Top 6 Real Estate Technology Trends Transforming the Industry
Back in the day, purchasing or selling a property would mean visiting multiple locations and shortlisting the most preferable ones. This is how real estate used to work. But today’s busy lifestyle and commitments won’t allow investing so much time in property hunting. In order to stay relevant in the current fast-moving scenario, there is an urgent need to embrace the latest real estate technology trends.
Digital Transformation Reshaping the Real Estate Industry
Today, everyone is aware of the modern digital transformation trends and how they can be helpful in maintaining a stronghold in the market. This is not only to streamline internal operations but also to provide improved customer services and to match the pace with the ever-changing digital landscape.
But real estate has always been an industry with heavy manual work, from connecting with potential customers to sorting the property and site visits followed by intensive paperwork. This is why it is one of the few industries to witness a delay in integrating digital solutions.
However, recent trends in real estate show an increased inclination towards digital solutions integrations. The reason for this is to make the process more convenient and make it less time-consuming. Businesses are now realizing the importance of digital solutions and slowly embracing them to augment processes with the help of the latest technology like AI/ML, Blockchain, IoT, etc.
Many are utilizing commercial real estate technology to assist in selling, purchasing, and maintaining commercial and non-commercial properties. Businesses are now witnessing numerous custom digital transformation services catered to their real estate business, which has further led to a favorable shift in the real estate technology trends.
Why Integrate Digital Solutions in Real Estate?
The current real estate technology trends show that advanced technological integration in the real estate industry is no longer an opportunity but a necessity!
This is because of how time-consuming all the manual processes are. Long calls with the agent, site visits, and then negotiations between buyers and sellers — all of this can take weeks or even months which is not feasible.
In the era of online shopping, home deliveries, and personalized solutions, clients look for convenient purchasing or selling of property in a secure manner. Solutions like virtual tours, cashless payments, location-based tailored suggestions, and designing engaging UI/UX can make it happen.
A diverse range of real estate industry trends are surfacing to meet the growing demand for convenient and quick services in the industries. Often benefitting everyone involved, these digital integrations are now revolutionizing the real estate industry
Here are some interesting benefits of enforcing the latest real estate technology trends:
1. Reduced Site Visits With Virtual Tours
Previously, clients had to visit the property to see if it would fit their needs or not. But with the help of immersive VR-based real estate technology, they can do virtual property tours. This can assist them in deciding which property fits their needs the best, shortlist it, and visit the top picks instead of all the options suggested to them.
2. Ease in Data Sharing for Faster Operations
Integrating technology in real estate has made it easy to access pieces of information like property details, market trends, and other essential data. This will quicken the process by simplifying the sharing of data between buyers, sellers, and real estate agents.
3. Automating Routine Tasks for a Streamlined System
Mundane, day-to-day tasks like reminders, follow-up messages, and appointment scheduling can be automated using real estate technology solutions. This will save time while reducing errors so the agents can invest that time in matters that require their undivided attention.
4. Reduced Paperwork and Simplified Management
Buying and selling of properties mandate immense paperwork. This may include legal documents, client information, and personal data (like phone number, present address, ID proof, etc.). Managing these documents is important and difficult. Using real estate management software solutions can centralize data storage, thereby helping in better management and fast retrieval of documents.
5. Improved Decision-Making With Data-Based Insights
Businesses can leverage custom real estate technology to uncover valuable data-driven insights about current trends in real estate on both the agent’s and the client’s side. It will help them understand customer behavior, their purchasing power, and other essential preferences to show them carefully selected property options.
6. Better Operational Efficiency Using Real Estate CRM Platform
The latest real estate technology trends leverage tools like real estate CRM, task lead management, client communication, and property tracking for a seamless experience throughout the client’s interaction. Thus improving the operations and boosting productivity.
7. Personalized Solution for Enhanced User Engagement
Designing an immersive website with the latest real estate technology trends can improve user engagement. Interactive features such as virtual tours, pictures, videos, chatbots, etc, can simplify navigation through the website. This will ensure that only the modern real estate technology is used when designing the digital solutions.
8. Refined Processes With AI-Powered Customer Services
One of the top real estate technology trends is AI-powered customer services. Businesses are now investing in real estate CRM platforms to eliminate the constant back-and-forth calling the clients. They are also integrating AI-powered tools to help agents address queries faster, provide automated updates, and respond quickly. Thus improving customer services and retention with efficient services.
Emergence of PropTech
Even though real estate was the last to embrace the digital shift, it is now catching up with other industries via innumerable technological innovations catered to the real estate industry. People started naming these digital solutions as commercial real estate technology or PropTech.
PropTech can be understood as the technology that is used to assist and improve the buying, selling, and managing of properties. It came into existence in the 1980s but got a major push in the early 2000s when internet usage increased.
