Top Technology Trends for Real Estate Industry in 20224 min read
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
Franklin D. Roosevelt
All industries have been reshaped by technology. It has a massive impact on them. The real estate industry, on the other hand, is still somehow traditional. However, as more Realtors embrace and accept technology to make their jobs more efficient and get things done faster, this is steadily changing. For example, almost all realtors have a website or use social media to promote and market their products and services. According to the National Association of Realtors, 93% of people visit websites when searching for homes.
Real estate is the most competitive industry in the world. As a result, Realtors must come up with new and innovative ways to do business, and there is no better way to do so than by embracing new technologies. As a result, we’re going to show you the best real estate technology trends for 2022.
Augmented Reality(AR) & Virtual Reality(VR)
This technology is not just for gaming. More and more industries, like retail and fashion, are using this technology to create the ideal customer experience. Dior, for example, created a virtual shop that includes Dior’s products. Shoppers can explore and find these products while sitting at home drinking tea. In real estate, Millenials are the number one buyers by 37%. Therefore, being creative is essential.
There are so many creative ways realtors can use this technology, including:
Agents can provide a virtual tour for potential buyers. This tech gives the buyers the feeling of walking through the property with 360 vision of the whole thing. Zillow, an online real estate business, is using this technology.
It can be difficult to sell an empty property. Realtors can use this AR technology to construct a 3D model of a home and add furniture, adjust the interior design, and more.
Artificial Intelligence (AI)
This is the age of data. AI is all about data gathering and analysis. Based on that, the machines learn and act. Tools such as chatbots help all industries improve customer experience through fast response, personalization, and predictions. Smart buildings, on the other hand, use AI for building monitoring. Here are some ways for you to benefit from AI:
Enhance Customer service:
Chatbots can operate 24/7, providing fast and personalized responses to customers. It acts based on customers data, so it provides accurate responses.
The more you feed AI data, the more accurate the predictions will be. For example, AI can give you predictions on sales, renting growth rates, customer’s expectations and many more.
Identifying the ideal clients:
Buyer data gathered by AI can be used to identify a serious buyer. In real estate, you may encounter a lot of daydreamers or curious people who are not serious about purchasing. Therefore, there are systems that use Natural Language Processing (NLP) that help in the process of identifying buyers who are more serious and narrowing down the list.
Most real estate transactions are executed with a third party involved, such as banks or agents, and these transactions include a lot of paperwork. Blockchian is a secure and transparent way to make transactions. Smart contracts, for example, supported by blockchain, are signed digitally when all conditions are met by the two parties without the need for a third party. This method saves money and time and also encourages the younger generation to invest in real estate.
Drones can be used in real estate to give potential purchasers an aerial view of the property. This is an excellent marketing technique because it enhances the customer experience. Drones can also reach spots that humans cannot, giving realtors a better understanding of the property and assisting them in identifying faults.
Immigrating to the cloud is a wise business decision for real estate companies because it saves you a lot of money and time. By transferring your data to the cloud, you don’t have to spend a lot on IT. Also, the cloud is more accessible and secure than having an internal data center. Finally, cloud service providers such as Microsoft and AWS are developing specific software for real estate that helps realtors manage their business and streamline their operations.
How can realtors choose the best tools for them?
There are some factors to consider before making the decision:
1- Identify the business needs: In all businesses, before making the decision to employ new methods or tools, you have to understand what you have and what you require. Do you want to create the ideal customer experience? Or do you want to improve your operations?
2- Define your objectives: setting goals will help you execute a successful implementation process.
3- Get professional help: There are companies who provide IT solutions for real estate. They will guide you in all the stages and offer the best tools for you.
The real estate industry can benefit from technology in a variety of ways. It provides you with all of the resources you require to be creative and innovative. It also helps you maintain a competitive edge in this industry.