Just like almost every other industry around the world, the real estate industry was affected because of the pandemic. At a time when people were forced to stay home, change their spending patterns, and reduce consumption of non-essentials, it is a no-brainer that the real estate market would have taken a large hit.
However, the numbers were not as bad as expected during the year. In fact, the introduction of new technology to the real estate market has changed the way users interact with real estate agents to find new homes. According to recent statistics, more than 50% of buyers in the US found their new home through online means.
Most buyers would usually schedule a visit to a potential property in order to get a feel for the house and to envision their future plans within those walls. However, due to Covid-19, this was made much harder to do and so new methods needed to be brought in. It was after this that technology such as virtual tours and online real estate marketplaces became the norm to keep the real estate industry running.
The Top Tech Trends of 2021
The world has adopted both mobile and online technology into all industries, and the use of mobile apps, websites, and other technology is becoming more popular each day. In order to be successful, any real estate business will need to be on top of all these new trends and technologies to give themselves an edge over the competition.
1. Virtual reality (VR/AR)
A decade ago, commercial use of virtual reality technology was almost non-existent. However, over recent years, many industries have been adopting VR technology to improve their business processes. As a result of this, the VR market is projected to rise rapidly over the coming years.
For real estate, the use of VR technology comes in the form of viewing the interior of real estate properties. Users will be able to visualize the space through online means without even having to leave their homes. At a time when people are reluctant to venture out, this is the perfect workaround.
By introducing VR technology to a real estate business, the benefits it could gain are:
Time-savings as the efficiency of “house viewings” is improved drastically
Users can simply access all this information from their mobiles or PC’s
Users will be able to leisurely browse the interior of the home at any time or place
Interior designing/decorating ideas could also be done using similar technology which will appeal to the users
2. Artificial intelligence (AI)
Many online tools and businesses use AI now to power their services. As such, online users have also become more experienced with using this technology. Therefore, leveraging this technology is almost a must due to the fact that it is able to do a more efficient and comprehensive job of matching users with their needs when compared to a human. Here’s how it can help:
Analyzing data - AI works alongside Machine Learning (ML) technology to analyze all the data the real estate business receives in order to provide more data-driven options to the users. This way, all information such as pricing and availability is constantly updated and ready to be presented to potential investors at any point in time.
Providing recommendations - By using an AI algorithm to collect a set of data from users visiting the website or mobile app, the recommendations provided to the user can be greatly improved. The AI technology will be able to determine which real estate deals work best for the user based on the information they provide.
Managing the properties - Keeping track of all the properties, rentals, maintenance, and information on the owners of these properties is not a simple job. The more properties a real estate business is working with, the more work this involves. Most times, the amount of work can be more than a few people can handle. However, AI technology can handle this with no problem, while also monitoring metrics and other data where necessary.
3. Real estate management software
Software has always been used in real estate companies over the years, but it still involved a lot of manual work to keep the software updated monthly. However, using real estate management software that cuts back on work and time consumption for the company is the new trend.
A good real estate management software should be able to manage everything for the property owners - both for the property and the tenants. This new software includes features such as:
Automatic updating of real estate properties
Data management through constantly monitoring metrics
Tenant screening
Monitoring rent payments per month
Automatically monitoring insurance policies
Keep track of new leads (CRM)
MRI and Yardi can help you use the right software for better results. Complete tasks without human interference with RPA. Complete static, repetitive tasks without human errors. You can manage all your properties through one platform and automatically complete all the recurring tasks resulting in major savings of time and money.
4. Having smart access to properties
With the use of technology, gone are the days of real estate agents having to visit properties with potential investors for them to view the place. Most buyers will want to visit more than the initial viewing and each time the agent will have to show up with the keys in order to let them in.
However, with technology such as smart door locks, buyers will simply be able to go to the property, notify the business, and the doors can be unlocked automatically for their viewing. Almost 45% of homeowners want to include some form of smart technology in their homes, so this is a great way of showcasing this technology to new buyers as well.
Technology has been rapidly evolving over the past decade and it is exciting to see where it will lead us a few years from now in the future. Many experts say that companies that don’t leverage new trends and technology are at risk of dissolving because they cannot keep up with companies that do.
For real estate businesses, now is a crucial time to understand and implement new tech trends that can help improve their current business.
Find out the real estate software solution right for you. Assetsoft can help you integrate your ERP solutions and streamline your projects. From MRI to Yardi, our team can help you choose what’s right for you.