Technology has had a major influence on various businesses and industries across the globe – and real estate is no exception. Tech apps, for instance, have transformed how brokers and real estate agents interact with each other and their customers.
Professionals in the housing industry should take advantage of technology and upgrade their work style. Doing so will allow them to keep with the evolving nature of their clients and reach a bigger audience.
Here are a few real estate tech trends that real estate professionals should keep in mind to stay in business and succeed in the years ahead:
- Modern Mortgage Customer Service and Marketing
A lot of things are going digital. Take customer service as an example. Some first-time homebuyers talk to mortgage brokers online via website chat to discuss home loan-related matters. Then, there are virtual loan officers who use video conferencing tools, such as Google Hangouts, Skype, and Zoom, to communicate with prospects, offer on-demand service, and even host virtual open houses and showings.
Another area that’s becoming increasingly digital is mortgage marketing. Some lenders and mortgage loan officers are using e-mail, Google Ads, and social media marketing to target and connect with their ideal customers.
Mortgage companies, therefore, should use the latest marketing and communications technology to reach their target market and deliver tailored lending solutions to borrowers.
This technology can prosper in the real estate industry. In late 2017, someone from Kiev, Ukraine purchased an apartment using blockchain. This news meant that people could buy houses or other properties using bitcoin or other similar cryptocurrencies.
Blockchain, however, isn’t just limited to the home purchasing process. Real estate companies can use this potent technological innovation to eliminate structural inefficiencies in the housing sector and transform how organizations conduct their operations. Among the inherent benefits that blockchain can deliver to the real estate industry is the security of details, effective distribution of commissions, real-time sharing of data, and smart contracts.
3. Artificial Intelligence (AI)
Another technological advancement that real estate businesses should consider is AI. Using artificial intelligence algorithms can help companies match deals with clients and maximize the income potential for investors.
AI is useful in the area of real estate recommendations. Mobile applications and real estate websites that use this technology can provide property buyers with relevant offers that will help them pick their dream home. AI-based algorithms can personalize how an app or a website interacts with prospective customers.
Artificial intelligence is also beneficial in the field of property management. Landlords have to keep track of various things to keep their property in great shape. A few of the tasks that they need to focus on are putting up rental or property listings, working on property maintenance requests, and processing applications from tenants or buyers.
Regardless of how organized or responsible a property manager is, they can become disoriented or lost in the abundance of real estate information they’re working with daily.
This is where AI algorithms can help. Software or online platforms with built-in AI features can help with monitoring vital real estate metrics. These tools may also forecast long-term trends in housing prices, property maintenance, crime rate, and other variables that are important for a property manager.
4. Internet of Things (IoT)
This term describes a system of internet-connected and interrelated physical objects or “things” that can send and receive data over a wireless network without the need for human intervention. These objects can refer to solar panels, connected medical devices, and sensors installed inside an electric car.
IoT has made various aspects of a property, such as electrical services and plumbing, accessible to prospective real estate clients. Houses equipped with an Internet of Things facility can command higher market value. These properties are what people call smart homes.
This tech trend has the potential to redefine the face of real estate. When a homeowner is living in a smart home, they can enjoy improved property management via centralized control of important systems like lighting, HVAC, and security systems.
What’s more, prospective buyers will surely like the idea of using automated air conditioning or lighting systems. When a homeowner is going away for an extended vacation, for instance, they can use an app that automatically programs their lights and AC units to switch off. This is more convenient than manually unplugging or turning off each unit inside the house.
These four technological trends are gradually but surely changing the housing sector. Businesses in the real estate industry should take note of these trends and use them to make better and informed decisions, attract more clients and grow their bottom line.