Want to know which real estate technology trends are leading the industry? Click here for the types of tech real estate developers need to succeed!
44% of home buyers start their property search on the internet. They’re interested in beginning the search for their future home on their own – without an agent.
What if you could lead them directly to you from the first search?
In order to stay on top, you have to be using the correct technology to attract and retain buyers.
Luckily, there is plenty of new real estate technology available to help you do just that. Keep reading as we go over a few of the newest industry trends that will benefit your business.
The Newest Real Estate Technology Trends
Thanks to new technology, the world we live in is continually changing. Technology is shaping and disrupting every industry, and the real estate industry is no exception.
Here are the newest real estate technology trends you should consider adopting for your real estate business.
If you’re still using Excel spreadsheets to compile and analyze data, it’s time to move on to a cloud-hosted database.
There are now cloud-based services to help you share data, boost collaboration, and create more efficient team workflows. In the meantime, you are eliminating manual processes that waste your time and money.
Saving time and focusing on your business is going to boost your profits.
With a cloud-based service, your company can adapt technology and new apps more efficiently. You can also increase your security efforts with single sign-on (SSO), which most cloud services offer. With SSO, you only have to log in once to gain access to related systems.
There are also cloud-based real estate brokerage services that let sellers list properties online, while agents and buyers can browse for properties. They also provide consumers access to networks of agents and brokers.
Deal Management Platforms
New advances in transaction management software give you a way to manage all of your real estate back-office tasks. These tasks include tracking commission, accounting, and even onboarding.
These systems, developed specifically for real estate, offer features such as investor dashboards, document management, and eSignature functionality.
With an end-to-end deal management system, you can replace several systems (such as form creation, transaction management, and eSignature) with one, end-to-end solution.
This will streamline your business by automating your workflows and giving you real-time access to transactions.
Further, streamline your real estate business by implementing artificial intelligence (AI).
AI-powered machines are able to perform sophisticated tasks such as judgment and evaluation, language production and comprehension, pattern recognition, and more.
AI is being used to advance the real estate industry by providing data to answer pressing questions. The machines can obtain new insights and make fact-based predictions. They can also identify buying patterns and recurring conditions for successful deals.
Powerful AI systems can perform tasks such as scanning piles of data patterns from sales records to identify the most popular property types. This information is not only helpful to agents, but to buyers, brokers, and marketers as well.
Imagine being able to walk into and experience a space from your living room, across the country! That’s what new virtual reality technology can do for the real estate industry.
Virtual reality is a three-dimensional environment that is generated by a computer that a person can explore and interact with. Essentially, virtual reality allows you to immerse yourself in a place you’ve never been – without actually being there. This is a dream for real estate agents.
With virtual reality technology in place, buyers can use their mouse to “move” throughout the space and get a look at the property’s interior. This takes listings to a whole new level. Buyers get all of the benefits of attending an open house, without actually having to go to one.
Cutting out the expenses of traveling to show homes and setting up open houses is easy with VR technology.
Similar to virtual reality, 3D real estate rendering is a useful tool for property promotion.
Instead of seeing a boring, empty house, wouldn’t it be nice for buyers to be blown away by a beautifully decorated one? With 3D renderings, you can create visualizations that elicit an emotional response from potential buyers.
For example, a mom with three young children will see a home with a playground rendered in the backyard as the perfect home for her family.
Architectural renderings are particularly effective for pre-selling construction projects. Sell more than just the promise of a beautiful property by providing a 3D rendering of the interior as well as the exterior of your project.
You create a fantasy for the buyer by filling the home with modern furniture and natural light. Add a beautiful skyline and they won’t be able to resist asking for more information.
Social Media Marketing
No, social media marketing isn’t new, but the trend of marketing via social media continues to grow within the real estate industry.
Why should social media be at the forefront of your mind when creating your marketing strategy?
You should expect most home buyers to begin their search for new properties online.
66% of new home buyers are millennials, and they are the largest group of any age range. Millennials love social media, so it’s the perfect place to center your real estate marketing efforts.
Grow Your Business
Social media marketing, 3D renderings, virtual reality, artificial intelligence, and cloud-based platforms are only a few of the hundreds of technologies available to today’s real estate professionals.
In order to remain competitive in the real estate industry, you need to use this new real estate technology to your advantage.
Real estate technology is only going to continue to expand. You should adopt and adapt to as many as you can now before your business falls through the cracks.