Transforming the Real Estate Industry with Tech
Real estate has been heavily affected by the pandemic, much like any other businesses and has surprised property managers, investors, and experienced real estate agents with how important new technological advances have become for their industry. Emerging trends like virtual showings was the new norm and needed to be embraced rather quickly to keep up with the demand of homes.
The customer approach since the pandemic has changed. Many consumers are still weary of returning to pre-covid routine and influences a new generation of technology in order to sustain and/or heighten the customer experience. For the purpose of this real estate blog, big data, virtual and augmented reality and artificial intelligence are trends that are influencing the industry more than they ever have.
Big Data
Big data is a field that treats ways to analyze and systematically extract information from large data sets and allows for smarter investment decisions, accurate predictions and sophisticated forecasts that will help consumers and agents understand data volumes. According to Glorium Technologies, “more than 95% of property buyers use digital resources to guide them through decision-making journey, and 44% of real estate buyers initiate their real estate research on the web.” By analyzing the dig data trends, real estate agents can pinpoint digital habits to target particular customers and be leveraged to:
- Estimating a location’s future risks and opportunities
- Predicting the price of rent, including accounting for fluctuations
- Calculating ROI
- Comparing historical data about a location
- Centralized documentation
We can expect data volumes to increase and with that, the efficiency of big data.
Virtual and Augmented Reality
Virtual and augmented reality offer powerful and promising capabilities by honing in on the fact the most consumers are visual people and with the inability to sometimes look at homes in person, this is the best means for potential renters and buyers to look at the home they intend on residing in. There are platforms that includes pricing information, building conditions and other features by simply pointing a smartphone at the property.
Artificial Intelligence
Artificial intelligence uses smart algorithms to filter data and can match property owners and leasers with investors and funders. Customer support can fall within this realm because of automated virtual assistance with using chatbots. There are more complex software types that can help facilitate entire service departments.
If you haven’t started looking at tech to help your real estate company grow, it’s time to! We will only see greater adaptations and if you don’t jump on it, you may lose out.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. CrossCountry Mortgage, LLC (“CrossCountry”) does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by CrossCountry.