Advancement in technology determines how brokers and homeowners navigate while buying and selling a home. In today’s modern world, real estate professionals rely on advanced data to make decisions, assess the value of their homes, and find ideal buyers.
It can be challenging to keep the pace, but the technology available to agents in the form of mobile apps is exciting and practical. The real estate sector is one of the last sectors to adopt innovations. But now things are changing at a high pace.
Billions of dollars have been poured in real estate transformation, creating new real estate models and functions for real estate platforms. In 2019, VCs invested approximately $16 billion in startups related to the real estate sector.
Here are some ways in which new technologies are shaping the real estate sector and how agents can gain a competitive advantage by keeping up to date with the latest trends.
Top real estate tech trends in 2020
Tech has made everything much more comfortable to execute, and when it comes to real estate, it was never this convenient.
Real estate marketplace
The first and most popular way to digitize a real estate company is to put it online. Research suggests that the primary source of information that customers use for home searches is online sites.
The leading real estate sites can offer much more than just a broker. The web services listing customers to find homes and commercial properties for sale and rent, at home or abroad are highly appreciated.
The technological trend in the commercial sector to use CRM for real estate websites is not new. However, it is expected to take another step in the real estate sector and become more popular in the real estate market.
Users have many roles in this management software. That is reports, accounting, tenant planning in the case of rental software, automatic tracking of insurance policies, and other vital functions.
AssetOwl software developer for property management announced Inspector360, a software solution that integrates 360-degree imagery, video, speech to text, and floor plan hotspot mapping to document reports on property conditions accurately.
Artificial intelligence, or AI, refers to intelligent technological tools whose level of awareness allows them to learn from their environment to improve processes and decision making.
AI tools can help improve the efficiency of all stakeholders in the real estate industry, be it investors, asset managers, brokers, and sellers. Brokers can use AI tools, such as chatbots, to communicate with clients and analyze facts from various angles, including property values. Recently,
MeetElise, the leading artificial intelligence-based leasing software that now streamlines rental processes for more than 250,000 multifamily communities across the country, announced the $ 6.5 million Series A funding led by Navitas Capital.
There’s a real estate app for everything: finding the perfect home, calculating your mortgage payment, estimating your transfer costs, and even electronically signing your closing documents, among dozens of other tasks. Zillow Realtor.com, Trulia, Homes.com, Redfin, Century 21, and Compass are applications that facilitate the arduous task of looking for a home.
Looking at the present slowdown in the real estate market. It can be assumed that housing demand will return as soon as things back to normal. The sector must remain optimistic and support this difficult period. While it is definite that growing digital existence is the need of the hour.
To stay aligned, many real estate companies have started to spend exponentially on a variety of digital solutions. These include productive online tools, such as emailers, virtual tours, scans, personalized video presentations, to increase brand value and build trust without physical contact. Some cleverly deploy artificial intelligence and algorithms to host chatbots integrated on their website to answer questions 24/7 and implement search engine optimization services to track traffic. This shift to digitalization will play an essential role in maintaining a relevant customer pool that will ensure a high demand for the real estate sector in the future.
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