A decade ago, digital marketing in real estate was not common. Property buyers had to pay a visit to the property they intended to buy, hoping to seal the deal and get a place they can call home. This process was time-consuming and hectic as sometimes the buyers had to visit several properties to make a decision.
But today, property buyers can shop and buy this preferred property even without physically visiting the place, thanks to technological advancements. So those who are professionally involved in this field and are planning to expand their business and stay productive should understand the market and check out for the latest real estate tech trends. Such awareness will enable you to make informed decisions.
A recent report suggests that 81% of millennials purchased their homes using a mobile phone or computer. It’s no longer surprising why real estate agents are eager to understand how to leverage technology for their business. Here are the top tech trends transforming the real estate industry.
Increased Data Volume and Business Intelligence
The real estate industry usually deals with massive data that can be tedious and hard to analyze manually. Using business intelligence, you can source and analyze enormous data sets and use them to draw meaningful insights.
Besides, business intelligence helps you to understand your clientele and come up with better strategies. When combined with the other useful analytics, business intelligence can help you determine the most productive niches and improve customer experience by offering better deals. Business intelligence reduces cost and time used in making decisions.
Artificial intelligence and machine learning
While it has taken a lot of time for the real estate industry to adopt the latest technological trends, the industry is slowly welcoming current trends. Artificial intelligence and machine learning, for instance, is helping realtors match deals with customers.
Most property websites have relied on simple preferences such as location and size in listing properties for sale. But, with artificial intelligence, these websites recommend properties based on buyers’ preferences making it easy for them to find what they are looking for.
Some firms are working on technology that would enable agents to conduct virtual shows enabling one agent to serve several customers in a day.
Artificial intelligence can also help to predict pricing trends with more accuracy improving buyer and seller experience.
Chatbots
The use of chatbots as virtual assistants has grown increasingly in the real estate market. Among the most significant impacts of this trend is their ability to improve the interaction between the property sellers and their buyers.
Chatbots serve as customer care representatives reducing labor costs since staff who would do that job are no longer needed. Customers also get answers to their queries fast.
Mobile apps
Mobile apps are one of the developments that have tremendously changed the way real estate agencies operate. Currently, clients can access all the information about the properties they intend to purchase through mobile applications.
Mobiles apps are not only helping strengthen the collaboration between the seller and the buyers but also save labor, time, and resources. Again, they are also proving to be the best platform for resolving customer issues besides answering their questions.
With mobile app support, customers get their questions answered in the shortest time possible, giving real estate developers more time to focus on other areas of the business.
Cloud services
One of the cloud computing solutions applications for the real estate industry is cloud storage. With cloud storage, you can access your clients’ information easily from anywhere, helping you to improve client relationships.
This trend also has assisted in boosting security, especially for your clients’ sensitive information such as financial details and social security numbers.
Cloud computing services have brought many advantages to the real estate industry, including improved security, reduced costs, and increased productivity.
Augmented and virtual reality
Virtual reality is among the most notable real estate technology trends that seem to impact the industry significantly. This technology allows clients to tour properties virtually.
AR/VR also allows clients to decorate all unfinished spaces according to their preferences. With virtual reality, you don’t need to go for house tours physically. This reduces costs while giving your clients a personalized experience.
Summary
Technological advancements have assisted many firms globally across various industries to meet the evolving requirements and expectations of their clients. It is easy to see why numerous firms are looking to leverage the technology to make considerable changes in their businesses.
If you are in the property business, it is vital to stay aware of the latest technological changes in the market to remain productive and relevant.
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