Discover the latest tech trends that are reshaping Real Estate Industry one brick at a time. Hasn’t real estate become more attractive ever since technology became a part of it?
Alright people…let’s be real for a moment here, shall we? Ask yourself this, do you think technology will ever replace the BOOMING real estate profession?
No industry is immune to technological advances, we all know that by now. But real estate is that one sector that has been super slow to adopt new trends. A report from IBISWorld specifies that the market size, measured by revenue, of the Real Estate Sales & Brokerage industry will reach $164.8 Billion in 2021.
Real Estate Contributes to a whopping 6.2% of the U.S. economy. So I think it’d be fair to say that our economy cannot afford any hiccups from this crucially important sector.
Now, let’s venture through the latest technology trends that are reshaping the real estate market one brick at a time.
Blockchain Revolutionizing Commercial Real Estate
We’ve noticed that a large number of Commercial Real Estate executives(CREs) are slowly but surely finding out that blockchain-based smart contracts can play a tremendous role in transforming day to day CRE operations. These core CRE operations include purchase, sale, financing, leasing, and management transactions.
Let’s explore the benefits of implementing blockchain technology.
- Enables a more THOROUGH and severely improved property search process.
- Vastly reduces the complications in leasing ensuring a streamlined property cash flow management.
- Enables a much smarter and more effective decision-making process.
- Reduces the hassles of property title management significantly making it more transparent and cost-effective.
- Aids in attaining a more efficient processing of financing and payments.
Real Estate & Big Data: A Match Made in Heaven?
This time, we focus on Big Data impact on the real estate sector. So, what is the primary goal of Big Data in the real estate sector? It is to arrange an automated analysis of vast massifs of data meticulously.
Having said that, here is a list of advantages of Big Data in the real estate industry.
- Risks come to naught – One thing which is certain is that there will always be financial risks involved in these areas. And organizations want to avoid them at all costs through the method of predictive analysis. Making it possible for companies to analyze the condition of a building when it was built, and the type of reconstructions made. This helps them to make a precise estimation thus allowing them to provide their customers with detailed and transparent information about every housing property.
- Increasing engagement in customers – Customer engagement has always been a key parameter in every industry. The more you engage with your audience the better your business. But through Big Data Analysis that problem can be fixed once and for all!
- Advanced & Adaptable Marketing Strategy – Real Estate agents can now acquire data about their potential customers from various social media channels to equip themselves with a more comprehensive overview of their customers. This allows them to provide customers with their services at the right time. Not only that, Big Data also allows real estate agents to stay updated with the constantly evolving trends and changes in the real estate market. This allows customers to get up-to-date information. This is how the latest tech trends reshaping Real Estate, this is one of them.
‘It’s the Wave of the Future:’ Virtual Reality. The Game Changer for Real Estate
THE major advantage of implementing the revolutionary and trend-setting VR technology in real estate is that it saves loads of time for both the buyer and the seller. Additionally, VR technology is also majorly convenient for the end-user.
The main benefits of VR technology in the real estate industry are the following:
- Keeping Costs Down – Virtual Reality and Augmented Reality not only allows developers to retain printed collateral but also adds the option of reviving it. In lieu of a scale model with its associated costs and limitations, VR is a completely ingenious combination of tablet, app, and custom brochure.
- Reaching Potential Prospects Anytime. Anywhere – VR has the amazing capability to reach ANYONE at any corner of the globe literally within minutes. And this is not done through your average downloadable PDF files, but with an extremely meaningful and immersive experience. Real Estate agents now have the freedom to convey their quality of work and showcase the benefits of a property the way it is actually meant to be seen. This is all done without requiring customers to travel to their property within certain specified operating hours. This is an example of how the latest tech trends are reshaping real estate industry.
- Customising Every Surface – VR is SO much more than just a walkthrough. The mesmerizing interactivity feature includes changes to walls, flooring, fabrics, counters, and even furniture models and layout. It allows the customers a rewarding hands-on experience of making the property their own.
- Capturing Every Angel Inside & Out – Through VR potential customers can now take a tour of their property, including both interiors and exteriors. Keep in mind, that this is a medium that enables all their users to essentially fly like a bird. Real Estate agents can now apply this brilliant functionality whilst showcasing their properties. Basically, transforming home sales into a magical journey.
Move to What Moves You
Are you convinced now that technology can IMMENSELY benefit the Real Estate industry, or do you still need more convincing?
Ultimately it all boils down to if you are willing to go above and beyond to find your next home. We hope you had a good read. Be sure to comment below on the topics you want us to cover next.
Happy Realting folks!
Also read our blog on the “6 Smashing Web Design Trends To Dominate 2021!”