The rise of digital technologies made a massive impact on all aspects of our society over the last decade. So, it shouldn’t be surprising that the good old real estate market was caught up in this tidal wave as well. And, it turned out to be that, even though it was always heavily rooted in the hard work of real estate agents, this market offers more than enough space for the latest fruits of the digital world to make it even more effective, streamlined, and competitive.
This dynamic reshapes the industry both in terms of technology used by real estate professionals as well as the amenities offered to the end users. In any of these cases, the companies that want to remain competitive in this growingly hectic arena will need to know the latest tech trends driving the market as well as the ways to use them properly.
Well, let’s take a look then at what’s brewing on the horizon.
Virtual tours and presentations
This trend has been in development for quite some time but it’s hard to deny it got a tremendous boost during the COVID-19 pandemic when people had to deal with lockdowns and other social constraints. Be that as it may, a growing number of real estate companies are tapping into these ideas and offering their clients the ability to take virtual tours before booking a visit. Even though these presentations are not capable of offering the same gift as the real experience they do give you a basic idea of how the space feels and flows. Most importantly, buyers are responding very positively.
Blockchain-based purchases
Now, while the jury on digital currencies like Bitcoin is still out, no one can deny that the tech they are built on offers some great benefits and a great deal of convenience. And, when you are working in a competitive market, you need to offer all the convenience you can squeeze out. Enter blockchain, a fast, clean, and transparent monetary infrastructure that effectively eliminates third parties like banks and agents (and all the paperwork) and allows buyers to move funds in a matter of seconds. Sure, not all people will use this option, but it is important to have it under your belt.
Sustainable smart tech
Modern society is growing more sustainable and environmentally conscious with each passing year. This trend is present in all local markets coast to coast. So, if you are, for instance, looking for apartments for rent in Phoenix, the chances are the local listings will present you with properties graced with LED lights, smart thermostats, and other systems that keep energy consumption in check. This trend will take even stronger roots in the following years, especially keeping in mind that this tech also allows for much easier management, keeping the owners’ tasks more streamlined.
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AI-powered predictive analytics
Yeah, these days it is very hard to have any serious kind of conversation without mentioning AI at least in some capacity. And here we have its very tangible use case scenario in the real estate sector as well. We are, of course, talking about Machine Learning and AI’s growing ability to engage in higher-level predictive analytics. Keeping in mind an ever-growing number of channels we need to keep track of as well as an endless list of factors like socioeconomic indicators, price trends, environmental implications, and so on, this ability is more than wanted. You can even look at it as a requirement.
Generating targeted leads
Even with all the predictive analytics at hand, the fortunes of one real estate company are ultimately decided by its ability to deploy an effective marketing strategy and generate leads. And this very sector has seen some very tangible improvements in recent years. Targeted digital marketing campaigns, AI-powered marketing software, fully customizable CRM systems… All these assets allow real estate agents to run their campaigns with surgical precision. Of course, this benefit further entails less time spent on meaningless chores, more streamlined forays, and, when all is said and done, healthier ROI.
The growing popularity of crowd-funding platforms
Crowdfunding is nothing particularly new. As a matter of fact, this form of financing has been moving mountains in the gaming industry for quite some time now. Well, the investors’ ability to pool the money they need for projects from independent small-scale online investors is currently crawling its way into the world of properties as well. What are the implications of this process? Well, let’s start with a much more diverse and competitive housing market where big developers won’t be the only dominant force. We can also mention the rise of more niche and affordable property types.
Photo Credit: Freepik
Cloud-based property management
Property management has always been one of the most important facets of the real estate industry. Cloud-based tools and infrastructure are making these responsible tasks simpler. First, this digital playground can easily harness the real-time data harnessed by the integrated IoT smart home systems. Second, that data can be immediately distributed to agents and property managers regardless of their location. Third, all these parties can easily collaborate in real-time regardless of what type of device they are using at the moment. All this translates to unprecedented efficiency.
The growing necessity for cyber-security
Last but not least we would like to point out that the real estate industry’s slow but steady migration into the digital world unfortunately entails some new and less-discussed perils. We are, of course, talking about cybercriminals that in 2023 alone cost the global industry a staggering 8 billion dollars. The companies that want to leverage all the benefits and trends we have covered above will need to invest some effort into protecting their assets and clients’ data from these threats. On the other hand, doing this and making it public can serve as a welcome marketing asset packed with a sharp competitive edge.
Wrapping-up
Well, we hope you have enjoyed this brief roundup of tech trends reshaping the real estate sector and the benefits they might be putting on the table. And much like the other similar trends we have seen in the past, these ones will also gradually transition into industry standards. The companies that want to make the best use of them should list themselves amongst the early adopters. The train is already leaving the station.
Author Bio:
Marie Nieves is a passionate blogger with an eye for design, a flair for storytelling, and a love for culture. She contributes regularly to various blogs and online magazines, all while satisfying her wanderlust by exploring states and countries near and far.
Cover Photo Credit: Freepik
