Emerging Technologies: The Future of Real Estate Industry

Real Estate

“There is no substitute for innovation. Original and Revolutionary idea will always rise on top”- Richard Branson

Looking at the current scenario, real estate business is cluttered with too much of services under one roof with no transaction transparency and uniqueness. When searching for a property, potential buyers have to meet the realtors, view property and at last, discuss about pricing. Moreover, the chances of fraud are always at its peak.

How can we overcome these challenges?

With the increased mobile penetration in the daily lives of people, businesses can operate from anywhere. Mobile apps  as well as web apps enables real estate business to view and showcase the property on the smart device and also provides easy access to check space details, appointments, reports, tracking of leads etc.

Adapting the emerging technologies is becoming imperative and helps the real estate industry to hit the mark. Let’s run down through the emerging technologies that can help realtors.

Chatbots

As the digital world is growing, customers expect impromptu interaction with the right information at a regular interval of time. Realtors may struggle to meet this need! But thanks to the Chatbot, they can provide right information anytime. Customers generally turn to internet for buying and selling houses but feel reluctant to fill the registration form. However, they may be ready to talk with the person who is sitting at the backend (chat bots). Chat bots interacts with the customer by making use of internal and external databases to offer personalized interactions and provide specific data to each prospect; resulting into higher lead conversions.  By automating the initial conversations between agents and prospects, Chabot can surely be an effective and efficient tool in engaging visitors and higher lead conversions. If used in a right way, they can be a key part of realtor’s marketing approach lead conversion.

Blockchain Technology

Blockchain has the ability to transform real estate industry through recording and combining transactions into decentralized secure ledger system. It creates block of transactions that are linked and secured using cryptography that no party has control of. In present situation, the transactions in real estate sector are non-transparent and take place through brokers, lawyers, and inspectors and so on. This involves high risk. To avoid this, Blockchain technology can be used where anyone can record information, without being censored or without needing any permission. Moreover, Blockchain technology cuts off third party cost; to prove authenticity, the seller can legitimately transfer the ownership to the buyer without having to pay for third-party verification. This technology can also be helpful in creating smart contracts, where seller can get away from slow loan process by creating a digital id. And by doing so, transfer of ownership would become seamless and much quicker. These smart contracts are permanently stored on Blockchain and become irreversible and unalterable.

Artificial Intelligence

Artificial intelligence can be used in predictive analysis where, real estate investors can set the growth goals and have them monitored with AI tools which can predict risk based on investor parameters and make adjustments to reach financial goals. AI plays a main role in property management where it can predict when maintenance system expires or are ready for replacement. AI can help buyers in decision making; when machine tells you that, “property you are browsing is a good deal”, it’s because AI algorithms have calculated that answer based on the data that was made available. When a human real estate agent tells you it’s a good deal, it may be because of their instinct or because they may be interested in getting more profit or selling property faster.

Virtual Reality

Before deciding which property to buy, client has to visit multiple properties to find the best one and this consumes more time and money. Moreover, if client is staying miles far, it is not always a feasible option to visit each property. But, Virtual Reality can solve this problem enabling millions of people to visit the property without leaving their homes. Real Estate agent can use VR headset to get three-dimensional walkthrough property and immersive experience of the property. If client has to check multiple properties, in matter of minutes they can virtually check out a good number of locations and decide which is worth buying. Another reason of using VR technology is, it helps the realtors to market staged properties with little investments.

For instance, Company named Roomy offer VR staging services to the real estate agents. It enables to create 3D real estate tours and get property staged so that their clients can check that out easily.

Conclusion

Today, emerging technology has become more reliable, integrated and robust and using this technology is not an option today. In order to stand out from the crowd, using technology in real estate can increase leads and surely takes your business to the next level. With the advancement in these emerging technologies, real estate companies need to stay abreast with the current trends in technology world.

Whether, you are an owner, property manager or real estate company, TOPS Infosolutions provides exceptional software solutions for streamlining real estate services. Our responsive mobile app portals and web app development have helped real estate client across the globe to generate more leads and increase ROI.

Artificial Intelligence (AI) and the Future of Web Development

Artificial Intelligence

“A year spent in Artificial Intelligence is enough to make one believe in God – Alan Perlis”

Internet has evolved a lot since its birth and it has made the web development evolve as well – website building was a very easy process that involved nothing more than pages of standard texts with few pictures and font variation. Fast forward a decade; society was gifted with standard web connections which enabled website to develop on HTML and PHP, included graphics and animated design elements. Fast forward another two decades – today with the advancement of technologies, web development consist of mix of images and audio visual content designed to deliver the best user-experience rather than just information.

