4 Technologies Changing the Real Estate Industry

08 Apr. 21
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How Technology Has Changed the Real Estate Industry

Often, buyers and sellers looking for real estate agencies will first research prospects through a search engine. Therefore, companies need to establish a solid online presence to produce leads and build trust among clients. Real estate agencies can use technology to stay in touch with buyers and sellers and increase the overall experience for their clients. Additionally, the emergence of online real estates platforms like Zillow, Trulia, and Realtor.com has made it easier for buyers, sellers, and agents to list and search for properties.

At one point, the only way for property investors to observe a property was to physically be there. With various types of technological adaptation into the industry, virtual tours are often conducted before in-person viewings.

Technology has also changed the way that pricing estimations are conducted. Advancements in artificial intelligence contribute largely to forecasting and producing property valuations.

While there are multiple technological advancements that have changed the real estate industry, four main technologies transforming the real estate industry today include; artificial intelligence, AR/VR, cloud computing, and social media.

Real Estate and AI

Probably the most influencing technology in the real estate industry is artificial intelligence. AI has drastically altered the entire real estate process in numerous ways, including:

  • More Accurate Search Results
    • AI technologies can provide more accurate search results for customers. AI can better scan the internet for a listing that is a better fit for a client. This can also help agencies save time searching. More accurate results in less time overall provide better customer satisfaction and agencies productivity.
  • Pricing Estimations
    • AI can run property features and relate them to other listings of similar location, size, price, etc., to determine a more accurate price estimation. Not only does this save time for everyone involved but it also provides a more accurate property value.
  • Predicting Future Trends in Real Estate
    • AI can predict trends and patterns to generate expected outcomes for properties and the market as a whole. For example, AI can yield information on crime rates and anticipated developments to determine the investment’s future. This can help buyers understand long-term investment goals as well as generate confidence in their purchases. Companies and agents can utilize this technology to find smart and beneficial property investments for their clients.

AR/VR Tours of Properties

Nowadays, most properties listed online offer viewers to see the property virtually through AR/VR technologies. Drone technologies have even made it possible to see the entire property from a birds-eye view. The ability to view a property virtually can save both clients and agents time and money visiting the property. Additionally, VR/AR can increase the buyer experience by providing them more in-depth insights into property features without being physically present on the property. More advanced ARVR technologies can even simulate changes to what the property may look like. For example, suppose a house buyer wanted to see what the property would look like with a fireplace. In that case, you could make the necessary alterations through interactive AR/VR technologies. For more information on ARVR technologies in the housing industry https://www.letsnurture.ca/blog/how-vr-can-help-transform-the-real-estate-industry.html

Cloud Computing for Real Estate

One of the most significant benefits of cloud hosting technologies is the mobility that it offers. Cloud-based services allow access to data from anywhere with an internet connection. The majority of real estate negotiations and processes take place outside of traditional office space, and for this reason, cloud technologies can be especially useful in this industry. Real estate agents can pull up data and information for clients while showing and updating files in real-time. It also allows for them to access complete client profiles, so they are never without crucial information.

Social Media

Social media has become a major marketing channel among most industries. Social media is a great way to reach many people for a low price.

With real estate having a considerable visual focus, social media platforms that allow for image sharing like Instagram and Facebook can be an especially useful marketing tool. Agents can showcase their work and listings on these platforms, and buyers can gain external reassurance by seeing previous client interactions.

Social media is also a great way to interact with location-specific communities. Social Media ads can be targeted to particular areas and demographics to reach your target audience.

Conclusion

The emergence of the digital markets has forever altered the real estate industry. As more business moves online, adopting technological services for real estate interactions is beneficial for buyers, sellers, and agencies. Moreover, as new technological advancement emerge, the integration of these technologies becomes even more important for success in the industry.

For AR/VR development for real estate services or app development for real estate businesses contact Let’s Nurture by email enquiry@letsnurture.ca or by phone (902) 620-9098.

 

 

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