Technology has become an integral part of business, and the real estate industry is no exception. Advances in technology have changed the way agents and brokers list their properties, engage with clients, and manage rental properties. Tech innovations have also changed the way potential buyers search through listings.
2020 is poised to reach new heights as technology continues to propel the real estate industry into the future. Let’s take a look at the top real estate tech trends as we usher in the new year.
Business Intelligence and Big Data
Big data is a term that represents the vast quantities of data, both unstructured and structured, that can be analyzed for insights to lead to more reliable decisions and strategic business moves. CRM systems leverage big data to show when a potential client visits an agency’s website or property listings. These systems can also collect data based on what potential clients are searching as they navigate apps and web pages. Collected data can also be used to predict how many leads might attend an open house, when a lead may commit to a sale, and can also be used to predict neighborhood trends.
Augmented Reality and Virtual Reality
Over the past few years, the introduction of Augmented Reality (AR) and Virtual Reality (VR) technology in real estate marked an exciting chapter in the real estate world. Both innovative technologies are expected to continue to play an essential role in real estate in 2020.
AR and VR technologies allow homebuyers to tour a property listing virtually 24/7, from any location in the world. Additionally, AR apps can create a digital image of an object to superimpose it into a specific space. This allows potential renters and buyers to virtually decorate a space using their smart device.
Additionally, AR and VR technologies:
- Increase efficiency for property marketing.
- Enhance accessibility to properties through mobile applications and webpages.
- Provide agents with the potential to cover multiple stages of buying and sales across their agency.
- Streamline processes to make searching for properties less time-consuming.
- And more.
Artificial Intelligence (AI)
The most successful real estate companies continue to embrace AI, leveraging innovative technologies to generate more leads, and increase sales. There are several benefits of AI to the real estate industry, especially when it comes to data analytics, property management, intelligent search platforms, and risk management.
AI has the ability to help streamline property management; it can even predict maintenance repairs and upgrades. AI algorithms can be used to improve business operations, such as targeted financial and marketing metrics through data analysis. Additionally, AI bots can evaluate a property and perform a comprehensive risk analysis report on it, as well as use algorithms to predict loan defaults.
Another tech trend continuing to grow in popularity first emerged in 2017, when an apartment in Kyiv, Ukraine became the first property sold using cryptocurrency. Blockchain technology continues to be all the rage, and it holds high promise for the real estate market in 2020.
Blockchain is a secure cryptography tool known for tracking Bitcoin digital currency. Blockchain removes the need for a bank or other central verifying authority. By removing the middleman, real estate agents can reduce fees while experiencing a more efficient closing process. You can expect blockchain technology to play an increasingly prominent role in real estate sales in 2020 and beyond.
In order to remain competitive in the real estate market, agents and brokers must navigate the forefront of the industry’s latest technological advances. Contact a member of our team to learn more about how smart technological solutions can propel your real estate business to new heights of success.