Real estate, among several other industries, are suffering from a recession like a drought due to the COVID-19 pandemic. So, there will be some major shifts in the real estate industry that the customers and agents need to be prepared for.
Today we will be talking about the future of real estate industry and upcoming trends but before that a quick run on real estate industry stats.
Statistics of Future Real Estate Market
Source: PWC
The problem or lack of opportunity is not because there are fewer property buyers. However, realtors are still stuck with the old ways of contacting and interacting with potential customers. The stats mentioned above prove that there is a lot of improvement that needs to be done on the real estate agent part.
The year 2021 was going to be amazing and the best year for business opportunities, but it all went down the drain when someone decided to eat a bat. However, there is still time to salvage the year and make it count as a win-win for the future of real estate industry.
Looking forward to the upcoming property management trends, there will be a wider range of opportunities, some big economic and social shifts, and a set of new technological trends upping the future of housing market sales numbers across the world.
The Future of Real Estate & Impact of Digital Technology
Based on the operational perspective, real estate has a relatively low tech infrastructure. And, it’s time to change the scene. Only 40% of the realtors are actively on social media and online realtor website to make property sales.
In 2023, technology is more than just a trend. It is the driving force behind positive customer engagement, advanced data mining for information on potential clients, and increasing operational efficiency.
Your potential customers are looking for a seamless experience in finding their dream home, office, or store. People will prefer only the most personalized and customer-tailored real estate website or app. And, to build such a platform, you need to know better use of technology.
7 Latest Real Estate Technology Trends 2023-24
Real estate mobile apps and agent websites are becoming more and more popular among property searchers and real estate agents. Technology is the perfect partner for real estate in 2020.
1. Smartphone Apps for Real Estate
Smartphones have been a lifesaver and a success promoter for business across all verticals. So, the same impact can be seen in the real estate industry. Mobile apps have changed how real estate agencies work.
With real estate app development, you can give all the information to your customer regarding properties at any point in time, and the agents can automate a lot of their work with a smartphone app. It has also eased the collaboration between both the stakeholders.
The real estate listing apps and website portals have not only simplified the operations but also saved the time and efforts that goes behind the entire process of real estate from viewing properties to purchasing them.
2. AR & VR in Real Estate
Through Virtual Reality and Augmented Reality, realtors, property agents, and potential property buyers can give and get a personalized property visiting experience from anywhere in the world. AR and VR feature are helping the customers checkout properties without actually visiting them and compare different options effortlessly while staying in the same place.
With the AR/VR app feature, you can now provide virtual tours of properties with a 360-degree view of the exteriors and interiors of all the properties. It’s safe to say that there is a very promising future of real estate industry with AR and VR.
The best feature is that you can virtually stage property listings and even show unfinished spaces and also change the look and feel of the home on the spot according to the viewer’s tastes and choices by superimposing computer-generated images on a virtual simulation.
AR/VR feature will save valuable time and money of the property searchers as well as the realtors. Buyers are expected to increasingly use VR technology to view homes benefiting in doing so from spatial visualization without even attending the chosen property.
SEE ALSO: How Augmented Reality Will Transform Several Industries
3. Task Automation in Real Estate
Real estate agencies have a lot of work and tasks. Doing all the tasks manually will take up a lot of time and resources. Automation makes these paperwork and mundane tasks easier to finish and help you focus your skills and time in selling the real estate.
By automation of essential tasks like monthly invoice processing, sending emails, online chatting, and several other administrative and communication tasks, real estate businesses have saved a lot of money and time to focus on sales.
For Example, email marketing is a widespread and mandatory way of approaching potential customers. Still, you can’t spare a resource entirely to send hundreds or thousands of emails each day. That’s where mass mailing automation systems like MailChimp or Emma come in play.
Synchronized and timely email campaigns help the brokers a lot with their marketing efforts, while automated invoices and regular reminders ensure quicker payments.
Automation Tasks in Real Estate
4. Big Data in Real Estate
Big Data (BD) and Business Intelligence (BI) goes hand in hand when we talk about the digitization of real estate. Big Data will open several doors for realtors, and Business Intelligence opens the right doors. The excellence and capabilities of real estate mobile app is hard to imagine without big data and business intelligence.
Big Data and Business Intelligence can empower real estate property owners, real estate agents, and customers in the process of interaction. Once you understand the data collected, it is easier to answer the question about what is going to happen.
Real estate firms have now understood that in a digital world, the idea of gaining insights from data, reduces the groundwork required, and achieve ROI. The future of real estate agents looks bright with big data as better opportunities get to them every time.
Data science and analytics will be a prominent feature in the future of the real estate industry. Over the coming year, technology will provide ways for firms to analyze data as part of a longer-term strategy.
5. IoT and Smart Homes
It’s 2020, and if your home isn’t as smart as your phone, you are outdated. Real estate scene has changed a lot with technology, and if your properties have IOT facility, you’ll definitely score a higher market value.
It’s an important tech trend to be implemented in the new decade. Smart applications like automated lighting, air conditioning, entertainment systems, etc. are proving big draws for customers. IoT has a huge potential to redefine the real estate industry in a big way.
The realtor agents and the property owners can manage their property better through a centralized control with IoT technology. The buyer demand for smart home controls is also expected to grow in coming years. It is evident that IoT is the best bet on the future of property management.
The best part of IoT with Real Estate is that the real estate agents can integrate IoT into their marketing plans and take advantage of this powerful tech tool in selling properties. With the Beacon technology, house hunting experience becomes surreal.
These beacons are fitted in potential salable properties. When a potential buyer comes within the radius of a beacon, their phone picks up the beacon’s signal, and a link is sent to the phone using which the buyers can begin viewing the property.
SEE ALSO: What is Metaverse?
6. AI & Chatbots
In the real estate industry, lead generation is the most critical and yet the most daunting task. You never know which inquiry would be the next big bonus cheque for the season. But getting to that one big property deal takes a hundred rejections.
Anyone who has done cold sales calls knows the frustration behind rejections, wasted time, and losing potential customers while attending rejectors. So, how can you get someone to do continuous client interaction with the same consistency without being discouraged at failures? The answer is AI chatbots.
Sales is the game of urgency; if you want to have a competitive edge in the industry, you must respond to every property inquiry with a sense of urgency. With AI Chatbots, you can provide an ‘always on’ channel to respond to client questions in real-time.
Benefits of Chatbots
7. Blockchain in Real Estate
Blockchain has always been a suave and exciting technology to have in any business vertical. And, with real estate, blockchain allows transactions and making smart contracts securely, transparently, and without the need of a middleman.
The entire paperwork process behind property dealings and transaction becomes digital and rock-solid on security and anti-tampering. Because with blockchain technology, instead of an intermediary verifying the transaction legitimacy, the process is completed by a network of thousands of computers scattered across the globe.
The network confirms every detail of the property deal. The file and the digital signatures of the participants are stored across all the computers in the network with a unique identification code.
This approach with the blockchain technology makes it impossible to hack or tamper the file. By removing the various structural inefficiencies in the real estate industry, blockchain is transforming the way real estate operations are conducted.
Benefits of Blockchain in Real Estate:
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Time To Digitize Your Real Estate Business
Some buy properties when the market seems cold, while others only catch up when the prices are starting to skyrocket. This proves that the future of real estate industry is a very promising one with customers around the year.
The future of real estate market is technology-ridden, and it’s a promising one. Almost all the future trends of real estate that we talked about here are in some way connected to smartphone apps. Connect to an expert real estate app development company that can help you get the perfect app/website solution as per the current real estate market.
A detailed study on how digital transformation in real estate market has caused market growth.
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