The rise of technology has opened a new door to the real estate industry. Most homebuyers are usually composed of Generation Y and millennials; it is essential to take advantage of innovations and advances in the industry to stay on top of the competition.
In recent years, online real estate has been receiving an extraordinary amount of attention to its potential to transform the existing real estate market. Online real estate is seen as the next frontier for real estate. Online real estate is a form of real estate that connects homeowners with real estate agents and brokers through multiple online platforms. Online real estate provides a platform where it is easy to find the perfect home or search for new homes.
In line with that, individuals involved in the real estate industry should know how to adapt to these evolving trends and familiarize themselves with ways to use different technological innovations.
Did you know that more than half of the overall clients use the internet and mobile devices to look for homes? Aside from that, many customers place a book for house tours online.
You must know how to use new technology to let your company outstand the competition in today’s modern world. Here are some of the emerging trends in the real estate industry that you must be familiar with.
Blockchain technology is still new. Despite that, many professionals have seen its potential with the latest integration of bitcoin currency with real estate sales.
If you have researched blockchain technology, you have probably encountered Bitcoin. Bitcoin is a digital asset developed under blockchain technology, if you don’t know yet. It is a highly decentralized virtual currency designed to use in most money transactions globally.
Being borderless is one of the things you will love about this peer-to-peer currency. This means that no monetary authority controls the circulation of this virtual money. Although Bitcoin currency is still in its infancy stage, it has accumulated approximately 200 billion US Dollars in just a few years since its establishment.
Even though bitcoin currency offers lots of benefits in many industries, it still comes with minimal drawbacks, such as its potential to tax implications. Despite that, many real estate sellers still accept Bitcoin as a form of payment for large-scale projects. They are doing this because many real estate entrepreneurs believe that digital currency will replace fiat or traditional currencies.
The Development of Augmented Reality (AR) and Virtual Reality (VR)
Another innovation in the real estate industry includes the rise of virtual reality and augmented reality. These technological advances allow sellers and buyers to show a try-before-you-buy model. The 3D technology and drones will enable you to capture aerial shots of the property.
You can use this aerial footage to assist your customers and give them an actual virtual experience of the company. With that in mind, many real estate agents don’t need to spend so much money and time on space staging. This is because your customers can change the property’s overall look according to their taste through virtual furniture.
Most property investors in foreign countries use virtual reality before deciding whether to invest in real estate. With that in mind, many professionals think that this trend will continue to increase, considering that virtual reality experience is becoming more and more sophisticated and immersive than before.
Using AR and VR to present a space to your client is a great help in streamlining the decision-making process of potential home buyers. Aside from that, this will help you connect with potential buyers quickly and conveniently.
The Popularity of Artificial Intelligence
Many would think that artificial intelligence could be threatening and intimidating technological development in the real estate market. Many of us think that artificial intelligence is designed to replace human intelligence, which can cause human demise.
Artificial intelligence is now shaping the entire real estate industry. Before, real estate agents had to work with a number of different software systems to do their jobs, but now one software can do the work of an entire team of agents.
But currently, most institutions in different industries are taking advantage of AI solutions. In fact, many AI-based innovations are used for company efficiency and convenience.
The real estate industry uses AI-based robots that will give clients a virtual house tour. This means that clients and sellers don’t need to visit the property to inspect its view and condition. AI is also known for its consumer-centric approach. Aside from that, it can also ease the workload of many real estate agents by streamlining repetitive tasks. In line with that, AI can also take advantage of predictive analytics to filter and sort out large amounts of information to get potential clients.
Aside from that, AI chatbots can also answer potential homebuyers’ queries about the property in real-time. But this does not entail that AI can completely replace human force. Human customer service representatives are still on-demand as a backup in case of technological errors.
Another example of an innovative tool produced with artificial intelligence is the utility mapping based on AI. This tool uses mobile sensors to monitor geographical movements and conditions. Investing in this advanced tool will help real estate agents answer clients’ queries regarding the property’s geographical location.
Are you working as a real estate agent? If yes, you know how important it is to stay on top of the competition. One way to achieve that is to use advances in technology.
Aside from that, real estate agents also need to diversify their strategies, considering that the technology continues to accelerate. For instance, trends in AI technology may change for the next few years.
The growth of technology has shaped the real estate market. The market is one of the busiest in the world. New technology has provided the way for more and more people to get involved in the real estate market, primarily through the use of smartphones, real estate websites, interactive websites, and social media.
So, if you are still using conventional tools in promoting your real estate business, today might be the right time to use technological advances in the industry.