Not too long ago, real estate agents carried around sets of keys and reams of paper. They performed endless home searches for their clients and previewed listings sending additional photos to prospects for their review. But the real estate industry was a natural fit for the technologies overtaking the marketplace, and in the last decade, these disruptive technological advancements have transformed the real estate profession.
One of the most important aspects of a thriving brokerage in 2022 is its technology and IT prowess, keeping the business ahead of the competition and leading the pack.
A quick peek into real estate technology trends reveals that this industry is as technologically advanced and cutting edge as any other industry – this is how the vertical has embraced the emerging tech.
- Mobile Applications: One of the most apparent ways real estate has joined the tech revolution is in the arena of mobile applications. In 2022, consumers do everything from the device in the plan of their hand, and they want real estate to be no different. People can browse properties or find an agent, but they can also conduct the entire purchase or sale from their handheld device. While real estate mobile applications are not new, they are continuously evolving and merging with big data and AI to create a brand new experience. Clients can now drive into a neighborhood, find available homes, acquire all needed information, and request a showing without speaking to anyone. Many homes even allow immediate access via identity authorization and your smartphone.
- Artificial Intelligence And Machine Learning: These technologies are all about collecting data, learning from it, and making decisions based on pattern recognition – absolutely transforming the home search process. Online search tools and AI recommendations help home buyers to streamline their search, never miss a property, and get laser-focused results. A partnership of AI and IoT device frameworks has revolutionized property management, creating frameworks for controlling utilities, lighting, and even security systems from an offsite location.
- Internet Of Things (IoT): Thanks to the concept of IoT, technology now resides in doors, windows, appliances, light switches, and security systems, making the “smart home of the future” a contemporary reality. As it relates to real estate, IoT represents the capability to interact with insurance companies, real estate management firms, and even building inspectors to provide real-time insurance and compliance data.
- Big Data: Real estate professionals love their data, and compiling and analyzing this data is their technology department’s reason for existing. Long-term data-driven strategies are now possible – as is accurately predicting trends, opportunities, and strategies for companies. Real estate used to be about personal observation and interpretation of the data – now, the strength lies in aggregation and analysis.
- 5G: Along with the IoT, 5G sensors and devices can consistently and securely communicate to make intelligent management a reality. Security, energy, utilities, surveillance, and maintenance functions are all automated and optimized.
- Virtual reality: When it comes to fun and innovative real estate technology trends, VR was an evident contender – but lockdowns pushed VR into the mainstream and the realm of “necessary.” Buyers do not even have to set foot in the home to evaluate their interests, making the home search process easier for everyone involved. Buyers only need to view those homes that they have already pre-screened and are familiar with.
- Blockchain: Blockchain is transforming the administration of real estate records and information, reducing fraud and maximizing compliance and regulation. The potential use of cryptocurrencies in the real estate industry is also creeping in.
- Real Estate Robots: Virtual assistants, voice bots, or chatbots allow consumers to get immediate answers, even in the middle of the night. Brokerages with automated chat capabilities are far less likely to lose a prospect – who may disappear by morning – by providing immediate feedback and information.
- Drones: Even if a consumer can see a virtual tour, it can be challenging to evaluate the home’s yard and property, as well as the neighborhood and proximity to roads, amenities, and the like. Drones provide the eye-in-the-sky information customers need to understand not only the house but its surroundings. But beyond the consumer application, drones assist government agencies in creating more accurate property records, tax and title data, and identifying compliance concerns. Geolocation partners with drones to provide zoning, soil, and landscape maps for various purposes, including land valuation.
- Document automation: The real estate industry switched from signing physical documents to automated signatures seemingly overnight, with the latter dominating the current market. In-person meetings are less necessary, saving time and money. Automatic documentation also elevates the entire process by ensuring everyone receives, views, and acknowledges all documentation promptly – and that real estate professionals can remedy the situation if they have not.
Real estate brokerages can no longer effectively compete without integrating emerging technologies into their strategy. If your firm wants to learn more about the real estate technology trends that can lift your company to the next level, call Alliance IT. We specialize in helping real estate companies with all of their technology and automation needs- so they can get back to closing deals.
