Emerging Technologies: The Future of Real Estate Industry

“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.

Tags

• mobile app development
• web app development