatly transformed the way real estate agents and home sellers market their services.
From availing on-demand viewings over prior booking systems to offering simulated tours of potential homes, it has been nothing short of a revolution for property buyers and sellers. But what tech trends can we expect to see in the real estate industry in the future? Read on to find out.
1) Big Data
We are at the dawn of big data apocalypse, and this trend has infiltrated nearly all industries.
As the name suggests, big data refers to a huge quantity of data that is utilized to provide predictive analysis and analytics about customer behavior based on history, trends, and patterns. This is also the technology being used by Social Media companies and eCommerce providers to determine what you want.
In the real estate realm, big data could involve using CRM systems that show when a lead visits your listings or websites and collects data based on what they are doing on that page. While some of the best real estate CRMs can do this, expect more companies to follow suit in a bid to remain competitive.
The data collected can then be used for predictive analysis — like to predict when a lead might be ready to convert or even predict the number of people who might turn up for your next open house.
Blockchain is the technology behind Bitcoin and other cryptocurrencies.
Following market trends in real estate, several blockchain real estate startups have emerged. You can expect more real estate properties to be sold using blockchain technology in the future.
3) Virtual Reality (VR) and Augmented Reality (AR)
The introduction of VR and AR technology in real estate marked a new milestone for real estate agents and home buyers.
With these technologies, homebuyers can virtually tour the property from anywhere in the world, and at any time, without the need to be physically there. Since AR and VR technologies are the future of real estate marketing, expect to see more of these in the coming years.
4) Smart Homes
Real estate and the Internet of Things (IoT) form a very fascinating combo.
Since the property market is increasingly becoming dominated by tech-savvy millennials and Gen Z, smart homes have become the new home trends that these demographic cohorts (millennials and gen z) want to invest in.
Since IoT devices such as thermostats and automatic light control are not new anymore, expect their prices to go down as more home builders gravitate towards this trend.
5) Artificial Intelligence
Another tech trend that is increasingly becoming popular in the real estate industry is the use of artificial intelligence chatbots.
Real estate companies are using AI chatbots to save time and resources while efficiently answering queries and providing solutions. AI algorithms are also used for analyzing data that is then used for matching deals with customers and personalizing customer interactions with a website or an app.