Technology is disrupting every aspect of the real estate business. Whether you are an agent who is looking forward to selling homes, a landlord who want better tenants or a homeowner looking for a dream home, the technology is shaping real estate industry which will affect lives in 2019 and beyond. Today, buyers can check the properties while sitting at their places and even buy a house without even taking out a pen to sign the contract. According to Statista, 70% of today’s buyers search for a home online and 85% agents use texting to get work done.
Here are top tech technology trends that are revolutionizing the future of the real estate.
Big Data Analytics – Determines the Industry’s Future
When thinking of real estate software development, integrating big data can help both customers and real estate agents to find appropriate properties with indicated parameters. Moreover, it makes the workflow more efficient and faster.
- With the help of 3D videos and 3D photographs, you can deliver interactive walkthrough of the building interiors to your customers.
- It allows you to visualize the premises from your screens, gaining the sense of building space, ambience, style without making a physical visit.
- It offers realistic representation of buildings, allowing buyers to browse multiple listings before making a site visit.
Many real estate development companies use predictive analytics to analyze the condition of the buildings including property’s age, owner information, etc. thus, leaves no dark spots in the buying process.
Special algorithms and predictive analytics help agents to understand consumers and provide what they want in the first time. It builds trust that makes customer engagement stronger and real.
When buyers or sellers have proper data insights, buying or selling process becomes organized and well-planned. Incorporating big data reduce the role of half-informed brokers and disappointed participants who enter the market with unrealistic goals. Reliable real estate service providers help you to transform information into relevant data in such a way that it optimizes and stabilizes returns.
Augmented and Virtual Reality – A Real Game Changer in the Industry
Immersive technologies like AR and VR can drastically improve the index by offering valuable experiences and satisfaction to buyers, agents, and sellers alike. While looking for services for Real estate mobile app development, you must think of embedding the technology in your mobile app. AR/VR saves considerable time by showcasing the properties virtually to the potential buyers.
Many renowned mobile app development companies offer estimation tool to calculate approximate cost of your AR/VR app, giving you an idea about the investment needed to harness success in the real estate market in today’s highly volatile environment.
Blockchain – Holds the Potential to Revamp Real Estate Vertical
A blockchain-backed application decentralizes data and enables everyone to share data seamlessly in a P2P network. At present, extensive documentation and integration of third-party intermediaries are making the process troublesome, expensive, and lengthy. Embracing the blockchain technology you can simplify the filing process by introducing different verifiable digital identities for properties. It can also streamline the payment process while reducing the involved taxes and fees. The blockchain-based real estate app uses smart contracts which can abridge the entire process – right from signing lease agreements to regulating cash flows and filing maintenance requests. In addition to that, real estate applications utilizing blockchain can rationalize investing process by using the concept of tokenization and fractional ownership.
Artificial Intelligence – Real Estate Needs to Set Up Its AI Game
No matter how futuristic it sounds, real estate apps with AI are already in the marketplace. Thousands of agents and homeowners are already using it and many are influenced with AI achievements. Several mobile app development companies are developing AI applications that will serve as conversational interfaces with customers to answer simple or complex questions. AI and machine learning give an edge in removing the bias from the agent recruiting process. By combining CRM and marketplace data, AI technology helps real estate agents to predict the future value of homes in the specific market.
IoT – Disruptive Innovations Fueling the growth of Real Estate
IoT plays a key role in capturing valuable property insights which improve sales. With predictive analysis, agents can provide the information to prospective buyers thus boosts confidence. Instead of viewing the property multiple times, buyers can access informed analytics and make quick and educated decisions.
When you are looking for a mobile app development company to develop an intuitive real estate software solution, you must look for their other services to get better business outcomes. Real estate tech evolves, all renowned real estate development companies will offer solutions to digitize workflows and elevate transparency that helps in making better decisions at a fraction of the cost. From shortening the sales cycle to providing top-notch tenant experience, choose the right technology for your platform and witness tremendous business growth not in years, but months.