Trends in real estate technology have a significant influence on the industry. They are changing the way investors, real estate agents, managers and brokers operate. With the newer technologies coming in each year, here are some of the best tech developments in real estate to watch in 2020. Whether you are looking to sell your home online or you need to purchase a home in 2020, we believe that this information might benefit you in one way or another.
Big data is one of the best technologies in the real estate industry. Big data is a massive quantity of data that is put in place to provide analytics about customer behaviour. This technology is already utilised by companies such as Facebook, Netflix, Amazon, to help them know what each of their consumers wants the most.
When it comes to the real estate industry, big data can evolve with the help of CRM tools that indicate when a prospect visits a site or listing and accumulates data based on their behaviours on the page. This data can be used to predict when a given customer might be buying or selling a landed property.
Today, it is almost impossible to discuss the latest trends in the real estate industry without mentioning Blockchain. This is the same technology behind cryptocurrencies such as Litecoin, Ethereum, and Bitcoin. Blockchain is kind of a public ledger that creates a detailed record of all transactions made without the need for verification from organisations such as banks.
The fact that the technology relies on a few middlemen means reduced legal processes and expenses. In 2020, we should expect to see more houses being sold with the help of blockchain technology. Though most organisations are yet to start using it, the technology keeps getting bigger each year and might become more prevalent in 2020.
Though this is a technology that has been there for some time, it keeps getting more popular as companies and agencies develop their own smartphone apps. This technology is used by companies to deliver push notifications to the smartphone’s locked screen. Therefore, it is seen as the best solution to app uninstalls. Since it increases retention rates, more real estate companies will definitely embrace its benefits in 2020.
Augmented Reality (AR) and Virtual Reality (VR)
Augmented reality and virtual reality are some of the best real estate technologies to watch in 2020. Virtual reality helps real estate potential buyers and tenants to take a virtual tour of apartments and houses before sealing deals with companies. They can do this any time and from any location in the world. It is a technology that lets agents open property for thorough inspection 24/7, so it enhances efficiency and engagement.
With augmented reality (AR), builders and bookers can reveal unfinished parts of properties and allow buyers to decorate the unfinished spaces by using their mobile devices. With the help of 3D visualisation, augmented reality makes it possible for buyers and brokers to perceive constructions from different and unique perspectives.
A Shift to the Cloud
Cloud property management software has become very popular these days. It is one of the real estate technology trends that will be used the most in 2020. It comes with a wide range of benefits such as greater accessibility, scalability, enhanced security, lower cost, and time-saving.
With cloud-based systems, property owners and tenants can log in at any time to view their property and financial information. This technology greatly reduces the number of emails and communications through the phone and computers.
Real Estate Robots
The rise of real estate robots is another notable trend in 2020. These days, customers expect their queries to be answered immediately. This explains why real estate bots such as voice bots, virtual assistants, and chatbots have become very popular these days. Other than providing instant responses to questions, they allow real estate agents and companies more time to focus on other important things.
Chatbots such as Holmes, CRIBZ, and Chatfuel answer clients’ questions based on certain keywords or actions. When they detect these things, they are programmed to give specific responses. These technologies are found on many social websites and platforms owned by renowned companies. Also, voice robots such as Alexa and Siri can take care of routine tasks such as scheduling meetings and creating reminders. They can also search the internet for available data.
The Bottom Line
These technologies can be used to sell house online. Therefore, they come in handy for both buyers and sellers in the real estate world. Most of these techs have already become popular. The only challenge, however, is that they require a lot of capital to integrate. This explains why some companies are yet to incorporate them in their daily undertakings.