The real estate industry suffered a setback due to the emergence of COVID-19. However, we are now past the pandemic and entering into a world of new normal.
Fortunately, demand for spaces is also increasing, along with changes in customer preferences. The real estate market is predicted to grow from $2687.35 billion in 2020 to $2774.45 billion in 2021. The growth rate is also spectacular and will increase the value of the industry by $3717.03 billion in 2025.
Interestingly, technology has now come up as a game-changer and taking real estate to a whole new level. It is making up for the traditional inefficiencies and helping target a demographic of young customers. Let’s explore the top real estate tech trends to look out for in 2022 and beyond.
The Popularity of Augmented Reality (AR) and Virtual Reality (VR)
AR and VR were limited to video games and entertainment even a few years back. Today, these technologies are transforming different industries, including real estate. Augmented reality is coming into perfect use to conduct virtual tours of properties. Customers now don’t need to step outside of their homes to check out a listing.
Instead, they can take a 3D tour or virtual tour of the property based on AR. Best of all, it also allows the agent to be present virtually and show the property around.
VR is more immersive and ideal for giving a tour of the neighborhood. The process is highly convenient for customers and helps realtors save time and cost.
Therefore, more realtors are choosing AR and VR to serve customers. In the time of the pandemic, listings with virtual tours on Realtor.ca doubled in just two months. We will see more agencies walking the same path in the coming days.
A Move Towards Artificial Intelligence (AI) and Machine Learning (ML)
AI is emerging as the winner to boost productivity and save effort. As a result, investments in AI startups have increased 6 times since 2000. Be it real estate or retail, AI is providing businesses greater capabilities and perks available nowhere else.
Additionally, AI is being incorporated with ML to facilitate decision-making and accurate forecasts. AL and ML have endless uses in real estate. They can help customers narrow down their choices by accounting for their preferences and needs.
Moreover, AL and ML bring the advantage of predictive analysis to the table. Be it the value of a property or maintenance, predictive analysis is creating new frontiers.
The same technologies also help realtors process big sets of data and generate valuable market insights. Therefore, AI and ML is the modern foundation to win a competitive edge.
Video Conferencing to the Rescue
The popularity of apps like Zoom and Skype skyrocketed during the pandemic. They became the tools of choice to arrange meetings as people were working from home. These apps enable real-time video calling and help people from different locations collaborate easily.
Real estate is also one of the early adopters of video conferencing technology. However, realtors are not only conducting meetings with employees on Zoom. Rather, they are using Zoom to meet customers and give presentations. Additionally, the apps can help customers stay in the loop while paperwork is being done. They can get a walkthrough of the documents and even access a screen share to be aware of everything. Best of all, 90% of people feel video communication gets their message across easily. So, there are no concerns for misunderstandings.
The Growth of Digital Signatures
Real estate agents have a busy schedule with countless tasks, from lead generation to managing properties. On top of that, they have to chase after clients to complete paperwork and get signatures.
In this respect, digital signatures or eSignatures are saving the day. Now, you don’t need to meet your client physically to sign the lease agreement. Instead, you can ask your client to sign the document digitally. They just need a smartphone or computer to send their signature and close the deal.
Today, the USA is the largest market for digital signatures. Globally, the value of the eSignature market is also growing and will climb to $14.1 billion by 2026.
As a result, even consumers are familiar with the technology.
The Demand for Automation
Industries across all verticals are taking advantage of automation to cut costs and boost efficiency. The technology is also improving at a fast rate, with new techniques like RPA.
It refers to robotic process automation and is ideal for eliminating repetitive and manual tasks. 53% of companies now use RPA, as per Deloitte. In the next two years, the percentage will climb to 72%. How can RPA help the real estate industry?
RPA can automate data entry and data migration. It can help agencies automate vital processes like invoicing and different supply chain processes. Additionally, you can create a new tenant application and even run criminal background checks. Moreover, RPA can verify information like income and credit scores. You can also program your RPA to approve or reject applications. Therefore, RPA has endless opportunities for real estate agencies to achieve their business objectives.
Leverage Real Estate Technology with Assetsoft
Real estate agencies can use a range of technologies today to attain business success. Whether it’s RPA or AI, you can improve your performance and boost your productivity. However, the tech scene is quite volatile and filled with endless options. You need to have the expertise and knowledge to understand what you need and how to implement the technologies.
Assetsoft can be your ideal partner to take advantage of real estate technology to grow your business. We can supply expertise, provide top consultation, and implement any solution you need. Contact us today to schedule an appointment and discuss your requirements.
Technology is transforming the real estate industry beyond our imagination. From virtual tours to signing documents digitally, realtors are relying on tech at every step. You can also be an early adopter and join the list of tech leaders to boost your brand and operations. Streamline your operations with Robotic Process Automation. We can help you choose the best real estate property management software for you. Contact us today to schedule an appointment and discuss your requirements.