Real estate Technology is the application of platform engineering and information science to real estate sectors. It includes computer software, computer hardware, internet applications, software applications and customer relationship management systems (CRM) and their respective vendors
Technology That’s Changing Real Estate Industry: Why It Matters
Today’s real estate industry is different from what it used to be a couple of years ago. It is more transparent, collaborative and dynamic than ever before.
The technological advancements in virtual reality, artificial intelligence, big data analytics, mobile apps, and the Internet of Things (IoT) are bringing a paradigm shift in how we buy or sell homes or even rent an apartment.
As artificial intelligence and other digital technologies continue to advance and become more affordable to the general population, their adoption rates are climbing at a rapid pace in nearly every industry. Real estate is no different.
These technologies have the potential to streamline processes for brokers and agents as well as home sellers and rental property owners.
What’s changing in the real estate industry?
With the technological advancements, the whole process of buying or selling a home has become more transparent and efficient.
The internet has made the exposure and marketing of the properties much easier and cost-effective. Also, the availability of numerous websites, apps, and tools has made it easy to keep track of the process from beginning to end.
Agents or brokers can access the most recent data on market trends, inventory levels, and comparable sales data. The real estate agents or brokers can also use their digital tools to track the progress of their clients’ transactions by keeping track of all relevant dates, documents, and communications.
Similarly, the home sellers can easily get their property listed on the internet and can get connected with the potential buyers from across the globe with little effort. The customers can also search for the listings online and can easily narrow down their choices based on their preferences and budgets.
AI-based Agent Assistants
Artificial intelligence is one of the biggest uses of technology in the real estate industry.
There are AI-based agent assistants like Mylo, HelloAi and others that simplify tasks related to scheduling, communication, and property showings. Mylo, for example, is an AI-based virtual assistant that works with real estate agents.
It helps agents with scheduling, communication, and other tasks related to managing their business. HelloAi, on the other hand, helps home sellers and rental property owners manage their marketing campaigns.
It also enables prospective buyers to create a wish list for the home and communicate with the seller. Mylo and HelloAi are just a few examples of how technology can help real estate agents and sellers manage their businesses more efficiently and save time.
Robotic Processes for Repairs and Maintenance
Another technology that is changing the real estate industry is the robotic process for repairs and maintenance.
Since most of the major real estate companies manage several hundred units or even thousands of units, it becomes difficult for the staff to manage all the maintenance issues for all their properties.
Big Data Real Estate Tools
Another technology that is transforming the real estate industry is big data. The large amounts of data generated by the growing popularity of smartphones and other connected devices can be used by real estate firms and agents to increase their productivity and efficiency.
By using big data and analytics, you can easily keep track of your listing inventory and bookings, find new potential customers, and identify the best times to market your properties.
Similarly, real estate agents and brokers can tap into the data generated by their clients to make smarter business decisions. For example, a real estate agent can use data to determine when and where to advertise properties, who to reach out to, and how to best manage their time.
Mobile Apps for Real Estate Agents
One of the biggest changes in the real estate industry is the increased importance of mobile apps. Since customers prefer accessing information on their smartphones, the real estate agents need to build apps for their businesses.
The apps can simplify the process of booking a meeting with the agent, scheduling an appointment for viewing a property, or making any other transaction related to buying or selling a property. Real estate agents can even build chatbots to respond to basic questions from customers.
Internet of Things (IoT) Based Services
The Internet of Things (IoT) connectivity is another major technology that is changing the real estate industry.
The advent of smart devices, sensors, and other IoT devices makes it easy to automate a range of tasks related to maintaining a property or even renting it out to customers.
For example, you can install sensors in your property that can detect the water leakage or power outage. You can also install smart locks and sensors in your property to make the experience of living in that place more efficient.
Internet as a medium
Another one of the key real estate technology trends is the use of the internet as a medium for advertising. This can either come in the form of Search Engine Optimisation and pay per click, or through article writing and blogging.
The internet is considered as one of the most powerful tools for finding customers, and therefore many new and old real estate agents are using the internet to advertise their listings.
There are many article sites such as EzineArticles where real estate agents can submit their articles for free and gain exposure.
Social Media
One of the recent and noteworthy trends in real estate technology is the integration of social media into smart homes. By using social network tools, real estate companies can engage their consumers in more meaningful ways. With these tools, they are able to respond to what their consumers would really want and need.
Exteneded Summary
The technologies mentioned above will change the real estate industry by making it more transparent and efficient. They will help agents and brokers manage their businesses better and make the process of buying or selling property more straightforward.
The real estate industry has a lot to gain by embracing these technologies. They can help real estate agents and brokers manage their businesses better and simplify the process of buying or selling property.
