Trending Technologies that are Driving Innovation in Real Estate Sector
July 7, 2022
We cannot deny the impact of evolving technologies in various industry sectors and the Real Estate sector is not an exception. To meet the ever-changing needs of customers and market trends, making use of technologies like Big Data, Analytics, Virtual Reality, AI, Blockchain, etc. is a must.
Decades ago, real estate agents and brokers rely on paperwork or multiple physical visits to different properties to help clients choose their desired homes.
Thanks to the evolution of digital presence with real estate solutions built by experts of Real Estate Software Development Company, homebuyers can now experience a hassle-free home buying process!
In this blog, we have showcased some of the best technologies that can transform the real estate industry & bring tremendous growth.
Take Real Estate Business to the Next Level with Right Technologies
Real Estate innovations like virtual tours enable homebuyers to check out any properties with a navigable 3D model of a home and enable them to experience walking through the home without a physical visit.
Undoubtedly, the emergence of real estate website development and mobile apps has brought several positive changes for both sellers and buyers. Let’s check out some of the best-recommended technologies that you must add to your real estate solutions and achieve the success you wish.
Read More: Challenges faced by Real Estate Agents & Tips to avoid them
• CRM for Real Estate Management
Making use of property management CRMs is a must to reduce the time users take to find specific information and business can keep track of all the data in one place enabling them to filter anytime and track outreach with ease.
Using CRM helps users to submit maintenance requests and sign new property leases within minutes. Many successful real estate firms created their CRM systems to help property managers to keep track of their interactions with tenants and owners.
• Virtual Reality & Augmented Reality
Using the capability of real-time technologies like AR and VR, landlords and tenants can offer virtual property tours to interested clients so that they can view any property across the world without the need for a physical visit.
The convenience and ease offered by virtual tours cannot be ignored and it is one of the best features that users need. This enables tenants to relocate easily from out of town and landlords who live far away from their rental apartments.
• Digital Signature for Online Agreements
Managing numerous properties can be a big headache for home sellers, brokers, and landlords as they need to record and keep all the signed paperwork on files for future references.
Making use of digital real estate solutions can make it easy for them to store property leases and other documents online that can be verified with a digital signature.
Even if a landlord manages numerous properties, maintaining all of his documentation in one place can make it easy to find any information and reduces the amount of hard work and time users must invest to get the documents signed or renewed.
• Big Data & Analytics
We all know that analytics can empower businesses to make informed decisions using the smart insights extracted from the data. Similarly, for the real estate sector, Big Data acts as a powerful tool to improve decision-making skills based on property data processed and interpreted.
After analysis of data, we can extract information such as the history of the property, the cost valuation, locality details, and many more, which help individuals to predict the future revaluation of the property based on different parameters.
• Blockchain
The real estate sector is one such industry that involves several third parties in the whole transaction process during the sales of property.
Making use of Blockchain in Real Estate digital solutions enable home buyers & sellers to connect with ease, cutting the need for intermediaries or third parties, which promotes better transparency and reduces costs.
Other benefits are a reduction in the possibility of fraud, tedious paperwork, no intermediaries, safer property transactions, smart property contracts, etc.
• Automated Ads & Listings
Make use of the right Real estate solution to create well-strategized ad campaigns for new property listing automatically. This also helps to target not just the right audience but also provides real-time analytics like views, clicks, demographics, etc.
Real estate experts can easily figure out which properties are suitable for sale or rent.
The evolving technologies such as Machine Learning & AI help in improving the way businesses perform their tasks based on previous experience or pattern recognition.
Real Estate professionals using AI technology can help in managing risks, controlling expenses & resolving investor concerns.
Read More: Top Reasons Why Every Real Estate Agent Needs a Website
• Internet of Things (IoT)
Using multiple IoT devices and sensors enable users in the real estate sector to get quick access to information. To use IoT, sensors and computing technologies are integrated into different devices that people interact with, daily as a part of IoT.
To make people’s life easier, IoT can help to change lighting, room temperature, control household cleaning, etc. – all from the comfort of the user’s own home through a single app on a smartphone.
When no one’s home, a virtual assistant can connect with tenants and anyone visiting home. Smart homes and home automation equipped with IoT technology can be a game-changing opportunity for real estate firms.
Closing Statement
With the increasing dependence on smartphones, the demand for real estate websites and app development has grown.
A new generation of customers expects a smarter property search experience and sellers want to promote faster rentals & more convenient living arrangements.
Industry leaders are taking advantage of real estate solutions aligned with the latest technologies that have taken their businesses to new heights of success.
For any real estate app development queries and technologies, you wish to implement in your existing solution, connect with our expert team for building a dedicated solution for your business.
Known as the trusted Real Estate App Development Company, Clavax holds pride in building customizable IDX real estate websites for smarter lead capture and faster property search experience.