There is no industry that is immune to tech advancements. However, the real estate industry has been slow in adopting technological trends and advancements, but not anymore. Some trends like PropTech is already booming and it’s changing the way investors sell, buy, and interact with both residential and commercial properties. Gone are the days when people used to move from one neighborhood to another looking for their dream home. You can check various homes on Movoto.com and other home listings right from the comfort of your home.
Here are the top tech trends that are transforming the real estate industry.
Business intelligence and a higher level of data volume
It is expected that mobile app development is going to be part of the real estate industry’s future. After all, it is hard to think of an effective business model without intelligence. It is important that successful app development gets separated from data as it grows at an exponential rate. Considering these factors, more efficient business models and processes are becoming attainable.
Business intelligence associated with big data is one of the most significant strengths in commercial property management. It has the potential to empower property application affecting the entire process of interaction of real estate agents, property owners, and potential buyers in the app.
Also, business intelligence offers different tools for the optimization of various levels of the decision-making process. Analysis algorithms are applied to make reliable predictions can define the relationships of the abuses. This makes it easier to have a precise answer to various questions such as what will happen under specific circumstances. By reviewing and analyzing internal data and various business processes, it becomes easy to make reliable business decisions.
According to financial analysts and investment experts, real estate is one of the industries where blockchain tech can prosper. For some reasons, the use of blockchain technology and cryptocurrencies in real estate transactions has been recognized to be beneficial. This is why in 2017, various regulations made it possible to purchase homes using bitcoin and other similar cryptocurrencies. The first property to be sold using blockchain tech was a department in Kyiv.
Following this success, a number of blockchain startups have emerged in the real estate industry. However, if you choose to get involved in such transactions, you must pay attention to the possibility of frauds, the larger number of transaction mediators, and other obstacles that might make cryptocurrency transactions difficult.
Augmented and virtual reality
Virtual reality has become a significant real estate technology. The introduction of AR and VR has ushered the real estate industry into the word synthesis phase in the entire evolution of its tech. This tech has streamlined physical space management. For example, property buyers use VR technology to view properties without having to visit them physically.
This saves valuable amount of time and other resources such as money while ensuring a better experience to the users. Also, there has been limited movement during this hard time when the world is fighting against COVID-19 pandemic. The ability to view properties without having to visit them physically is now more important than ever.
Some of the common benefits of using VR and AR technology in Real Estate is that it promotes better property viewing, higher efficiency in home marketing, use of mobile devices to review a home, and more. Whether you are a property buyer, seller or realtor, this tech is an indispensable tool.
The internet of things and real estate form a perfect combination. The concept of the internet of things revolves around a system of sensor-equipped appliances and devices. It collects, analyses, and uses digital data. Access and effective use of accurate data is currently a universally competitive advantage, no matter the industry.
Generally, the internet of things has become one of the mobile app trends in the real estate industry. Items such as smart thermostats and automatic light control are not new concepts anymore. Most property buyers are looking for these smart home controls, and this demand is likely to increase with time.
The point is, the future of the real estate industry and the relevant technology will be driven by the trends discussed here. Some of the technology trends mentioned may seem apparent to homeowners, tenants, real estate agents, and property buyers in 2020 and years to come.