The housing market has changed tremendously in the past few years. From the emergence of companies reinventing how renters insurance works to advancements changing how the industry as a whole operates, real estate is not what it used to be 20 years ago. Anyone who works in the real estate industry knows leveraging new technologies improves operations and customer service.
They also probably recognize that useful innovations are constantly emerging. To use technology effectively, it’s important to stay up-to-date with current trends.
The following are some of the more noteworthy trends to pay attention to this year. If you’re a real estate professional interested in learning how you can benefit from new technologies in 2019, keep the following points in mind.
Using Artificial Intelligence to Predict Costs
AI and machine learning technologies are no longer mere sci-fi tropes. They now play important roles in various industries. The real estate sector is no different.
For instance, accurately predicting home and rental costs involves evaluating numerous factors. Often, predictions made on listing sites and similar platforms are not as accurate as they should be.
AI has the power to change that. By efficiently assessing the numerous factors impacting property and rental costs, AI can make price estimates that are more likely to match the actual final number. Unlike a person, who may overlook various factors due to lack of time (or simple human error), AI evaluates how virtually every relevant aspect of the property, from floor plan to neighborhood, impacts its value.
Technology can be particularly useful as a means of streamlining lead generation and sales processes for brokers and agents. Currently, there are several all-in-one platforms which allow users to plan and implement lead generation campaigns, easily maintain contact with potential leads, and move through every step of the transaction without using different tools and/or services. This significantly boosts the efficiency of real estate professionals.
Did you know nearly half of all 2016 home buyers began their searches on the internet?
It makes sense. Being able to research properties online before setting aside time to visit them adds a clear degree of convenience to the process. However, it also creates challenges for real estate professionals. Quite simply, it’s not always easy to accurately convey the features of a property online. Sometimes pictures don’t offer a sufficiently detailed perspective.
Virtual and augmented reality tech are helping to solve this problem. With VR, realtors can allow potential buyers to “tour” properties whenever they wish. This makes online listings more dynamic. Additionally, instead of requiring interested parties to visit properties during open houses, VR tours are available 24/7.
On-demand apps such as Uber have simplified many tasks in consumers’ lives. Thus, it’s no surprise property buyers and renters are now turning to efficiency apps to improve real estate actions.
With these products, users can instantly book viewings with agents whose properties they may be interested in. Broker fees may also be lower-than-average with these apps, helping users save money. By consolidating every step in the process (from searching for a property to completing the transaction) into a single platform, such apps help buyers and renters find properties more quickly than ever.
Blockchain technology essentially allows for the creation of digital ledgers that are immediately accessible by all authorized parties. The ledgers are distributed across a network of computers, making them safe from hackers, since a hacker would need to access every computer in the network to commit fraud. Additionally, changes made to the ledger appear immediately and publicly. This allows for full transparency.
As a result, real estate professionals have begun using blockchain to facilitate payments. There’s no need for middlemen, which reduces costs. The transparency and security of a blockchain ledger allows all involved parties to complete transactions with maximum efficiency.
Real estate professionals who begin using these technologies sooner rather than later will enjoy a competitive edge. Again, using tech effectively requires consistently learning about new innovations. These will be particularly valuable in 2019.