In the past, real estate transactions were done face to face with an agent having the only access to property listings and data that they shared with their clients. It was a paper-filled world until technology ramped up with the internet.
Now people can access listings and search various databases to shop for homes, helping the industry thrive. Real estate agents need to be part of this tech train to stay relevant. They can use these advanced tools and real estate broker software to their advantage.
Let’s take a look at the latest real estate technology trends.
Real Estate Technology Trend #1: Analytics
To make the best business decision, you have to look at the data, especially in real estate. Understanding past performance, demographics, pricing, and historical and real-time information paints a property’s picture in full colour. Analytics are vital to:
- Effectively market a property with better strategies
- Decrease the risk of buying a bad property
- Accurately price a property using real-time date and future forecasted fluctuations in price
- Mitigate risk through data analysis
- Recognize profitable projects
The more data that can be analyzed, the better insight you can have when buying or selling a home, as clients want an accurate value or pricing of properties.
Real Estate Technology Trend #2: Mobile Apps
Almost everyone has a supercomputer in their pockets, and with that popularity comes applications to make digital life easier. Shopping, ordering food and getting transport through mobile applications is more than commonplace, with the Apple App Store and Google Play Store having a combined app count of over 5.5 million. Among them are great real estate apps.
These property apps allow users to browse properties, find agents and even buy and sell virtually. This is a way for customers to instantly connect and do transactions in real-time according to their schedule and location. More and more real estate apps are coming out to enrich the customer experience and attract a digital generation that wants to use their devices exclusively.
Real Estate Technology Trend #3: Blockchain
The traditional way of completing a real estate transaction is to go to the bank to get a certified check or do a money wire transfer. This was how to do business, but technology is changing that.
Blockchain technology records information in a digital ledger of transactions transmitted across a network of computer systems on the blockchain. It works great for executing digital transactions like real estate, where assets can be tokenized and traded as cryptocurrency. It also facilitates secure data sharing and eliminates much of the paperwork and bureaucracy.
This is an efficient way to deal with real estate as it allows for properties to be bought and sold rapidly around the clock. As more and for people using cryptocurrency., this method of transacting real estate is much more relevant.
Real Estate Technology Trend #4: Live Streaming
Being able to see inside a property without being there is a game changer, especially post-pandemic. Virtual tours exist today with the recorded video going room to room, and it’s almost like being there, but if you have any questions, you need to contact the agent to get them answered. Not so with live streaming.
Live streaming is a real-time video connection that puts you face-to-face with your agent as they walk you through the home. Millennials love watching videos and are ready for any technology to help make their lives easier. This fills that need.
Besides a virtual tour, you can also live to stream your open houses and interact with in-person visitors and virtual ones. Online retailers are already using this technology to assist buyers during their shopping experience. Still, with the ability to virtually show homes in real-time, you are opening up more accessibility to tech-savvy clients.
Real Estate Technology Trend #5: Crowd Funding Platforms
Crowdfunding is used to raise funds for causes or businesses and allows people to contribute sincerely as they are moved to get involved. It also provides the freedom to invest the amount you want to let you diversify your assets.
This can be useful for real estate investing where raising capital is difficult and can use a pool of potential investors to enable businesses to develop properties and take on partners.
Real Estate Technology Trend #6: Real Estate CRM
A big enough storage device to carry all your tools is vital for tradespeople, business owners and artists alike. Using customer relationship management (CRM) software is a game changer for a real estate agent in the digital era. Most programs come with a host of tools and features to effectively manage all your business activities, communications, contact information and online presence.
It’s like having an AI assistant to keep you on track and achieve your goals. As more work is being done online through digital devices, using software to help you stay on top is more important than ever.
Technology is not fading, so understanding the latest trends can help real estate agents stay ahead of the digital curve.