Top Technology Trends Leading the Real Estate Industry in 2020
August 13, 2020
Real Estate operations are no more running the traditional way, they’re distinctive and far more advanced! Real estate mobile applications and websites today are receiving immense popularity, firstly due to the expanding digital possibilities, and secondly, in the pandemic suffering era we hardly are left with options!
With all the rapid changes in the real estate industry, business owners are required to be known and all prepared for adoption & implementation of tech trends driving the future of the industry. So, what’s the big game? Here’s the latest technologies allowing you to make informed decisions and lasting business opportunities-
Business Intelligence comprises of smart analytics tools that help in analyzing and managing data according to the business operations. BI consists of many different practices and techniques but it plays a major role in employing digital data gathering and analysis to gain insights into specific business decisions. Most of the BI tools are designed to keep track of complex data sets that are large in number. The technology organizes complicated information and helps users to pick out imperative facts making it easier to visualize the trends on the customer charts. In terms of the real estate industry, it can empower interactions, provide tools for optimization of decision making, and get intelligent predictions for making the buyer-seller relationship better.
Blockchain is a technology that has multiple uses, especially in the real estate industry. For numerous reasons, blockchain can be the best fit for real estate, for instance, it’s safer for not just eliminating the possibility of fraudulent activities but even for having the capability of no physical money involvement. Here are a few benefits which will urge you to have blockchain in lead-
- Buying through Cryptocurrency– To your surprise, properties can be purchased through cryptocurrencies also (of course, with certain guidelines followed), the process involves no physical money transactions. Back in 2017, an apartment in Kyiv, Ukraine became the first property to be sold using blockchain technology
- Lower Risk of Fraud– Heard about smart contracts? Well, the regular paperwork and tons of signatory hassles invite complexity but smart contracts sort it all through linking digital property ownership to the blockchain. These documents once encrypted are impossible to alter, so, this can keep your paperwork safer than ever.
- Eliminating Middlemen Brokerages– Buying and Selling Properties are often a hassle with a bunch of mediators involved in various services. With blockchain, you can avoid the costing of at least a few services, for instance, repetitive transactions can be easily made bypassing the middlemen.
With the introduction of AR/VR in the real estate industry, there is a fair possibility of an increase in the efficiency of physical spaces management. Well, the benefit doesn’t limit to the buyers, it’s also a plus for the sellers. Visualizing properties through a high-quality equipment and experiencing event the smallest of the details can be a major breakthrough for the buyers looking for the perfect property along with the sellers who’re saving on costing and time offering their users a better than ever experience. A few companies including Engel & Volkers and Sotheby’s are already making use of VR technology for giving their business a level up and keeping the growth charts soaring high.
AI is everywhere! Right from flashing in buying suggestions after we search for some products and services to being a great technological advancement useful for almost every possible industry on earth. Artificial Intelligence Algorithms is a tool for matching deals with customers and in turn maximizing the income potential for the investors. Here’s how AI can improve your business performance-
- Recommendations– Suggesting options can be a tedious task, especially when it comes to filtering properties according to the choices or past searches of the customers. Integrating AI-based algorithms are capable of personalizing customers’ requirements by analyzing search behavior patterns and finally providing better recommendations for their property search.
- Property Management– Property managers have a bunch of tasks to be handled securely, including rental listings, tenant applications, inspections, maintenance requests, finances, and more. It becomes tough while the company grows. AI-based software help property managers in improving internal operations by organizing information and tracking tasks, ensuring not even a bit get missed.
Cloud services today can be classified as the most reliable technology leading the world by facilitating remote work environments across the globe. Cloud property management software is becoming immensely popular among evolving real estate technology trends. Offering numerous benefits including scalability, greater accessibility, better security and time and cost savings. A cloud-based system allows property owners and tenants to log in with their credentials and explore the financial and property information 24/7. This technology also lowers down the rate of communication and increases efficiency gradually.
Real Estate Predictions for 2020 and beyond
According to “Real Estate 2020 Building the Future” Report by PWC here are five major predictions for the year 2020 and beyond-
- The global investable real estate universe will expand substantially, leading to a huge expansion in opportunity, especially in emerging economies.
- Fast-growing cities will present a wider range of risk and return opportunities.
- Technology innovation and sustainability will be key drivers for value.
- Collaborating with governments will become more important.
- Competition for prime assets will intensity further
- A broader range of risks will emerge including climate change, behavioral change, and political risk.
Conclusion
With every passing year, technology will dive deeper into the core of the industries willing to enhance their business possibilities. The business owners would require to be more active towards the perpetual changes and new dimensions of the real estate industry. Integrating the trending technologies will not just facilitate in making the regular tasks simpler but will consistently help in keeping the operations smooth and safe. Try our app cost calculator to get the exact pricing of your feature enriched, customized real estate mobile app.