During that time IT firms began influencing the future of online presence, thereby making the way for real estate digital service providers to emerge with solutions catered to the real estate industry. This is how the PropTech industry gained momentum in the market.
Being a heavily manual process-dependent industry, IT firms saw it as an opportunity to transform real estate with the latest technology. Many started focusing on designing advanced solutions to facilitate the buying and selling of property.
The increased awareness of offshore software development services made hiring top talent more accessible, thereby making businesses more accepting of the changing trends in real estate. This is one of the primary reasons behind the immense growth of PropTech.
Today’s real estate business owners are also realizing the need for faster and more streamlined systems. Thus leading to immense growth in commercial real estate technology.
Top Real Estate Technology Trends
As the acceptance of PropTech began to grow in the industry, experts started integrating advanced technology in real estate. These services were designed keeping all the variables in mind so that it doesn’t benefit just one party but streamline the process as a whole for everyone involved.
So, digital solutions were created for agents, buyers, and sellers to assist them during the process. These real estate technology integrations simplified everything while ensuring that modern solutions are more reliable.
Real estate apps, websites, web apps, and other tools filled the market. There was one primary goal for all this digital integration, i.e., to transform the industry. As a result, many real estate technology trends emerged, some of which are mentioned below.
Artificial Intelligence and Machine Learning
Back in the day, property hunting was a massive task for all the parties involved(i.e., buyer, seller, and real estate agent). Hours and hours of searching, site visits, and negotiations were overwhelming for many.
This scenario experienced a major disruption after the introduction of AI/ML development services. Today, many applications are available in the market that are loaded with features that offer personalized services with data-driven insights and handle repetitive tasks like timesheets, paperwork management, and auto-scheduling.
The most prominent form of AI integration has been AI chatbots, which help take care of simple queries with automated responses based on the data fed to AI. This also helps free up human resources so they can focus on more complex queries.
Real estate business owners can hire AI developer who is adept at designing top-notch solutions for mobile, website, or web apps. Hiring top resources will ensure that the end product is in sync with the current trends in real estate so that businesses can provide quality services efficiently.
Blockchain
Buying, selling, or renting properties involves a lot of capital, and managing it effectively is essential for creating a secure system. Not just that, it also requires handling legal documents as well. This is why Blockchain integration is one of the most prominent real estate industry trends.
Blockchain’s smart contract feature can replace extensive documentation with digital contracts between buyers and sellers. Smart contracts become self-executive once all the conditions are fulfilled, so things like transferring the ownership or, in the case of rental agreements, payments and further renewal of agreements can be automated.
All offline in-person transactions can be digitalized using Blockchain. Thus making the system cashless and more transparent. It also eliminates the need for a middleman by providing a well-organized record of all the transactions.
Blockchain records all the transactions, this helps in keeping a permanent record with real-time updates for easy tracking. Blockchain can revolutionize the real estate industry if integrated well.
Virtual Reality
VR-based solutions were designed to make the business more convenient for everyone. Some of the custom VR-powered real estate technology solutions are virtual property tours, staging, and architecture mockups.
Virtual property tour allows buyers to check the property digitally without actually visiting. Using this technology, real estate agents can save commuting hours, and buyers can easily look at the property while sitting in their living room.
Agents also use staging to show the fully furnished version of the property would be like after it is completed. It helps buyers visualize their life in that space, thus building an emotional connection with it.
Architecture mockup is just like staging but for the whole project. Using VR, builders create a virtual prototype of the building before it is built so buyers can envision how it will look and make a decision.
Successful integration of these real estate industry trends will allow buyers to select their preferred property from anywhere easily. The agents leverage these trends in real estate to improve sales and customer journeys.
Internet of Things
IoT comprises all the devices that can be connected to the cloud to simplify communication and facilitate sending and receiving valuable information. What makes it one of the real estate technology trends is the fact that it creates opportunities to design smart solutions for the convenience of people.
From connected appliances to smart security sensors, IoT is a technology that can be integrated in multiple ways. IoT-powered PropTech can create sustainable development solutions that take care of your comfort with unique and innovative solutions.
Businesses can hire SaaS developer and design effective IoT solutions to simplify collaboration and communication. Thus facilitating overall project and management processes.
Increased Usage of Mobile Applications
The past few years have witnessed a surge in the usage of mobile devices, which has had a massive effect on the current real estate technology trends. From bill payments to shopping for necessary things to ordering food from your favorite restaurant, there is a dedicated mobile app for almost everything.
Current PropTech solutions deliver mobile apps that can be a one-stop solution for all property-related processes like browsing, selecting, comparing, and purchasing any property. advancements in real estate technology have led to the development of software solutions specifically curated to augment real estate processes.
