Real Estate

How Can Technology Reshape Real Estate Scenario?

Apr 8, 2020

Angelina Eillott

By Angelina Eillott

How Can Technology Reshape Real Estate Scenario?

The real estate technology is now looking for the next-generation approach that is devised to disrupt the existing system and a take more proactive approach to ensuring affordability and flexibility.

With respect to this, home buying is so easy now. Just download a property app, look for new listings, get a virtual tour of a property sitting in your house. If you are not getting anything desirable, you can get notifications when a particular property is available. A fact about online real estate trading would amaze you. Data related to property demographics is flexible and convenient through websites and apps. So, technology for real estate is so efficient that eliminates the need for manual data gathering to check with the location status and also its crime records. Hence, real estate technology that combines apps or websites helps you make informed decisions about property buying adding to 70% of surge in property search online while property agents are making most of their business using real estate apps or in-app messaging features.

Let’s get a view into some of the greatest of all technology trends reshaping the real estate industry.

Technology Trends in the Real Estate Sector

Real estate mobile apps

Real estate mobile app development is a convenient way for real estate businesses enabling users to efficiently find the right property. It is as easy as other apps designed to buy food or get a ride. Having a real estate app, users can have the flexibility of browsing a property for sale, buy or rent from the palm of their hands.

The real estate apps designed with agent and buyer interfaces aim at connecting buyers with agents and helping both browse, buy or sell a property. You can do more with a real estate app giving you notifications when a new property hits the market.

If you want to lead in the competition, hire real estate mobile app developers to offer enriching customer service to your user base.

Artificial Intelligence

From marketing and sales, predicting property values to helping property agents, AI has many roles to play to boost the real estate economy. The very usual property tour enabled by robots at some popular real estate sites is no longer a buzzword today. Using machine learning and deep learning properties, we can harness real insights into historical data of customers. Computers now are smarter to learn different algorithms and give information through pattern recognition. This predictive information can help everyone in the industry to make informed decisions as new properties become popular.

Augmented Reality for Virtual tour

This is a more advanced technology upgrade of AI that reduces costs related to physical property search. Real estate apps embedded with high definition property videos or 360 degree augmented reality help both agents and buyers in the buying cycles. As property consultants can better explain property features to prospective buyers, the convinced buyers can have 3D virtual property tours to inspect every room and its amenities in real-time. The process helps in speeding up property sales.

Blockchain for real estate transactions

Real estate is renowned for making major transactions that add to the economic growth. Blockchain technology makes transactions easy without spending too much on intermediary services. So, Blockchain is a cost-efficient and secure process to do transactions.

Its two components comprising tokenization and smart contracts are a great technology innovation that brings transparency and security for consumers and owners.

  • Tokenization

    Tokenization being small assets inside the blockchain can be used to split assets. As you use cryptocurrency technology to enable this, it has enhanced use cases for real estate owners and also buyers.
    • Secondary exchange is an option that benefits both property owners and investors
    • It generates investment opportunities for local investors

  • Smart Contracts

    Smart contracts in real estate can speed up the transaction process without the direct involvement of the banks. Sellers can access buyers’ information directly through the encrypted blocks that improve security and reduce frauds.

Internet of Things

In the sphere of renting real estate, IoT or connected devices can be leveraged to improve tenant experience. Every human activity today creates loads of data as they use different types of devices. However, we can also make use of some non-technical objects as a source of great data.
As you employ sensors around your house on things like switches, locks, doors, and more, you can harness data from actions your tenants are taking. This data is useful to improve tenant experience.
Property monitoring is becoming easy now while tenants can report their security issues in real-time in the cloud.

Shared Economy

Sharing economy is the new trend where today’s young generation concentrates more on getting things on lease and rent rather than owning it entirely. Real estate follows this new trend to encourage mobile and shared lifestyle.

With this flexibility, you can put your properties to leisure travel owners for extended stays and open up a new avenue for the business opportunity.

Small business owners can rent office spaces to get woes out of their financial burden too.

Customer Relationship Manager Software

Small real estate owners do not need some high profile CRM software to determine their pipeline. Most of the leading custom software development companies with a dedicated team of developers can build CRM software for real estate to help property brokers or real estate agents keep track of their progress through emails, call and social media connections. With real-time data, you can identify and analyze areas of drawbacks to take appropriate action and mitigate further risks. CRM data also helps property owners, agents and investors harness data and predict revenues.

The Rise of Communication Tools

To remain focused on client communication, real estate can leverage a bunch of communication tools to make conversation easily reachable, meaningful and cost-savings for business perspectives. Besides traditional emails, real-time chat tools are becoming a great source of communication mechanism. Social media messaging, chatbot-based customer services, and others contribute to real estate growth.

Wrapping up

Technology innovation brings amenities, efficiency and convenience in every sphere of life and also resiliency and growth to the business. Real estate can speed up its scalability too. We at Bytes Technolab are always committed to nurturing this need with technology engineering and innovation. No matter what best technology tools- real estate apps or CRM software satisfy your business needs, we craft the product for diverse real estate needs. Get in touch for assistance in custom software development solutions.

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