Technology is constantly changing the way we live, and the real estate industry is no exception, but the last few years have brought some major breakthroughs that have helped us all work more effectively and efficiently. Whether you’re a real estate agent looking to sell more homes, or a prospective homeowner looking for your first real home, the new technologies shaping the real estate industry are likely to significantly impact your life in the years to come. These are five of the biggest ways technology is changing the real estate industry today.
Virtual Show-flat Tour
VR has made headlines in virtually every industry, but it could really take off in real estate in 2019 and beyond. One of the most important steps in buying a property or becoming a tenant somewhere is to see the property inside and out – but that can be difficult due to the current Covid 19 situation.
Virtual reality (VR) could make it easy for potential tenants and home-buyers to view properties before they buy, and it will become more popular and widespread in the coming years.
Personalized and Targeted Real Estate Ads
High-end buyers may be looking for a home in a particular District, such as District 09 (Orchard Road) but not find exactly what they want. Ad tech, however, is changing that. With ad management expertise, real estate agents can now target the perfect clients for new homes that are on the market. We believe that personalised ads will change the way real estate marketing is done. For example, they could target ads based on Districts, proximity to certain amenities, and other metrics.
The real estate industry has been slow to change in the past. However, as cost-effective technology helps not only real estate agents but home-buyers as well, the industry is adapting faster than ever before. Whether it’s machine learning algorithms or innovative software, the real estate industry is entering a new era that could bring more profits to everyone involved.
Online Real Estate Portals
Real estate markets have always relied on face-to-face meetings between real estate agents and potential buyers. But technology has made it possible for online marketplaces to be relatively safe and trustworthy, even for industries like real estate. Online portals make it easy to see a list of all the homes that match your preferences without leaving your living room.Online real estate portals feature things like 360 virtual tours that you can view on your smartphone. Even better, some of these marketplaces do not require interaction with a personal real estate agent at any point in the process.
Automating Redundant and Repetitive Tasks
Real estate agents often fill out the same tedious paperwork over and over again for multiple properties. This eats up valuable time that could be spent networking, working leads on social media, or researching new properties. Entrepreneurs have studied these inefficiencies and are trying to develop products that automate redundancies. Automating tasks in real estate transactions is becoming increasingly important and these technologies are all over the real estate ecosystem. They include email and drip campaigns for marketing, automated scheduling, technologies for targeting and communicating with prospects, and even automation in the commercial space with portfolio management. These small process changes can make a big difference in business strategy, prioritization, efficiency and service.
Leveraging these small process changes to create a robust difference in strategy is especially true for asset management research. Asset management research typically involves determining the monetary value of each property in a real estate company’s portfolio and creating informative spreadsheets with that data. Technology companies have developed tools that continuously monitor these property valuations and update the information in near real-time without manual input.
Drone Aerial Photography
Drone technology has changed the way different industries interact with the world. When it comes to capturing images in the real estate industry, drone technology has opened up new photographic possibilities. Drone technology is helping real estate agents sell properties, how could it be otherwise when they can now take dynamic 360-degree aerial photos of the property with ease.
In addition, various photography technologies allow for effective visual mapping of the interior of properties. These can be integrated with virtual reality to offer virtual tours where visitors can experience the property like never before.