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Top Real Estate Tech Trends in 2021 and Beyond
Covid-19 has caused multiple industries, including real estate, to further their efforts toward digitization and automation to remain relevant and keep growing.
Real estate is one of the few industries emerging victorious from the pandemic. The energy and pace in residential real estate are sky-high, while even more creativity and strategic planning is needed in commercial real estate. Fortunately, technology is here to support both. From digitization and automation to virtual showings and secure digital payments, advanced technology can give your real estate business a cutting edge in the hot market.
Here are some of the top tech trends in the real estate sector that are shaping 2021 and beyond:
AI for Personalization and Analytics
Today, almost every industry makes extensive use of machine learning in some capacity to improve its business operations. Although the real estate business has been slow to embrace new technologies, new AI offerings are hard to ignore.
Real estate leaders invest millions of dollars into AI toolkits to remove more and more friction from the first visit through purchase, increase leads, and drive down conversion time. Some of the tasks AI can assist with include:
- Finding the best property match for prospects beyond their explicit requirements, based on their profile and browsing behavior.
- Recognize emerging markets and housing trends before competition.
- Discern best bidding strategies and possible delays.
- Leverage public statistical data to forecast shifts in demand.
- Track price fluctuations in a strategic way.
Big Data for Accurate Property Market Forecasts
Much of the success of real estate agents today depends on data. Research has shown that property firms that incorporate data-driven approaches to shape long-term strategies are much more successful than traditional ones. In addition, big data helps predict upcoming trends and opportunities for real estate tech companies, enabling them to make data-backed decisions.
The use of big data provides real estate companies with the ability to deliver increasingly personal searches. Today, property agents can offer their clients personalized experiences by suggesting investments based on previous successful choices. Recent trends in the property market have shown that deals are becoming more and more dependent on data analytics.
VR & AR Technologies for Remote Property Tours
Virtual try-on is a highly effective tool for shopping purposes in the era of social distancing, including clothing, glasses, shoes, and more. Why don’t you allow your prospects to “try on” a space?
A virtual reality version of a listing allows you to recreate proportions and lightning to create an immersive experience for anyone taking the VR tour. Augmented reality allows you to give extra details about the space, from a view inside the walls and the dimensions to the property value forecasts, traffic and nearby school information, as the self-lead tour progresses. Both VR and AI can be exceedingly beneficial for remote property deals, such as short-notice office space buys by a company based in another city or state. For sellers, a bonus of VR tours is that the sellers won’t need to vacate their property for interested individuals to view the space.
VR and AR tools provide both convenient and more sustainable ways to show and view the properties.
Internet of Things (IoT) for Smart Homes
The Internet of Things (IoT) is the key component of the so-called smart homes and offices. This technology is becoming increasingly important alongside the growing importance of air quality, efficient energy, water and space use and increased expectations around cleanliness.
For businesses, IoT can provide valuable insights into a property that can be used as an input for accomplishing multiple objectives such as insurance, management, and compliance.
For residential clients, IoT devices can cut utilities costs, enhance security, improve quality of living, and increase resale value.
Blockchain for Smart, Risk-Free Contracting
Blockchain isn’t just about cryptocurrencies; it also supports data storage and can handle the transaction and contract digital registry. As a result, it can significantly streamline and secure the already ambiguous and fragmented processes of buying, selling, and evaluating a property. The real estate business can incorporate blockchain to foster transparency, eliminate paperwork and reduce the number of middlemen in deals.
One of the most effective ways for property businesses to benefit from Blockchain is through smart contracting. Cryptocurrency-enabled smart contracts can accelerate the processes of verification, home search, and new property acquisition.
In a nutshell, these are the top technology developments you should keep in mind if you are in the real estate business. The arrival of 5G tech will facilitate the availability and adoption of IoT, AR, and VR, among other things. Familiarizing yourself with these technologies early on will give you an advantage over the competition in real estate. Ready to take your real estate business into the future and find the right technology solution for you? Schedule a free 30-minute consultation with 3nom, the leading East Coast MSP.