As per the recent news, humanoid robot Sophia has been made a citizen of Saudi Arabia. Was that something ever expected? Additionally, Gartner predicts, “By 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human”.

So, here the question arises, with whom will they interact? The answer is quite simple – via Artificial Intelligence (AI); i.e. simulation of human intelligence processes by machines that includes learning, reasoning and self-correction. For instance: Siri, Cortana, Chat-bots, self-driving cars etc are delivering optimal user-experience with the help of AI.

Today, as web-development focuses on enhancing user-experience; small, medium as well as large enterprises are looking forward to leverage the power of Artificial Intelligence for providing personalization and boost their web-experience.

Why it is important?

  • Automates repetitive learning and discovery through deeper data
  • Adds intelligence
  • Adapts progressive learning algorithm
  • Achieves incredible accuracy

Let’s check-out how Artificial Intelligence is changing the scenario of web-development:

  • Better Predictive Reply

A predictive reply is the process of interaction between user and machines. Machine fails to understand the human’s emotion but Artificial Intelligence can understand the same and responds accordingly. This helps in getting quick answers, making it easy for the customers and business to resolve their queries. Recently, Google updated the Gmail app with an AI-driven “Smart Reply” feature that predicts responses you may want to send. The feature uses machine learning algorithm to analyze your emails and suggest quick, bite-sized responses you may want to send. What it does is, it tries to understand the email message and predicts what preferable responses you can give. Chatbots powered by AI, interacts with the user in a natural way leaving no scope of misunderstanding and enriching user-experience. To be precise, you can create websites or web-enabled devices that can communicate like a human in an effective manner.

  • Voice-based search

Voice-based search empowered with Artificial Intelligence is the key-driver in enabling seamless voice conversation between users and website. Siri, Cortana, Alexa can do virtually anything from assisting you to set the alarms, schedule meetings, controlling and checking the status of smart-home devices, make and receive phone calls, get directions etc. As the user interacts with the virtual assistant, they can learn about your voice, intent, preferences and much more as the AI backend code uses the sophisticated algorithm to learn from the data input; predicting the user’s need in a better way. And by doing this, it learns how to work with you better as well as serve you in an enhanced way. Virtual assistance can be an integral part for all e-commerce web players to enhance web-experience and shopping in a smarter way. Digital Assistance also maintains privacy policies, which defines how each company uses and share personal information.

  • Machine learning

Machine learning technology – the element of Artificial Intelligence has come along a broader way to provide customization in websites and personalization to the users. It predicts the user’s intention by analyzing previous activities and accordingly adjusts messages based on the interactions and behaviors. Machine learning make use of algorithms to make computers learn without being explicitly programmed. Through machine learning the application analyze data that helps to automate the analytical model building, enabling the systems to find hidden insights. It applies complex mathematical calculations to the big data – over and over, faster and faster to predict the future problem and preventing them from occurring.

Some popular scenarios of machine learning used in web application are:-

-Online recommendation offers from Amazon, eBay etc

-Spam detection in form submissions

-Search engines

  • Boosts the content-quality

It is easily said ‘Trigger the right message to the right buyer’, but doing it is altogether a different challenge. In this digital era, which is the best way to present the relevant content to every person who engages with your brand? The precise answer is, through Artificial Intelligence. It helps the web-marketers to create the relevant content for their audience at every phase of marketing funnel. With the help of algorithms, robust analysis and scrutinizing the data of competitors, it is easier to gather information about target audience which includes what their likes and preferences. With such insights, you can curate your content and provide relevant answers to boost customer engagement and rank high on conversions.

  • Provides unique store experience

Retailers use Artificial Intelligence to analyze the customer data in order to gain insights about customer’s behavior. It provides the personalized approach to each customer by offering shopping recommendations, deals, discounts and much more. Chat-bots, an extremely multi-faceted tool, is able to detect the tone of the user’s message and determines the best way of responding. AI enables online retailers to boost sales and forecast demand, to gain a better understanding of consumer behavior.

Wrapping it up

Artificial Intelligence is an advanced and decisive technology which adds value to the user experience and organizations. In the coming years, AI will play a crucial role in bringing the web and user close to each other.

Do you want to enhance the user experience of your webs application? Get in touch with us and we will get back to you with the most robust solution.

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