Real Estate Industry Tech Trends

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Real Estate Industry Tech Trends

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The real estate industry is a highly competitive place. The COVID-19 pandemic has had a drastic impact on it, with prices going up and seeing annual growth of 11.2%. This has made things a little bit more challenging for first-time homebuyers. Luckily, technology has also had a tremendous impact on this industry, and it is changing it for the better. The industry of property technology (proptech) has grown by as much as 1000% since 2015, it is projected to grow even more. Many millennials look forward to this opportunity because it will help them out tremendously when looking for housing, and technology as a method for property hunting will be all far too familiar to them. Here is an overview of some of the latest real estate industry tech trends. 

Better customer engagement

One of the best ways to sell real estate is to visually attract clients. Not too long ago this was really difficult since most people would simply browse the internet when attempting to find a new home or an apartment. This really doesn’t do the property any justice. You could be looking for an amazing home, however, the pictures cannot fully reflect the nice qualities that the property has. This is because individual pictures create a sense of secluded space, and it completely eliminates the general context and the charm that many properties in places like Texas have. Luckily, recent developments in online property browsing have offered a completely redefined and highly engaging way for people to search for their new homes. Many amazing Abilene apartments for rent can be virtually visited using the 3D view from inside the house. This creates a far more engaging and visually pleasing buying experience. It will be possible to attract clients who are more likely to buy the house, which will lessen the chance of encountering any buyers that are still on the fence. 

AI-assisted market

One of the most difficult aspects of being a real estate agent is keeping up with the ever-changing real estate market. There are many sudden market changes and the pandemic has unveiled some of the crucial weak points of the traditional approach to selling properties. The problem comes down to inconsistencies in terms of what you can offer on the market. It is nearly impossible for potential buyers to keep up with the volatile pricing. That is why recent advancements in AI have allowed people to completely alter the way they sell and buy properties. The powerful AI technology offers amazing market forecasts with nearly 100% accuracy. It can show how prices vary over time and how they differ from one city area to another. 

Smart homes

There is also rising popularity of smart homes, especially among younger generations of buyers. This is no wonder, given the fact that most of these people grew up using technology on a daily basis. The world of Internet of Things (IoT) technology has significantly boosted the sales of many properties. The best thing of all is that an average house can be completely renovated and upgraded using IoT so that its market value can rise significantly. The best thing of all is that it doesn’t require any drastic remodeling. IoT devices are easily implementable into almost any part of a home. This could mean that your smartphone can interact with your smart fridge, and let you know what you should add to your shopping list on the go. In addition, home security would be much easier to handle, since a person would be able to monitor their home when they are away. This is also a great option for many pet owners since they can be able to fully monitor their behavior and safety completely remotely. 

Blockchain integration

With the Web 3.0 just around the corner, blockchain technology is gaining more and more potential and actual real-world use value. This is going to be a great step towards crafting a safer, more transparent and efficient real estate market. There are several ways in which blockchain technology could truly help out this massive industry. Firstly, tokenization is a great way to divide assets into tokens which can finally benefit all of the participants in the market. It can allow customers from various locations with different incomes to take part in the entire investment process. While on the other hand, property owners can sell only a portion of their property. Secondly, blockchain technology allows for the use of creating smart contracts, which leverage the safety and transparency of cryptocurrency transactions. These contracts can speed up the entire process drastically with easy verification protocols. 

Personalized marketing

User-generated data is one of the most useful things for a successful marketing campaign. In order to attract many potential buyers, you should ideally know all about their preferences. With the use of comprehensive datasets and predictive analytics, it is possible to target the right people. This can be done by grouping your clients based on their lifestyle characteristics. With the newly acquired information, it is possible to provide custom personalized messages when reaching out to potential buyers via e-mail and various social media platforms. 

The real estate industry has a lot of potential but also a lot of challenges up ahead because there are many external factors which can drastically affect property prices. Luckily, there have been significant technological advancements which can greatly benefit this hectic industry. Some of the latest tech trends in the real estate industry have been: better customer engagement using virtual tours, AI-assisted market research, smart homes with IoT integration, easier and safer transactions using blockchain technology, as well a personalized marketing approach to best meet the client's needs.

Updated 10:46 PM UTC+8, 24 Jul 2022
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Keith Coppersmith
Keith Coppersmith
Contributor
 
Keith Coppersmith is a business and marketing expert who has experienced both the rise and fall of many businesses. As a regular contributor at BizzmarkBlog, he enjoys writing and providing insight of the marketing industry based on both practice and theory.
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