With the global pandemic on board, change in handling and managing a business has also come up. Along with other sectors, real estate has also started embracing the technology that will protect it by maintaining the ongoing operations in a remote capacity.
Many big shots of real estate have emerged as significant adaptors of state-of-the-art technology tools, which helped increase efficiency and improve people’s lives, work, play, and stay.
The success story of these real estate owners made others believe that technology is the cornerstone of innovations and strategies like data analyzing and system integration will help them grow faster in this challenging time.
As data says that technology is helping real estate to grow during this pandemic situation, let’s look at them, which are playing a crucial part in this transformation.
Big Data and Data Analysis:
It is well-known that sound decisions are taken by using data-driven facts. The technology in real estate uses both historical and real-time data to comprehend the patterns, trends, pricing, associations, demographic data, and potential value in specific locations.
In simple words:
• Technology helps to price a property using real-time regional and future price analysis.
• As it predicts future price fluctuations, the risk is not high.
• Provide better strategical insights to the market and sell the property.
• The risk of choosing the wrong property decreases.
• The workflow of real estate moves smoothly as it provides profitable projects.
Virtual and Augmented Reality:
Not only data driving but technology has also made the search experience effective, exciting, and convenient. With the help of VR/AR technologies, customers can easily take a tour of the property, sitting in the comfort of their homes. For real estate owners, it is a blessing as no detailed information is required.
According to a report, 87% of people found photos useful, while 46% found virtual tours extremely helpful. It also increased the demand for AR/VR technology.
Blockchain technology opened up ways to buy, sell, or rent properties. It enables assets to be tokenized and dealt with as cryptocurrency. Apart from this, the technology also helps verify encrypted transactions and safeguard from tampering the financial records.
As per a report, the blockchain sector will grow from $3 billion to #39.7 billion between 2020 to 2025 worldwide.
Customer Relationship Management Software or CRM software helps the owner manage the information about clients and their preferences. It helps to keep track of all the vital information of the customer.
Although CRM software is not new but took a considerable step further in the real estate industry.
Email Automation has helped real estate agents to follow up and get new listings from prospective clients.
A customized sequence can be set up, and mail can be sent automatically to whoever meets the criteria. Email Automation technology can also be used for marketing campaigns, securing new leads, and managing emails piling up in the inbox.
The future of the property is now on the go with the involvement of technology. Go ahead if you have thoughts about startups or real estate app development or upgradation.