If you are a real estate business owner then the pandemic has almost all of you worried about the future of business. But the industry has shown resilience and home prices in Canada alone rose to an average of $713,542 in Dec 2021. This is a whopping 17.7% annual increase since Dec 2020.
This post-pandemic boom in business comes with its own set of norms, including a rise in the involvement of technology. A study says as many as 40% of millennials are ready to buy homes online.
Real estate business post-pandemic
During the two years of the pandemic, a lot of millennials have reached the first-time property buyer age. This is a generation that runs high on technology. As a real estate business owner, you need to watch out for these tech trends while budgeting and forecasting to get ahead of the curve. Proptech or property technology is a way forward to save time, effort and minimise hassle while dealing in properties for both realtors and customers.
Millennials are growing their buying capacity and changing the overall picture of real estate deals for years to come. More than 80% of millennials are now looking for virtual tours and 3D images of prospective real estate properties before making an offer. As a real estate business owner, you need to step up your strategy and leadership plan to set the right tone with your customer base.
Tech trends that are making a mark
There are innumerable tech trends that are rising the ranks of the real estate market. Here are a few of the most important ones that you can’t afford to miss out on this year.
Artificial Intelligence (AI)
AI-based service providers can now predict the exact cost of real estate in any location, at any time. With the use of AI in this software, the life of a real estate agent becomes much easier with no manual errors to worry about.
Pre-programmed algorithms can now go through piles of documents in seconds and find you the right path in no time. From property values, land records, debt levels and even personal information on homeowners, everything is just seconds away with AI. Like Zillow is using their AI technology to predict property prices for over 104 million homes across the US.
Data Management & Analytics
There are no proper centralised data management providers for real estate that can help you process data to understand market trends. There is a void for this particular system and you can develop your own data management tool for your business process overview.
Real estate analytics will help you predict market trends in the purchase, investment, development and much more. This will also give you inside information on buying trends and great competition analysis. Airbnb is using market data and buying trends to predict how likely a website visitor is to rent a particular property.
Virtual Reality (VR)
The upcoming generation is all for real-life experiences without the actual effort of it and Virtual Reality is one such example to go by. This is exactly why real estate needs to find ways to make their customers see and feel like they are inside a property from the comfort of their own homes. This almost palpable visual experience of visiting a house with VR is sure to leave a mark on potential customers and eventually increase sales.
Companies like Matterport and Real Tour Vision provide VR services to real estate businesses. This has become increasingly popular over the last couple of years both with realtors and customers alike.
Digital services
Due to the pandemic people have become real advocates about touch-less services across industries. The real estate sector is not far behind. Once virtual signatures were looked down upon as non-credible, they have now become an everyday reality in property deals.
From mortgage financial services to project management processes, everything is now going the digital way. People meet their agents on virtual mediums, take tours on virtual mediums, sign contracts with e-signatures making this a safer way of business amidst the pandemic scare. Live streaming on Zoom call among these things has become the forerunner in the digitalization of the property buying/renting process and it is here to stay.
This will not only make customers feel that their time is valued but will also make your work updated with the rising tech trends in the market.
Robotics in real estate process automation
Providing virtual assistants for virtual home visits, chatbots or voice bots will bring quick answers to customers about impending queries. This will again hit the right chords with millennials who want quick fixes in their fast lives with minimal physical effort.
Constant communication can be a big roadblock for real estate managers. Robotic automation of communication can be the best solution to this. From live tracking of transactions to getting in touch with an AI, the character answers questions like a human agent. For example, Zenplace Inc in the US is using a chatbot through Alexa to answer basic queries related to rented properties.
Make Project Management Easy for You
Do you feel like technology selection in project management is not something you can decode on your own? Assetsoft is here to smoothen the process for you. We have efficient software services like Yardi to help you onboard new users, seamless data management and much more. Our dashboard is simple and helps you save money, time and effort to make the real estate business seamless for you. When you let us implement the Yardi system for your business, you sign up for the best resource optimization program, cutting costs in the long run.
Other than Yardi there are more such real estate management software providers including Zillow, Zoho and Argus Project Management. You can sign up with these as a part of a project management best practices program. Talk to us today and know more.
Takeaway
Does this mean that human importance in the real estate industry is on the decline? No, most real estate business owners and enthusiasts feel that the human touch is still very important in the industry. But the agents need to adapt quickly to the changing environment to stay on top of their game