You awaken in the morning, inquire Amazon Alexa to your daily property report and then reach for your smartphone to get a glimpse of your schedule for the day and order breakfast to be delivered by the time you get to work. What a world we live in, technology is continually evolving and which makes our lives simpler and more effective.
In a similar vein, the real estate industry is also revolutionised by the advancement of technology. Without further delay, here are the top few technological trends that will shape the real estate industry.
1. Blockchain and property
Blockchain is the tech behind cryptocurrencies like Bitcoin, Litecoin, and Ethereum. It is a public, electronic ledger or database which lists all transactions, with no necessity for a central verifying authority like a lender. No middleman means diminished legal and title-related transaction costs and therefore a quicker settlement procedure.
Since the end of 2017, the very first properties have been marketed with blockchain technologies in America and the race is on to figure out a system to sell property utilising technology involving blockchain. Perhaps blockchain and other technology can facilitate buying and selling a property without agents and shifting the whole industry.
2. Augmented reality and virtual reality
With VR, prospective renters and buyers may virtually tour the land from any place on earth, at any moment. This usually means that the property is currently available for review 24/7, allowing representatives and customers to save money and time while increasing participation and efficiency.
Meanwhile augmented reality (AR) apps generate a lifelike digital replica of space for prospects to explore. Agents and developers can showcase their properties at any time and even provide virtual guided tours.
3. Push technology
Another property technology fad to watch this season is push technologies. Although this technology has existed for a couple of decades, it has become more and more popular as a growing number of agencies create their smartphone programs as revealed in an industry benchmark audit of the top agents.
Agencies may use push technology to deliver information alarms to a smartphone’s locked display and remind users to take action or read more about a suggested listing. Apps are very personal, and agencies can reach users in a valuable and direct way using notifications.
4. Real estate bots
The contemporary consumer anticipates immediacy. They need answers to their queries, and they need them now. That is where property chatbots, , and virtual assistants become relevant. Not only will they help answer customer questions with little to no delay to maintain consumer expectations to a high standard, but they’re also able to save time for customers and agencies.
5. Big data
In simple terms, big data is a sizable number of information that is analysed via calculations to create predictions about buy behaviour and intent, according to previous patterns, tendencies and institutions. Hence why it is the lifeblood of businesses such as Amazon, Facebook, Uber, and Netflix. Data is a significant tool to predict and personalise content for users. High-quality advisors and agents would give data-driven advice and closely monitor market trends.
In the real estate industry, this may mean having a CRM or other software that understands every time a prospect visits your site or records and gathers information on what they are doing on this page. This information can then be used to predict when a guide may be prepared to buy or sell their own house, how a lot of people may turn up in another open for review or just how much a home would lease or market for.
In the long term, not only can this help you produce more lively interactions but may also help you acquire more listings and re-evaluate your opponents.
6. Emphasis on the cloud
Several decades back, “the cloud” has been regarded as a mysterious platform that people were hesitant to adopt. Fast forward to today and the cloud is quickly becoming the standard, and server-based software is rapidly becoming obsolete.
This is a result of the numerous advantages of cloud management programs including cost and time savings, scalability, increased safety and increased availability. Furthermore, cloud-based systems have customer access allowing tenants and owners to log in and view their data and results, therefore minimising the need for costly face to face meetings.
7. Improved mobility
Were you aware that over 88 percent of Australian’s have a smartphone?
That is why it’s been the standard for CRM and home management software programs to have a smartphone program so that brokers can access their connections, land info and tools from anywhere, at any moment. This not only saves time but also allows collaboration and accessibility. You might be running an open house in the morning forcing to a review in the day and have all you want to control your possessions in the palm of the hands.