Now more than ever, property managers and real estate agents are using a range of technology selections in project management to aid their day-to-day work. Whether the reason is just to impress new-age tech-savvy millennial customers or ease their overflowing workload is still a matter of debate among experts. But there is a range of new tech that is trending in the real estate industry.
Most property managers and agents are already using them. Are you falling behind? Has your company and its managers and agents still stuck with outdated or no tech usage? This can be one of the main reasons why you might be losing out on business. NAR reports and surveys have found that most property managers and agents use e-signatures (77%) and CRM software (44%) like tech to streamline their business.
How are these trends shaking up the industry, and what are the other trendy techs that are growing in use? We found a list of cutting-edge technology selection that is changing this industry forever and is helping the industry and its business grow. Many of them are yet to become overly popular, but you start taking inspiration from this article to start their usage.
Technologies disrupting the real estate industry are a must-use for you and your staff
In many ways, most property managers and real estate agents are reluctant to adopt new tech and change their methods, mostly because the old methods have worked just fine for decades. But the pandemic gave this industry a major push into starting active PropTech usage. There are many techs that, to date, only a few industry professionals are using it. Here are the best few you must start using soon.
Green technology
After the pandemic, real estate has become much more than just sales. Now more and more millennials and the Gen Z population is getting into the homebuying market and demanding eco-friendly options. From green tech usage to green buildings, customers are ready to pay more for companies that have better environmental policies, even if their products/services are costlier.
Business Wire reports mention that, on average, more than 34% of people are ready to pay more to do business with sustainable companies. This has led to many real estate companies using a selection of technology that cuts down on the overall carbon footprint of the properties. These include things like a sustainable HVAC system or using construction management software to cut down on the number of site visits and keep track of all environmental guidelines.
Smart buildings and net-zero properties
The global demand for smart buildings is constantly rising, and new tech in energy audits and IoT smart devices are helping initiate this positive change in the business. According to Global Newswire reports, the market is expected to reach $131. 5 billion by 2027. All simple things like security, appliances, and HVAC systems are automated and built to make the new properties more energy efficient.
Real estate businesses are also getting energy audits done on their existing old buildings to increase their efficiency and get Energy Star tags on their buildings and appliances. How can the energy audit benefit you? Advanced thermal sensor cameras and aerial drones can give you detailed reports on which areas of your house emit the most energy and help you take immediate steps.
This also helps many buildings build zero-net energy properties where they only use the amount of energy they produce. This automatically brings down the carbon footprint of these projects and becomes appealing to the environmentally conscious crowd.
Conversational AI-based software
These are mostly omnichannel communication technology that helps real estate companies be available across all platforms 24*7 without actually visiting the office. Agents and property managers can communicate with clients on the go, never keep them waiting, and do their on-field work simultaneously.
Generic and repeat questions from clients can be answered by chatbots and AI-based conversational assistants. They mimic human interactions and give real-time answers, never to keep customers waiting.
Blockchain
The use of Blockchain is not very prevalent in the real estate industry. When it comes to Blockchain, the popular notion is that it is only used in making and sustaining the world of cryptocurrency. But this is quite an unexplored territory of technology and has a lot of applications in the real estate market, and more businesses are starting to use it.
Property managers and agents use blockchain to develop systems where they encrypt all vital information and transactions. This will ensure that no financial records, customer information or important documents are tampered with, providing the most secure passage to complete deals.
Robotic process automation (RPA)
Many generic and everyday tasks reappear in most real estate businesses on an everyday basis. These can be simplified and automated with RPA tech usage. RPA is not just about using chatbots to talk to customers; they can actually automate a surprising range of tasks like registering written agreements in less time or automating disaster recovery tests.
Autonomous drones and VR and 3D home tours
The pandemic has pushed the real estate industry to find new and effective ways to automate the home buying and selling process. Things like autonomous drone photos/videos and 3D home tours with Virtual Reality are the technology selection that made it happen.
Autonomous drones are helping property managers and agents give a real demo of the top view of properties and the surrounding areas with high-definition cameras. And VR is adding to this with great in-house tours of homes without customers actually stepping foot on the property.
As per reports, more than 50% of adults depend on VR tours of homes in conducting their research and making an offer on a home.
Exploring the future of PropTech with Assetsoft
If you run a real estate business but are new to the world of PropTech and other tech usages in this industry, we are here to help. No matter what the size of your business, starting to use a selection of technology in project management is inevitable if you want to stay relevant in business.
Talk to us now to know how our technology selection and leadership, and strategic planning can help you with this process. Get in touch with us for more.