The real estate industry has always been an appealing sector for many investors, with investments on the market dramatically increasing in the past couple of years—improving real estate tech and streamlining processes within the niche.
With that in mind, here are the latest tech trends reshaping the real estate market in the new decade.
Virtual and Augmented Reality
One of the most prominent and popular real estate modern tech trends is virtual reality (VR) and augmented reality (AR) technologies. It’s recently reached the ‘third synthesis phase,’ where sellers can improve the efficiency of managing the physical spaces more accurately. Additionally, experts have predicted buyers will be increasingly using VR tech to view homes from their current, checking out the tiniest details.
If you’re doubtful about barn-style doors looking good in the bathroom, you can use VR to give the buyer a visual idea and proof. The experience provides a more immersive experience to the potential buyer. This modern tech trend saves both the buyer and seller valuable time and money while ensuring a higher-quality experience to the users.
Business Intelligence Leads to Increased Data Volume
The popularity and advancements of real estate mobile applications can be hard to imagine without business intelligence. Besides, successful app developments shouldn’t get separated from the details that typically tend to grow exponentially. With these factors in mind, more efficient business processes are becoming more attainable. Business intelligence taken from big data is considered one of the biggest trends in real estate property management.
This modern tech trend can empower real estate applications by affecting the interaction process between property owners, real estate agents, and customers in a single app. Business intelligence provides different tools for optimizing the decision-making process alongside intelligent predictions defining the relationships of the applications’ users’ relationships—streamlining the entire process for everyone.
With this trend, you can optimize your operations while leveraging and processing all incoming data, keeping you on top of things.
Real estate is a sector where using blockchain can be the most useful due to several reasons. The first one is that using cryptocurrencies in the industry was recognized to be very beneficial to sellers and buyers, making it legally possible to purchase homes using bitcoins and other electronic currencies. In fact, the first-ever property sold using blockchain technology was an apartment in Ukraine and has expanded ever since with several blockchain real estate startups emerging.
The rise of this modern tech trend has efficiently dealt with common real estate issues, including fraud and staying up-to-date. The risk of fraud will always be present as long as real estate property agreements are in papers, allowing people to falsify them easily. However, blockchain can minimize the risk by using ‘smart’ contracts, linking digital property ownership to the blockchain—and these are impossible to alter once encrypted.
Additionally, with the volatile real estate market, staying current with relevant property information can be challenging to obtain. Using blockchain can streamline the task by storing all necessary information on the property and parties involved as they’re not only securely stored, but users can update them anytime without continually seeking approval.
Digital Housing Societies and Sharing Economy
The most recent housing crisis has driven homeownership down to its lowest levels since the 90s, resulting in a new trend called ‘sharing economy.’ People are beginning to doubt if they should own or rent properties, as the millennials who are gradually becoming the target demographic in the real estate market believe that everything is better when shared. That’s why internet-based platforms are becoming in demand as they do a great job in giving people sharing economy benefits.
Real estate, alongside the internet of things (IoT), works hand in hand to streamline the buying and selling processes. This trend uses a system of sensor-equipped devices, gathering, analyzing, and using digital data. The efficient use of data provides professionals in the industry and beyond a universally competitive advantage, ranging from multiple categories to commercial real estate can enjoy these benefits. These results are primarily empowered by using IoT in real estate.
IoT is quickly becoming one of the most used and favored real estate tech trends right now. That’s because since IoT innovations like smart light switches to smart thermostats aren’t entirely new, costs are going—making it more accessible to the masses. Real estate agents can take advantage of this trend by incorporating it into their marketing plans or pairing them with AI algorithms, promoting top-quality property management.
The future of real estate technology will be driven by the trends mentioned, making the buying and selling processes more manageable and easier—ensuring steady growth over time.