Digital technology has made its mark on every business and industry in a wide variety of ways, improving the way we work and live through productivity, efficiency, and accessibility. The real estate industry has been one of the slowest to change; after all, viewing and purchasing properties is still very much a person-to-person transaction.
However, it does not mean the real estate market has been immune to technology’s advancements. Several tech trends have been adapted to streamline certain real estate processes, and some have revolutionised the way potential buyers find, view, and purchase property. Technology is becoming increasingly crucial to the way real estate is managed; funding for property technology has already hit $9.7 billion in the first half of 2021 – an all-time high.
Customer expectancy in technological accessibility is increasing, and real estate companies are expected to keep up.
Touring houses in comfort
Virtual reality (VR) has been adapted by many industries – while it’s still predominantly known to have a place in the video game industry, VR has great potential to streamline accessibility for buyers immersing themselves in the real estate market.
It has been instrumental in the way people are viewing properties. It’s possible to stay at home and take a tour of a house that could be on the other side of the country, from the comfort of your own couch. This saves time for everyone – potential buyers who are unable to make the drive to visit a house in person, and property managers who no longer have to show a house to prospective buyers multiple times.
VR technology differs from photos taken of each room; it offers a 3D view into the house, shows what it looks like to walk down a corridor, and gives a realistic scope of room size and space.
Saving time with AI
Artificial intelligence (AI) is transforming how real estate companies conduct their business, and the way real estate agents communicate with customers. One of the most common uses of AI is through chatbots; realty businesses can streamline their responses and respond in a timely manner to potential clients, answering easy questions.
AI can also be used in conjunction with VR, aiding the tours of the house and essentially taking the place of the property manager to answer questions in real time, saving potential buyers time that they would otherwise spend contacting the agent with questions after the tour.
Another use of AI that is slowly making its way into the real estate industry is matching potential buyers and sellers using AI algorithms. The AI is able to look through a huge amount of data in a small amount of time, which leads to buyers being able to filter their home wants and needs, including:
- Local schools
- Transportation options
- Local facilities and entertainment
The uses of AI implementation in real estate are limitless, and beneficial for all parties involved in streamlining data, viewing properties, and saving valuable time.
Sifting through info with IoT and big data
The Internet of Things (IoT) is helping property managers streamline their business processes more efficiently than ever. IoT connects multiple devices with the physical world, making it ideal in the usage of smart home applications, like voice activated AI assistant Amazon Alexa. IoT connects the assistant to smart sensors and needs no human input to transmit data – which provides excellent opportunities to transform property management.
Smart doorbells and locks, for instance, allow for enhanced security as well as remote security monitoring. Smart thermostats can change the temperature in houses – useful for real estate agents to prepare for open inspections.
IoT can also help agents utilise the cloud to track real estate trends in real time, which makes the data easier for the agent to understand potential buyer behaviour and preferences.
Gathering information on trends along with the cloud is big data, which Forbes predicts as the number one trend in real estate. Companies that are able to compile data on buying and selling trends can target specific areas, demographics, and survey results to analyse that data on future trends they can attempt to capitalise on. It also enables property managers to become aware of housing maintenance issues before they occur, like electrical faults or equipment failure.
Keep up with today’s digital needs
Today’s home buyers and sellers expect, above all, accessibility to both houses on the market and their agents. They want to be able to view homes and ask questions in real time, and the property managers are at risk of losing their interest and attention with delayed responses or limited accessibility.
If your real estate business is looking at restructuring the way you conduct business, communicate with clients, and deliver results, talk to the IT experts at Lindentech today. They will get you on the right track towards delivering faster results, organising data, and freeing up valuable time for your agents.