The real estate industry has always been dependent on various advancements in technology. However, the past few years have shown some major advancements. Therefore, if you’re a real estate agent who wants to sell more homes by this year and the following years, or a team of real estate website developers who want to find more clients in the real estate industry, the following technical trends in the real estate industry will surely shape its future.
Let’s have a look at what these trends are.
Augmented and Virtual Reality
Both augmented and virtual reality aren’t really new to the realm of real estate. However, it has massively improved from a mere marketing tool into a technology that allows complete home tours.
With virtual reality, potential house buyers and renters can have a virtual tour of the property they’re interested in any time they want, regardless of where they’re located. In other words, properties will be up for inspection 24/7, thereby making it easier for both clients and agents to save their time and money. At the same time, it allows for an increase in engagement and efficiency.
On the other hand, augmented reality projects a computer-generated image of objects into real life. This means that potential buyers will be able to virtually decorate a space of their chosen property using their mobile devices.
For real estate web design and development companies, alongside real estate brokers, this will allow them to showcase an unfinished property’s potential.
Big data refers to the huge chank of data analyzed via algorithms as a means of making predictions regarding purchase behavior and intent based on various metrics such as trends, past patterns, and associations.
It’s for this reason why major companies like Facebook and Amazon are thriving. With big data, such companies will be able to figure out what you want before you even have the chance to know it yourself.
The real estate industry can actually benefit a lot from big data. This is due to the fact that the more data available, the more data-driven decisions will be made. Major companies in the real estate industry such as Redfin and Zillow can compile and even collect data on the buying and selling trends of an area. They then analyze the data collected to offer insights on home-value trends and pricing, among others.
Internet of Things
The Internet of Things, simply called IoT, refers to smart devices that are connected to the cloud. It’s basically a new entrant in the industry of real estate. With this technology, property managers will be able to monitor, even control, the various aspects of a house.
For example, with the IoT, you’ll be able to learn a property’s energy consumption pattern as well as other important information. With this, you can take a more proactive approach with regard to a property’s repair and maintenance.
As the IoT keeps on growing, we’ll eventually go more than just smart devices and notice entire smart buildings, or perhaps smart cities, that are digitally connected and can send and receive data. This will make way for AI and big data to create more insights that we might not be able to predict.
Push technology is yet another technological trend in the realm of estate industry that you want to watch out this year. Even though this has been around for quite a while, the technology is now becoming more popular as agencies and real estate website developers keep on creating their own smartphone apps.
This trend can be used by real estate agencies to send alerts to their customers’ phones in order to get the users to use the app again, thereby generating leads. Aside from that, various real estate apps, such as Homepass, can register inspection visitors by just a few taps. What it does is simply automate the followup process of its leads, thereby improving overall engagement experience.
You might think of drones as a gimmick in the real estate industry, but they actually have the potential to change the entire market. Drones are capable of providing multi-perspective site visits and even offer an easier means of aerial photography which was otherwise quite expensive back then.
Drones also allow site visitors to have a tour of an area. Additionally, they can be used for spotting any potential areas that require repair or maintenance. In the future, drones might have the ability to allow a property tour remotely. However, as it stands right now, they’re a bit difficult to navigate through tight spaces. However, when it comes to large commercial spaces, the potential is actually there.
As you can see, these technological trends in the real estate industry have massive potential in them. Not only are they slowly changing the way real estate works, but they’re also paving the way toward a more futuristic approach to the real estate industry.