There has been a significant change in real estate over the years due to the continuous progress in technology. Tech trends have benefitted the industry, adding efficiency to the work of real estate agents and providing clients with greater choice when it comes to property purchase and sale. Here are some real estate technology trends in 2018 that have garnered positive feedback in real estate.
Virtual Digital Assistants
According to Tractica, the number of people who will use chatbots and voice assistants will surpass the 1 billion mark by 2025. Businesses – especially those within the real estate industry – that use virtual digital assistants will gain an advantage.
Virtual digital assistants rely on Artificial Intelligence (AI), which allows for greater convenience and efficiency in communicating with clients. Bots powered by AI now comes with enhanced texting and voice services that will save you time and money.
Data and Dark Analytics
With the growing number of Data Analytics users, it is crucial for you to adopt it in your business to stay competitive. Aside from Data Analytics, there is another new real estate technology trend: the Dark Analytics.
Dark Analytics looks at raw, unstructured data like images, videos, emails, text messages, and audio to unlock insights into consumer patterns. For instance, using Dark Analytics enables you to predict if a homeowner will put his or her property on sale. This trend will revolutionize how people conduct real estate business.
Augmented and Virtual Reality
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Last year, there was an increase in the flow of funds into Augmented Reality and Virtual Reality (AR and VR) technologies. Many startups have invested into AR and VR due to its expected revenue generation by the year 2020.
AR and VR improves homebuyers’ experience and perspective on how to live in a prospective home. If you are interested in viewing a property that is inconveniently far from you, AR and VR provides a solution: virtual tours. For example, Odyssey3D creates 3D Open Houses which allows prospective home buyers to view and walk through properties from the comfort of their homes.
AR and VR also helps developers to project the finished look of an incomplete property to investors and homebuyers. In fact, developers like precondo.ca have been incorporating Augmented and Virtual Reality.
Blockchain Technology
Have you heard about Bitcoin? Surely, you have. Well, did you know that the underlying technology behind that cryptocurrency is Blockchain?
Its usage goes beyond providing new methods of payment in doing business. Blockchain not only enables real estate practitioners to use a centralized database, but also provides added protection. It protects data integrity, minimizes fraudulent activities, and allows record creation for every property in a particular area.
Blockchain ensures transparency and efficiently tracks new changes. It enables better management of cases where a variation of an asset’s status and value occurs. In other words, Blockchain can enhance the convenience of the transfer, sale and purchase of properties.
The Internet of Things (IoT)
Since Amazon and Google have come into play, the concept of a connected smart home has become a hot topic.
The Internet of Things (IoT) is a group of devices (wearable gadgets, smartphones, smart toasters, etc.) that are connected together. This connectivity allows users to glean and analyze information. In real estate, IoT is an excellent aid for consumers and developers in providing the information that they need.
Takeaway
Real estate technology is growing and becoming more sophisticated. If you want to be competitive, stay up-to-date with the latest real estate technology trends in 2018. If you do not keep up, you will be left behind.
Author:
Lisa Jones