Technology always disrupts the face of business and marketing. The power of computing stretches beyond spreadsheets and calculations now. We have smarter devices that can predict customer behavior, revenue generation, and streamline sales and services. Moreover, we have moved away from bulky desktops to highly sophisticated mobile devices. However, the real estate business observed gradual progress towards digital technology.
Mobile apps and websites are innovating how agents and customers find and purchase real estate today. Understanding the market base paves the way for tech trends into businesses. So, here are some of the trending technologies that can help property businesses become ready for the future -
Big Data Analytics
Real estate generates millions of data. Traditional storage systems used ledgers and local servers, which is ineffective and slow. Hence, Big Data Analytics adopts data gathering and tracking techniques. The system can make real-time decisions and predict future trends or outcomes based on the information. Websites like Zillow, Redfin, and Trulia are making an impact using big data. However, it finds applications in building systems like electrical, utilities, telecommunications, fire and health safety, etc.
Virtual and Augmented Reality
Virtual Reality creates a simulation of a place. The customer can observe the area as if they were physically present there using VR equipment. Similarly, Augmented Reality adds simulated layers to the existing environment. Both concepts combined can change the home buying experience. Customers can take a virtual tour of the property from their living rooms. The imagery created can be of realistic architecture, with accurate colors and dimensions. The technology replaces lengthy instructions and documents, which do not always generate the site's perfect visualization. Companies can provide virtual tours of their properties as an enriched form of advertising to their client base.
Artificial Intelligence and Machine Learning
Both of the concepts enable machines to become smarter and make their own decisions. They enhance the online customer experience in home buying. The system observes patterns and learns the differences in data. It uses these learnings to recommend the property and filter out relevant options for the user. Chatbots eliminate the need for dedicated service to attend frequently asked questions and queries. Businesses can also benefit from the predictions made by intelligent systems based on history and data. For instance, real estate companies looking for a new site can filter out areas with high crime rates, poor accessibility, and marketplace based on the predictions made by machine learning.
Internet of Things
The Internet is no longer confined to local networks and desktops. It has reached our televisions, fridges, even mirrors! The prospect of the Internet of Things has given rise to Smart Homes. The concept uses multiple sensors that track and alert property managers on disruptions or problems in the property and even predict a solution. They can store a maintenance history on electrical, HVAC, and plumbing to cloud-based servers. Smart Homes can also pave the way for Smart Cities. Internet of Things uses AI/ML and Big Data Analytics to gain insights and work on improvements.
Blockchain
Finance is also shifting from centralized to decentralized. Essentially, transactions are not taking place through a bank. Businesses use cryptocurrencies like Bitcoin instead to secure deals. They are encrypted and are not controlled by a single financial institute. It removes the paperwork involved for closure and reduces fraudulent practices. Data and relevant documents can be stored securely and updated in real-time, eliminating intermediaries' involvement. Blockchain verifies and time stamps the contracts.
Remote Online Notarization
While the previous above-mentioned ones are real technologies but RON is more of a digital process backed by existing technologies. With a global health crisis and recession shaking the world, several businesses, mainly the real estate sector based companies needed a more immediate stable solution to carry out their business processes. That's when the existing RON process came to the rescue. Remote Online Notarization enables notaries to verify and seal property documents through video conferencing and e-Signatures. The parties do not have to travel, and the entire process concludes in a matter of minutes. It is faster, secure, and increases efficiency.
The primary motivation behind adopting new technology is increasing efficiency and delivering effective services. Repetitive work can take up time and effort, which could be better utilized. Having a grasp over the market enables real estate companies to gain an edge over their competitors. The future of real estate is mobile. Start-ups and corporates are continually innovating on the tech front. Also, real estate businesses can only soar with the right decisions taken at the appropriate time.