With features like location tracker, behavioral analysis, and AI chatbots, etc., these commercial real estate technology solutions can provide tailored property suggestions based on geographical location, user’s purchasing power, and other essential criteria.
Not just that, online meetings can also be conducted using these digital solutions between buyers and sellers or with agents, thus streamlining the whole system. It also makes the system more reliable, thus improving transparency and customer satisfaction.
Requirements of Present Generations
Developing new technologies and digital solutions means nothing if not utilized by humans. The present generation shapes the present and future of digital solutions that are being developed based on their requirements.
It is no surprise that, at present, the ones majorly influencing digital solutions are Millennials and Gen-Zs. Both generations are determined to look for properties with modern features and smart technologies. This has led to the development of relevant real estate technology services.
While this point is not directly related to technology, it shows how much the requirements, buying habits, and digital awareness of people impact real estate technology trends. It is the demand of the present generation that takes a digital solution from a concept to become a reality.
Challenges Involved
No transformation, regardless of scope and size, is ever a straightforward process. Challenges are bound to be a part of it. Integrating technology in real estate is no different. However, with proper consultation, strategies, and implementation, these obstacles can be tackled easily.
Analyzing your requirements followed by properly hiring the right talent is the key to handling all of them and boosting your business growth.
This section will focus on the challenges along with the strategies to tackle them.
Learning Curve
Whenever new technology rolls out, it takes time for people to get used to it. The same situation can be seen in the real estate technology trends as well.
If the employees are not skilled or are unaware of the new technology, it will slow down the process as they would need time to understand and adapt to it. For a seamless transition, a well-planned approach is required.
Issue a notice in advance about what changes are being made followed by proper training. It will help in the seamless and faster integration of newer technologies and tools. Taking these few steps before integrating will ensure the current workforce is familiar with the new technologies being introduced.
Cost
The real estate technology integrations will no doubt secure future benefits for your organization, however, it is not a small investment. As good as AI, Blockchain, and other smart solutions are, implementing them is very expensive.
The initial stage of investment and training can take up a major portion of the company’s budget, especially for small and medium-sized companies. As real estate is a non-IT industry without any technical resources, hiring a specialized team of developers can also add to the cost.
To handle this, first understand your needs and what digital solutions you require, then, based on that, look for specialists. You can always hire offshore developers in case of a lack of availability of the right talent.
It is essential to consider the pros and cons of any decision rather than blindly following trends in real estate before investing.
Security
According to Artificial Intelligence statistics, digital integrations across industries are only going to grow, including real estate. This leads to the major issue of data privacy and security.
While the latest real estate technology trends focus on creating reliable solutions that augment the current operations, making sure data safety is maintained is essential. This is because if the information gets into the wrong hands, it can cause a huge issue.
This is the major challenge for businesses when employing robust digital solutions. However, with careful planning and the right resources, this problem can be easily solved.
Partnering with a reliable software development company that can provide resilient and secure solutions is advisable. Doing so will give you top-quality and robust services without worrying about data or privacy breaches.
Complicated Integration
From deciding the right digital solution to compatibility issues and how these integrations might impact the business processes during integration. Incorporating these technologies is never an easy feat.
Even if you hire the right talent who fulfills all your requirements, keeping up with constantly upgrading real estate technology trends can get really difficult.
The only solution to simplify the integration process is proper planning and strategizing. Integrating the digital solutions in parts rather than integrating them in the organization as a whole. This will ensure seamless integration without hampering the current business processes.
Also, briefing your workforce about all the necessary changes that are going to happen will ease their mind. Doing the same while hiring the developers will also assist you in hiring the right person.
Proper strategy and constant assistance during the transition periods are two keys to streamlined technological integration.
Resistance to Change
Regardless of how well-integrated technology is today, people who are used to the traditional method of working will question the integration of digital solutions. This is because comprehending how real estate technology trends can possibly digitalize transactions, site visits, and communications can be difficult.
In order to have less resistance towards digital integration, clear communication regarding what it is and why it is being implemented is essential. Informing the employees beforehand, followed by the required training, can be beneficial.
Conveying that these digital integrations are not there to replace the human workforce but to assist them is important.
Conclusion
The real estate technology trends are set to restructure the whole industry from its fundamental operations to complex processes. Also, the current market scenario is only pushing it forward toward more digitalized operations.
Businesses are now embracing this digital shift whether to optimize their operations or stay relevant; regardless of the reason, it shows the positive future for the real estate technology trends. So if you also want to integrate modern digital solutions to your real estate business, then our team of developers is your ideal solution.
Our industry experts will assist you at every stage of the digital integration process and power your business with top-notch digital solutions.
