Top Real Estate Tech Trends That are Here to Stay 

17.10.21 06:00 PM Comment(s) By Assetsoft

Top Real Estate Tech Trends That are Here to Stay

Studies suggest that been by 2050, 68% of the world’s population will live in urban areas. With cities growing and changing, the real estate industry will need to adapt too. The global real estate market, for instance, saw significant growth even during 2021, at a time the world battled the coronavirus. Worldwide, it grew from $2,687.35 billion in 2020 to $2,774.45 billion at a compound annual growth rate (CAGR) of 3.2%.


The Asia-Pacific region accounted for nearly 40% of the market last year.  Western Europe came second and accounted for 24% of the market. Real estate tech trends aren’t confined to using artificial intelligence or machine learning to adapt to a world that’s increasingly going tech. And it’s not just about using leading ERP solutions of providers like MRI Software and Yardi. 


Instead, real estate tech trends are focusing on making real estate development and management simpler - and combating the different challenges that arise along the way. Here is how things are going to change.

1. Artificial Intelligence (AI) for Better Analysis 

What’s the value of your home? What colors of your rooms do prospective buyers want to see? Artificial Intelligence works to implement actions from the collected data helping recognize patterns and make the right decision. 


AI combined with real estate algorithms and a robust IoT device framework can help the real estate industry in various ways, from implementing better security systems to better control of power. That’s what companies like Compass and Zillow are doing - by using AI to help people find the right mortgages for them.


REX, on the other hand, uses people-centered intelligence to improve the home buying and selling experience. They aim to help buyers with everything from escrow, a mortgage to upcoming home repairs - all through AI. 

2. Big Data to Help Interpret Data Smarter 

Data and Real Estate Agents are a match as old as time. Interpreting data to develop long-term working strategies driven by data has become a core part of real estate technology firms. 


Big Data in the real estate industry is allowing us to anticipate strategies, opportunities, possible outcomes, and of course, trends. Companies can make accurate and profitable future decisions based on constructive data, leading to better property estimates, accurate price offers, and more. 


For instance, you can use Big Data to know more information about a property like whether it is made out of wood, or how many floors there are in the building. While these are variables, using Big Data can lead to accurate results, since some of these also depend on the neighborhood. 


For instance, some neighborhoods might have more 2 bedroom houses than 3 bedroom ones. Houses in some areas, on the other hand, might be mostly made of wood, especially if they are from a particular period of time. 

3. Mobile Applications to Improve Ease of Use

From ordering groceries to hoping on a ride to booking a plane ticket, millennials like to do everything at their convenience, at their fingertips! That convenience factor benefits the real estate industry too. 


Mobile apps can help people buy, sell and browse through different properties or get in touch with agents. You also have many real estate companies looking at documentation and collaboration apps to make paperwork quicker. Companies like GetSignature take all the hassles out of document signatures, by making everything digital.

4. Blockchain to Prevent Frauds

Real estate management companies can look forward to using blockchain to bring down real estate frauds and scams and to increase compliance. 


Using blockchains makes the transaction process smooth and reliable and with better transparency. For instance, blockchain can prevent land registry fraud, mortgage fraud and make property purchases and sales simpler. New York City, for instance, is exploring using Blockchain to prevent deed fraud. 

5. Drones for Energy Audits and Better Photos

How about identifying which underground steam pipes are losing heat? Or which bulbs need possible replacement? With thermal imaging, drones can create thermal maps and make energy audits simpler, better and faster. Drones also allow the real estate industry to do pocket-friendly aerial photography and charm buyers into purchasing the property. You get to create better, clear, and accurate virtual views of the property.

6. Internet of Things (IoT) for Better Predictions

Internet of Things in real estate allows you to see accurate insights into the property that can be utilized for real estate management.


For instance, Commercial Real Estate Owners (CRE) may be interested in portfolio risk management. For example, real estate owners can track motion, air pressure, light, and temperature with IoT sensors, while still maintaining privacy. With IoT, it’s easy to turn any object into a source of information. Real estate management companies and owners can use it to separate buildings from a desirability and profitability standpoint.

7. Robotic Process Automation can Save Hours on Manual Labour

Real estate robots, voice bots, text bots, or virtual assistants help buyers seek the answer to their query in no time. You can use RPA for easier tenant onboarding, sending automated payment reminders, and even automate some of the Net Asset Value calculation steps. And it’s not just the real estate industry that benefits. More institutions like banks are using RPA to automate their KYC processes. 

8. Automation for Saving Time 

For real estate property managers, the pain points are managing tenant issues, maintenance or property listings. Automated data processing and analysis help real estate management companies get things done quickly and accurately. 


That’s where Robotic Process Automation and companies like UiPath come in. You can automate every task from organizing your emails to responding to people’s queries - saving up time and resources. Additionally, it also allows real estate agents to provide real-time, personalized marketing messages.


Assetsoft: Making Real Estate Management Simpler

Trust Assetsoft to help make real estate management simpler for you. Our experts can help you with everything from back office accounting to robotic process automation. Find out what type of real estate software is right for you. We can help you choose from popular options like Yardi and MRI Software. We can also help you automate mundane tasks to achieve higher productivity. If you're looking for a reliable Yardi Consultant, give us a call today! 

Assetsoft

Share -