words Al Woods
The real estate industry always lags when it comes to adopting the latest technological trends. Amid the COVID pandemic, things went downhill for the industry in terms of property sales and purchasing. However, leading real estate conglomerates have never been shy to adopt novel tech innovations to maintain their growth. In this article, we will be sharing top tech trends and innovations that are reshaping the real estate industry for the future.
In this digital age, smartphones have impacted the way we do everyday business; it’s never been easier for a business to connect with potential customers and improve its business outreach. Now, apps allow users to easily access information about any property with a few finger taps. Furthermore, it becomes easier for real estate agents to provide comprehensive virtual tours, saving time for both the customer and the agent.
Automation of Tasks
Carrying out everyday office work manually can be unnecessarily time-consuming and hectic. Most real estate agencies have already started using digital workspaces and task automation platforms to improve their workflow. Sending emails, bookkeeping, invoice processing, and several administrative tasks can be handled in a much more cohesive and organized way using automation technology.
Using such software saves a lot of time that can be better allocated towards relatively more important matters; imagine the amount of time it takes to manage thousands of emails, follow up on invoices, or send employee reminders manually. Automating tasks simplifies such integral processes and boosts business efficiency.
Virtual and Augmented Reality
Tech-like augmented reality and VR is revolutionizing the interaction between property retailers, real estate agents, and the market. Both technologies facilitate accessible and comprehensive remote viewings and meetings between property managers and customers.
Potential buyers can now visit multiple properties in no time, allowing them to review, compare, and weigh out their options before making any decisions. Virtual reality can also be paired with novel IDX tech for improved results, so be sure to do your research regarding necessary upgrades and supplementary technology. Using augmented reality, unfinished properties can be remodeled to give customers a feel of their property when it’s finished.
Internet Data Exchange
Real estate developers and agents are also incorporating internet data exchange protocols into their business structures to ensure that their listing information is constantly up to date and in accordance with website listing protocols. These sophisticated IDX protocols allow real estate agents to display different property listings from the MLS database on their real estate websites. The use of this tech would pose an ideal win-win situation for both the real estate agent and the customer.
Online Chatting and AI
Generating leads is the main goal of most online businesses today. Likewise, the real estate industry is now using AI and chatbots to engage users and secure deals. These chatbots work similarly to cold calling, but they also utilize AI technology and engage with potential customers as soon as they type their first message in the chatbox. In this day and age, real estate listing plugins can also be used alongside AI tech, making it even more effective and accessible. Besides increasing leads, this tech supports automatic scheduling, ensures round-the-clock support, and automatically follows up on potential leads.
Internet of Things
Real estate agents are now keen to incorporate IoT facilities into their business. Managing properties for a real estate broker is very time-consuming. By implementing smart home technologies powered by the internet, real estate agents can take care of their property from a remote location. Buyer retention and demand also improve since this technology is an attractive add-on for customers today.
These IoT plans can be integrated into real estate marketing plans and are termed beacon technology. These beacons are placed in an area within the property and activated. The beacon keeps scanning the area and proceeds to automatically send a property link to the buyer. If the buyer decides to view the property in real-time, the link can be used to view the estate by potential buyers.
Similar to its application in other industries, real estate developers use Blockchain to secure contracts and eliminate the need for a middleman. The deals made using blockchain technology are not only secure, but they also ensure that the process remains legitimate and the paperwork tamper-free. Whenever a deal is signed, the contract is signed digitally and stored using encrypted keys, making it impossible to hack or forge the data. Blockchain technology reduces paperwork, eliminates the need for middlemen, and provides a secure platform to efficiently and safely conduct business.
The future of the real estate industry seems bright, especially after the incorporation of tools similar to the above-mentioned technological innovations. However, the best way to proceed is always by evaluating your business requirements first, reviewing and researching the technology you want to incorporate, and then applying these technologies to ensure the best outcomes.