As it continues to evolve, technology is making our lives easier and more efficient than ever. For years, the real estate sector has been slow to adopt new technology. It has been like a silent spectator. However, that has changed in recent times. In the past few years, there has been an increase in investment in real estate technology. Each year we are seeing new real estate tech trends come up. 2019 is no different and we expect the following trends to dominate the real estate industry during the year.
1. Construction Technology
While the construction industry wasn’t the first to adopt technology, it has certainly warmed to the idea of using technology in constriction operations. Today, an increasing number of builders are embracing construction technology to maximize efficiency in the construction process.
In 2018, investments in construction technology grew by 30%. Additionally, investments are expected to go over $10 trillion by 2020. Several factors contribute to this increased confidence in construction technology. They include a growing data ecosystem and advancements in construction software. Moreover, robots are now accurate enough to be used effectively in the construction industry.
2. Automation
An integral part of the boon in technology in recent years, automation has an effect on several daily tasks. This includes day-to-day accounting, invoice processing, social media advertising, email marketing, and more. Automation was first introduced to deal with the repetitive and time-consuming tasks. Today, it is a growing trend in real estate. There are several real estate tasks that can be automated today. These include administrative duties and communication with clients.
Since the ‘non-essential’ tasks are automated, you can have more time to focus on things that really matter i.e. expanding your customer base and growing your business. Additionally, real estate technology can help you to gain a competitive advantage. It can do this by automating tasks such as data processing and collection. This frees up more time for you to focus on growing your business.
3. Augmented Reality (AR) and Virtual Reality (VR)
These two emerging technologies are truly changing the experience for real estate customers. With VR, you can allow people interested in buying or renting a property to take on a virtual tour of the property. Even before the buyers or renter step foot onto a chosen property, they can see what it looks like from both the inside and outside. This can save a substantial amount of money for realtors.
Augmented reality (AR), on the other hand, produces computer-generated images of a property which interested buyers or renters can look at. Moreover, it will be possible in the future to digitally decorate the inside of the property which will take the experience with AR to the next level. Both AR and VR have tremendous potential in the real estate industry if they are utilized properly. Simulated tours of houses using the wearable VR and AR tech is only the beginning.
4. Blockchain
In 2019, blockchain will continue to revolutionize the real estate industry. Blockchain technologies are firmly establishing themselves in the real estate industry. This is because they streamline transactions and make them more transparent and secure. Additionally, they help to prevent fraud by making it easier to manage, verify, and store the documents of a property.
One of the most prominent features of blockchain technology in the real estate industry is al big-named com smart contracts. With smart contracts, you can make the real estate buying and selling process more transparent and secure. All this while saving time and money.
In addition to the above, digital leases are a feature of the blockchain technology that can automate the rent payments. Additionally, transactions are automatically recorded by an automated accounting system while the full credit history of the buyer is displayed by a secure electronic record.
Smart contracts are useful not just for the realtors, they are also useful for the buyers and sellers of the property. Using these contracts, buyers and sellers can speed up document verification and even provision a digital identity for properties. The digital identity shows the previous owners of the property as well as the total costs incurred for maintaining it. It does this to protect all the parties involved in the transaction from fraud.
5. Big Data
Big data refers to massive amounts of data that is analyzed with the help of algorithms to predict various outcomes. An example of this is predicting buying behavior and intent based on history and past patterns. Today, big data is the lifeblood of several big-name companies. These include the likes of Netflix, Uber, Facebook, and Amazon.
In the real estate industry, big data can be used to make predictions about the time a lead might be ready to buy or sell a home. It can also help to predict the number of people who might turn up at the next open inspection or how much a property would be rented or sold for before it is listed. In the long run, this will allow you to make your interactions more personalized, win more listing, and get ahead of your competitors.
6. Real Estate Robots
Today, customers want answers to all their questions and they want them quickly. This is how much the expectations of customers from businesses have increased. The good news is that robots in the real estate industry are making it easier to meet these customer expectations. These bots include virtual assistants, voice bots, and chatbots.
Not only can the bots answer the customer queries immediately, but they can also free up valuable time for you. Some examples of these chatbots are CRIBZ, ChatFuel, and Holmes. Based on certain keywords or actions, these bots trigger messages to provide timely assistance. Additionally, you can simplify your workload with voices bots like Siri and Alexa and real estate virtual assistants like Aiva.
There you have it—the 6 real estate tech trends to watch in 2019. Keep following us for more technology trends that are changing the real estate industry.
by Bobby J Davidson
We love our company and we love what we do. Check out the ‘Why Percento‘ page to learn more: Love of Technology and Business! As the President of Percento Technologies International, I provide day-to-day leadership to the company’s senior management and I am personally involved in the strategy, business development and sales activities of the firm.
The company was founded in 1999 with the purpose of providing a one call source for organizations in need of Enterprise IT Consulting and Management. We also provide a line of products in the boutique Cloud Server space with a touch of high-end website strategy consulting and design services. We personalizes the IT Service experience with a team approach, working with clients from diverse sectors of industry, including energy services, financial, legal, entertainment, healthcare, hospitality, retail and general and/or corporate business. percentotech.com/