In a tech-centric world where people stare at screens more than faces, smart entrepreneurs understand the importance of keeping up with the latest tech trends.
While real estate has traditionally trailed other industries in embracing technology, we've seen a shift in this trend. Today, technologies such as blockchain, PropTech, and the Internet of Things (IoT), have become mainstream, and are changing the way the real estate industry operates.
To remain competitive and relevant in this industry, it's imperative that you keep up with the times by staying informed about the emerging tech trends. So, what are the next big trends in real estate technology? Keep reading to find out.
Big Data
The future of real estate mobile app development is hard to imagine without business intelligence. Business intelligence obtained from big data is currently one of the biggest tech trends in property management, thanks to advanced real estate APIs.
These APIs are perfect at extracting housing, mortgage, and rental data. Real estate APIs perform different functionalities including but not limited to:
- Listing data
- MLS feed
- Rental estimates
- Mortgage data
- Walk scores
The best real estate APIs can connect you with over 20 billion data points for property records in any given region. The data obtained is analyzed via algorithms to make predictions about customer purchase behavior and intent, based on past associations, trends, and patterns.
Keep in mind that buyers don't always know what they want until they see it, which is why using only the search criteria might not get you the results you want. By using predictive analytics, real estate agents and realtors can optimize searches so the results are based on clients' needs.
Smartphone Apps
Did you know that 63% of US traffic comes from smartphones and tablets?
For the first time in 2016, mobile web browsing exceeded desktop in the US, and other countries are slowly following the trend.
In line with that, many businesses are leveraging the power of technology and mobile apps to market their products, and real estate is no exception. Today, most real estate CRMs and property management software come with a smartphone app.
Applications such as Homesnap, have real-time MLS updates that give users new and updated listings as quickly as possible. Other than that, real estate mobile apps are an information hub; they can keep you updated with what's happening in the real estate world, including news about the continual changes in the US rent control laws. Expect more refined real estate and property management apps in the future.
Virtual Reality (VR)
Did you know that virtual reality technology has become so popular that it's on track to becoming a $29.7 billion industry by the end of 2020?
With VR, home buyers and renters can take a virtual tour of the property from anywhere in the world, at any time. With the property being open for inspection 24/7, buyers and agents can save time and money and at the same time boost engagement.
Blockchain
Blockchain is the technology behind cryptocurrencies such as Bitcoin.
The year 2017 marked a new era in the history of real estate when the first apartment was sold using blockchain technology. Today, the market has seen a rise in the number of real estate companies that accept crypto payments and this trend is expected to continue in the future.
What other real estate trends do you expect to see in the future? Share with us in the comments section below.
