The world is exposed to rapidly evolving technology and digital transformation is weaved into every aspect of our modern lives. From retail and travel to education and business, digital transformation has shaped these sectors to gratify the needs of today. Historically, the real estate sector has lagged in adopting new technology and ramping up in the data and analytics world. However, there has been a shift in this trend and the real estate sector has given way to software and technology solutions for the industry. This technology integration is impacting the way a real estate developer, broker, agent, investor or manager operates. With increasing investment in real estate tech, many companies are developing new solutions to bring enhancements to the industry.
Here is a review of the trends that one cannot ignore, going into 2020.
Among the evolving trends in the digital real estate space is the cloud-based property management software that is gaining traction. These cloud solutions offer easy and quick access to property-related information and data from any place at any time. A property developer, owner or even a lessee could just log into a system on the go and retrieve any information that is required by them. The usage of cloud-based software solutions makes operations hassle-free for a property developer. Multiple phone calls and excessive paperwork are a thing of the past. Using the cloud also offers many other benefits, such as better data and information security, scalability and saving on cost and time.
Big data is a field that functions to analyse extremely large sets of data to identify trends and patterns relating to human behaviour and present predictive analysis. In the real estate tech sphere, big data is gaining rapid popularity. It helps with predicting customer behaviour and purchase intent, past associations, market conditions, property investment and buying perspectives, perspectives on pricing and so on, helping a real estate business understand the customer sentiment. Usage of big data will become imperative for real estate marketing and revenue generation and hence for successful business operation. For the real estate sector, big data analysis will involve using CRM tools that will help trace the customer’s footpath on the business’s website. The CRM tools, customized to suit your real estate business needs, will help in forecasting prices and prospects, leading to effective customer management.
Real estate sector involves large transactions and this makes blockchain technology a trend that can be expected to shoot ahead. In simple terms, blockchain is a public ledger that offers transparency and security in transferring ownership of value units. For the real estate sector, this means bank verifications and middlemen are no longer required. This vastly reduces legal and title-related expenses and expedites the settlement process. In 2020, real estate property developers and asset management companies could widely employ blockchain technology.
AR & VR
Another interesting trend that is emerging in the real estate sphere is the usage of virtual reality (VR) and augmented reality (AR). Buyers and renters can now take a virtual tour of the prospective properties they are looking into from any part of the world. Builders and agents can use augmented reality to showcase works in progress, which will prove to be an effective technique for real estate marketing. This enhances customer engagement and will highly impact their decision-making process. The customers will be able to make better-informed and quick decisions using this technology. The immersive visualization used in AR and VR will help investors and buyers gain new perspectives of the properties. This is one fun-filled trend the players in the real estate industry can expect to gain momentum in 2020.
Internet Of Things
The internet of things is a technology that uses the internet of interrelated computing devices that are embedded in our daily objects and it effectively changes the way we live and work. Devices employed in plumbing, electrical and lighting systems can now be interconnected and these can function as smart devices via the internet. Predictive maintenance, energy efficiency and convenient lifestyle are some of the benefits the real estate sector will derive from the IoT. Smart homes with integrated IoT will have a higher market value in the future.
Automation is a must-mention trend when it comes to real estate tech. The business operation tasks such as social media posts, newsletters and emails, online customer support and invoice processing are being automated increasingly. Real estate businesses can leverage technology to automate administrative work and free up time to focus on other key aspects of the business for innovation.
With the increased use of smartphones, mobility has become vital for success. Real estate business owners need to consider smartphone apps to have a competitive edge while reaching out to potential customers. Most software solutions for the real estate sphere already involve mobile applications. Despite the fact that mobile apps have an established platform, it is predicted that their usage in 2020 will increase rapidly, making it essential for the industry. The applications will allow access to documents and information to both customers and dealers from any region. A buyer can visit a property with all the information necessary within the palm of his hand.
The future of real estate is headed towards a completely digitized affair with online information consumption and transactions by both the sellers and buyers. One needs to be ready to adapt to evolving technology in order to stay ahead of the competition. Here at Digital X, we set your digital business up for success. Our digital transformation solutions are composed of the cutting-edge technologies and our approach to real estate marketing is always accommodative of emerging and evolving trends.
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