Technology and the internet have reshaped our lives in many ways. Whenever a new technology is launched, the entire business and consumer world has to adapt it in order to survive. If you want to be ahead of the competition then you must respond to the technological advancements.
The real estate technology is the term which refers to the application of information technology to the real estate business. Real estate technology has a broad spectrum and is simply used to make the real estate business easier. It consists of property management using digital dashboards, research and analytics, smart home technology, tech-enabled brokerages, mobile applications, 3d modelling, crowdfunding projects, automation, shared spaces management as well as managing, organizing and extracting the data from comprehensive rental documents.
The real state technology is booming because investments are being done for this purpose. There are many startups whose sole purpose is to transform the market by changing the design, construct, discover, market and transaction operations of the real state. In 2015, real estate technology achieved high records of funding and deals by reaching $1.7 billion on more than 190 deals across the globe. In 2017, it increased further to £8.5bn. There are many benefits of real estate technology or which it has been gaining popularity, some of these are.
- Smart speakers:
Since every real estate agent must have the assistant, but not everyone can afford it. For this reason, the agents can use the latest generation of smart speakers, which are often referred to as voice assistants. Though most people think that smart speakers are to control home equipment but there are more benefits to this technology. It can be used to connect with the customers, Amazon Echo, Google Home and HomePod are used by the agents to give answers, check the weather, directions and to set appointments.
- Virtual reality videos:
If you want to buy the property in some other city or country, the virtual reality videos will help you out. It provides the real-time experience of the property by virtually visualizing the flats or homes. Moreover, Sotheby’s international realty has created Curate to provide agents and homeowner to virtually stage the home before acquiring it. Curate helps the buyers to visualize themselves into the home, they will get the idea about how the home will look and what can be the design possibilities.
- Remotely done sales:
The real estate technology provides the buyers with diverse options to select, chose and shortlist the properties as well as the brokers and developers. Virtually made transactions are on uptrend now, moreover, the builders are reaching out the potential customers by using the real estate websites.
- Homesnap Pro Listing Promotion:
Real estate agents have to use social media for the promotion of listings, but it can be very time-consuming. To cater to this problem, Homesnap Pro enables the agents to establish ad campaigns that are easy to be created and automated. It has the ability to work with several social media platforms like Facebook, Google, Instagram and Waze all at once. It also has the integration with 125+ MLSs. This information is used to prompt agents to show their listings. Once the listing is sold another promotion begins, enabling the customers to make a buying decision by being on the top of their minds.
Real estate agents can also target their clients by writing, planning and promoting content to their network with the help of social media and email campaigns.
- Labcoat Agents:
Another real estate technology is the Labcoat Agents and is a fantastic resource for them to make their name and stay in the familiars. It has the latest techniques, systems and tools which are required to make the industry more tech savvy.
- Fast property selection:
The investors and buyers are away at the distance of one click. There are many real estate aggregator websites that enable the investors to select the residential projects from the lists. Moreover, the investors can select the projects which are budget-friendly and fulfill their requirements based on the location, design, area and amenities. This also helps the homeowners to save their money as they do not have to pay to brokers unnecessarily.
- Quick access:
The real estate technology provides quick access to the updated information. Due to the advancements in technology, investors can make better decisions as they are aware of the latest details, news and laws. The brokers and agents make the best use of the mobile phones to be updated about the new projects. They are gaining wide exposure due to the technologies which help them in earning profits.
- Street Peak App:
Another great app created for the real estate agents is the realtor.com’s Street Peak App. Through the use of app, you only need to point your phone to the property and it will start showing you the details. Street Peak App also serves the neighbourhood information that simplifies and enhance efforts, it is the best app for agents who do pre-showing driveby or scouts the areas in person.
- Property management:
Many companies are competing for dominance in this specific category, by developing software through which the property owners and managing companies can easily track and pursue real estate assets. Though the industry-wide adoption is a sub to 10%, there are still many opportunities for development.
- Research and analytics:
Traditionally, the real estate agents have to get help from the analysts with HP calculators to obtain demographic research in order to evaluate the investment opportunities. Now, open data initiatives in municipalities in a combination of creative working by the software developers have changed this landscape and most data is easily available by the monthly SaaS licenses.
The real estate technology has transformed this business which was previously considered to be more complex. Now, the technology has enabled to find more easy, economical and reliable ways to find and gather information. Though the real estate sector has been extraordinarily benefited by the technology, it has made the sector tech-dependant.