Real estate technology is nowadays being redefined by an ever-changing market and shifts in consumer behaviors. As you might be aware, “Housing agents will never be replaced by advancement in technology at any instance, but rather by agents with a higher technology and knowhow.” The industry will also never be defined by only one technology. Significant market changes will be caused by various technologies, and the leaders will definitely be those who adopt them.
Any real estate company/agent values the essence of being competitive. Therefore, the technology shift in this field can never be ignored. Whether it means adopting innovative solutions, platforms, or software, a company has to expand alongside the growing consumer appetite. Here are some inevitable and invaluable technology developments to watch:
To be competitive, companies have to look for alternative ways of increasing efficiency and service delivery. With a big back-office setup, firms can have a thorough record of every customer. Automating almost everything gives enough time for focusing on more critical challenges, such as getting investors and cost-efficiency. For instance, most Real Estate agents are nowadays automating their weekly and biweekly newsletters through services such as Growmail : Automate Your Direct Mail Marketing. Automating accounting and financial details also cuts down on time wasted running to banks and post offices because of a lost invoice.
One of the most important things when it comes to buying or becoming a tenant in a specified property is inspecting it. This can be challenging, especially if you are moving to a distant place or you are unavailable during the designated viewing hours. Virtual Reality technology enables potential customers to tour properties from any part of the world. This gives them a real view of the product virtually and can be used to showcase both completed and under development units. https://youtu.be/LP2pjGYVr8c
Internet of Things
This is a vital component of smart homes and automation. With this type of technology, you can control almost everything in your house, starting from curtains, lights, fans, doors, and so on. Smart home technology will soon start changing the way consumers view properties. In this domain, Google-owned Nest comes up again and again. The company uses a technology that incorporates everything in your home including security cameras, doors, doorbells, and much more via the Nest mobile app.
Companies who want to target the right potential customers might employ this savoir-faire to ascertain their demands, who they are, where they are, and the most effective way to communicate with them. Harnessing vast data is, therefore, a valuable tool when it comes to targeting the right customers. Big companies in the industry, such as Trulia, Zillow, and Realtor are employing this tool to access information on neighborhood trends, the current cost of ownership, history of property values, and much more based on an array of public statistics files, and user data points.
The demand for low-costing properties is ever increasing. Developers in the country have no choice but to employ innovative and cost-effective building methods. The main focus here is given to modular construction and the use of prefab materials. For instance, recently, a China company designed 3D printed properties. Compared to traditional construction methods, they saved 80% and 60% on construction and labor expenses, respectively. This just an example of the innovative ideas most companies are employing to cut down costs.
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Machine learning and Artificial Intelligence (AI)
AI and machine learning technology involves computers absorbing ways in which they can perform tasks based on a pattern, recognition, or a previous experience. Such technology is employed to manage risks, control all the expenses, and make sure higher returns are gaining through algorithms that predict individual concerns. Some of these tools include chatbots that automatically answer clients’ questions, predictive analysis, and so on. New innovative methods have the potential of completely changing the industry as well as consumer behaviors. For this reason, it is always indispensable to monitor technological advancements from time to time.
Hao Finder embraces technology and all the changes in the digital age. The company is, therefore, dedicated to leveraging digital techniques that drive innovation and a closer customer connection in a bid to improve consumer experiences.