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.