We have seen the Real Estate world changing immensely over last decade or so. To everyone’s surprise, technology has played a vital role in it. The advances made in the technology have influenced property agents making the job a lot easier for them. Furthermore, you now have access to various comparison websites where newcomers can get the help they need in buying and selling properties.
With technology seems to be taking over the industry, let’s have a look at the top tech trends that are shaping the world of Real Estate today.
1. AR And VR
Augmented reality and virtual reality are impacting the real industry big time now. These technologies have taken things up more as the consumer technologies and their demand is continuously on the rise. If you have witnessed how successful Pokemon Go was, you’d be acquainted with the VR and AR potential to help the real estate industry grow.
Think about taking virtual tours to homes before you actually go for a viewing. It won’t just fast track things but will also make lives easier for the customers. Any home presented at its best in the VR or AR technology can help seal 80% of the deal.
Furthermore, the scope of AR is huge when it comes to visualizing the interiors of a house. When the buyer gets a feel of how they’ll be able to decorate the new home they’re going to buy, it’s likely for them to seal the deal before moving on to view another property.
Cryptocurrencies like bitcoin are making all the buzz these days. With blockchain being promoted more and more, it’s not only a payment method which grabbed so much of audience lately rather it’s a new technological advancement which is definitely going to change the real estate we know today.
One of the major advantages offered by Blockchain is the introduction of decentralized database. It helps ensure data integrity and allows real estate businesses to create their records of all the properties they have in the country.
It will eventually help decrease fraud incidents and will also make more property and owner related data to be accessible.
3. Peer-to-Peer Communication
It’s a new trend being observed over the years and it doesn’t seem to be stopping any time soon. In fact, its demand is continuously on the rise. With internet, discussion forums, and social media providing an open communication source, the companies are relying more on this changing trend.
It’s making things easier for direct communications between buyers, middlemen and the dealers. The peer-to-peer deals have now turned into one of the major priorities for customers. It’s, however, a threat to the industry with bigger companies already countering it by limiting the data being shared online pertaining to their listings.
Nevertheless, what’s more important for you is to keep your focus on services being offered to the customers and how you’ll be able to add value. It will ensure they resist peer-to-peer sales and rather choose to go with your company. However, using peer-to-peer communication smartly, you’re surely going to grab more business for your company.
4. Artificial Intelligence, Machine Learning, And Big Data
All these technologies have been incorporated together for proving them more worthy than ever. Artificial intelligence can use machine learning to process data which is helpful in identification of patterns you might have not known before. Wondering how it’s going to help you?
Take it as a technology which can help you learn trends beforehand and makes sure that you know where the prices of homes and lands are going. For example, a trend can be like increasing college graduates choosing an area for their residence. When you have the necessary data for such trends, it will pave your way to success.
We don’t see artificial intelligence stopping anywhere in near future. Time and again, it comes forward with something that’s actually mind-boggling. We’ve already witnessed it processing with the natural language and it’s all set to impact the real estate market with the help of AI-powered Chatbots.
Today chatbots seem to be taking over all industries and they’ve become more of a norm due to the ability they have for limiting time-consumption in employee-customer interactions. They can handle most of the inquiries efficiently while you can focus on other important chores.
Technological advances we have today can’t be resisted by any industry out there. And all you can expect is that there will be more such tech trends impacting the real estate markets around the world. So, it’s better to adopt them now and avoid the hassle later.