Real estate is one of the industries which is slowly and steadily adopting technology. Over the past few years, the craze of looking forward to things online has increased, and that’s why people love to search for properties online.
Moreover, some of the leading real-estate portals worldwide, such as Zillow & Trulia, have started embracing new technologies to provide better services to people and increase their revenue.
Various tech trends will change how people will research, rent, buy, sell or manage real estate properties online. This approach is also known as prop-tech.
If you are running a real-estate portal or planning to build one, you should adopt the latest technology trends to move fast in the real estate industry.
Here, we have curated some of the technology trends widely accepted by real estate companies worldwide.
So, let’s get started:
Technology Trends that will Transform Real Estate Industry
Here is the list of best technology trends that you can consider for your real estate portal:
1. Artificial Intelligence
The majority of people get overwhelmed while searching for property online. Real estate properties offer various details such as square footage, price, the total number of rooms, etc. But, they provide a lot of unimportant results and information which users don’t require in the first place.
Using AI & machine learning, portals can provide better search results for homes. These portals can understand the lifestyle, preferences, and values and suggest the best properties.
For instance, if a user clicks on different bungalows, then a portal shows a list of bungalows to consider the user’s lifestyle, preferences, and overall values.
Apart from search, AI can also be beneficial for lead generation. Before a decade, people used to call real estate properties buyers and convince them for a property. If you are running a real estate business for a long time, you might have also done the same thing.
One of the effective ways to handle the majority of these tasks is AI chatbots. By integrating AI chatbots on the real estate portal, your potential users will get most of the details online anytime. Hence, you can convert visitors and leads effectively.
Blockchain technology is such a trend that will significantly affect the real estate sector.
As of now, the process of buying, selling, and estimating real estate is obscure and disconnected. Blockchain technology has the power to improve the process, enhance transparency, reduce paperwork, and remove the involvement of any third parties.
By integrating blockchain technology in your portal, you can make the transaction process smooth and efficient. The transaction will get verified by thousands of computers in the network rather than relying on the intermediary. All the details of the users will get confirmed through this network.
Apart from this, blockchain technology offers a vast number of benefits.
3. Offering Built-in Mortgage Lending Services
The major challenge faced by people purchasing a new home is obtaining a mortgage. Zillow, the well-known portal, eases the process by offering its mortgage origination service.
Before a few years, Zillow announced the launch of its well-known mortgage lending service known as Zillow Home Loans. With the help of this service, Zillow gives tough competition to various mortgage marketplaces listed on its platform.
This shift of Zillow indicates the trend of real estate portals of doing smooth transactions along with offering great customers. Earlier, most of the real estate portals were putting efforts into advertising; however, now they can grow their portal by providing various services like mortgages, insurance, etc.
4. AR & VR in Real Estate Portals
Augmented Reality and Virtual Reality are the two main things you should adopt in your real estate portal. Realtors and property agents can allow potential buyers to view the property from anywhere in the world.
The property buyers can view a vast number of properties online using AR/VR and choose the best property as per their needs.
Using the AR/VR feature, you can also offer a 360-degree view of the interior and exterior of the properties to users.
Moreover, some of the leading companies, such as Engel & Völkers and Sotheby’s have started adopting VR technology to provide a top-notch user experience.
5. Big Data
The real estate portals can have hugely benefited from big data. You can use big data to obtain a massive analysis of information from different sources and provide predictive analysis.
In reality, big data enables you to maximize the use of financial resources & time and provide an effective result without a human.
For instance, if you want to buy a house and have few options. Big data can compare different aspects and come up with the most suitable solution.
Various companies like Zillow, Trulia, and Redfin have transformed the entire real estate industry using Big Data in their website. These companies gather data on buying and selling trends in a particular region, traffic, demographic data, consumer survey results, and more. Further, they analyze various things and provide desired results to the people involved in the real estate industry.
Using big data, property owners and managers can collect real-time as well as historical data of various things at properties like electrical, fire/life safety, telecommunications, etc. Moreover, they can inform people about a device failure in advance so that users can replace it immediately.
6. Real estate CRM Software
CRM software allows handling your entire real estate business. The CRM software will help you monitor mails and leads, administrate contracts and look after the progress done on the possible leads.
Other than this, CRM software helps in various things like data import, automate drip & sales campaigns, transaction management, etc.
The technology trend of utilizing CRM in a real estate portal isn’t new. However, this trend would be heavily adopted by businesses worldwide soon.
The technology trends we have shared have the potential to disrupt the entire real estate industry. In the coming years, top real estate portals will start adopting these trends.
If you want to offer an excellent experience to your customers and take your business to a new level, you should integrate the required technology in your real estate portal. Lastly, adopting these technology trends will help you move ahead quickly in the real estate industry.