How Are New Technologies Affecting Real Estate?
Real estate investing is taking a cue from the popularity of crowdsourcing. Some new websites are making it a mission to let anyone invest in high-quality real estate by pooling their resources online.
Real Estate Operations Automation:
To remain competitive, real estate companies have to look out for better ways to increase efficiency and differentiate and position their products and services as they build customer loyalty. With a robust back-office operation, the company can have visibility of a customer life-cycle from the time they were prospects till when they become landlords or tenants. By automating customer relationship management, portfolio management, and facilities management, companies can address challenges such as cost efficiency and communication between different stakeholders.
Integration of Smart Home Technology:
Smart home technologies are transforming homes for the better. Not only are smart gadgets like the Amazon Echo or Google Home being adopted by homeowners; houses and multifamily complexes are increasingly being constructed with smart home technology in mind.
The following are some of the most common built-in smart house technologies:
Offers a unique try-before-you-buy model in real estate. Thanks to aerial footage obtained from drones and 3D technology, your clients can now “step into” space and have an immersive virtual experience while you assist another client. Agents may soon no longer need to spend time and money staging a space because clients can personalize it with virtual furniture. Many international investors already use VR before considering a real estate purchase, and this trend will increase as the VR experience becomes more immersive and sophisticated. Allowing your clients to evaluate a space will help speed up their decision-making process and is more likely to put you in touch with an interested buyer.
While Blockchain technology is still in its infancy, it has already demonstrated its vast potential with the recent use of bitcoin currency in luxury real estate sales. Bitcoin, a digital cryptocurrency created by blockchain technology, is essentially decentralized electronic money used for transactions worldwide. The appeal of this peer-to-peer currency is that it is borderless, not controlled by a monetary authority, and has created a wave of new digital wealth valued in less than a decade. Despite bitcoin’s potential tax implications and tech bubble “feel”, sellers are willing to accept the currency for large-scale projects fueling speculations that bitcoins may be revolutionizing the financial sector next.
Real estate professionals need to adjust to these technological advances and diversify their strategies, as new tech will continue to accelerate the pace of business. Consumers will increasingly seek centralized experiences that integrate all facets of a real estate transaction.
The power of geolocation and localization:
More agents are expected to go hyperlocal than ever before. One of the reasons for this is that property owners are becoming estranged from real estate agents. As a result, more real estate brokers are focused on what may increase the value of offered services – local property marketing.
Geolocation, as one of the trendiest real estate technology developments, can assist agents in focusing on this market need. There is a service to be provided at a reasonable fee that includes knowledge of local marketplaces and aid in getting one’s bearings.
In reality, several things may go wrong without the assistance of a real estate agent, and a wise professional must ensure that the information they provide is exclusive and extremely relevant.
One of the most efficient technologies used in the real estate industry is mobile, e.g., developing different real estate apps. The most popular ones are rental and purchasing mobile platforms.
These apps offer several advantages to potential renters over the traditional means of locating an apartment or house. Databases are frequently updated, providing more timely information on new properties put on the market and those that are no longer available.
Consumers interested in purchasing, selling, or renting a property can also use apps tailored to their needs. They can help you locate the house you want and put you in touch with a real estate agent to help facilitate the deal.