In the last decade, technology has made quite an immense amount of influence on many industries, one of which is the real estate sector.
Technology continues to transform the way realtors and brokers engage with customers. Earlier on, a massive amount of real estate advertising budget is wasted on manual processes, promotion, and documentation of various details. But thankfully, with the advent of digitization, the real estate sector has now become a completely different industry. And in order to keep up with the constantly changing demands and habits of consumers, real estate businesses, realtors, and brokers must upgrade their style of working.
Here are top real estate tech trends to watch out for this 2020. Find out which ones best fit you and your consumer’s decision-making habits:
When it comes to real estate tech trends, big data is always one of the most popular ones, and it still stands out among the rest.
Big data basically holds a huge quantity of relevant data that is evaluated to provide realtors with [predictive] analytics about a consumer’s behavior, preferences, and purchasing intentions. All these are based on past patterns and trends associated with a consumer. It’s an important technology that many industries use to know what their customers want. And, in turn, be able to provide them exactly what it is.
Customer service and support are essential to any business. You always have to provide immediate feedback to customers in ensuring prospective leads. Real estate chatbots are here to revolutionize customer support in the year 2020. Not only does this save you resources and workforce, but it also ultimately enhances customer experience and boosts your productivity as more employees can focus on other important things like revenue generation.
For example, a prospect asks about warehouses in Kansas City on your website. Chatbots are the best ways to provide answers and other details immediately. Instead of letting a prospective lead wait until business hours, you get to offer feedback at once, increasing your chances of closing a deal!
Virtual Reality (VR) And Augmented Reality (AR)
Both virtual reality (VR) and augmented reality (AR) are notable real estate technology trends. With VR technology, prospective buyers can take a virtual tour around the property at any time, and from whichever part of the world. With your property being open for viewing and inspection 24/7 online, both realtors and customers save time, money, and energy while still engaging and interacting with one another efficiently.
Meanwhile, AR aids in perceived constructions from unique and different perspectives, allowing agents and customers to flexibly decorate unfinished spaces the way they want.
Most customer relationship and property management software now come with a smartphone app. This only means that realtors can now access their property data, contacts, and tools at any given time, no matter where they are or what device they’re using. Such mobility and automation not only saves time but also allows efficient collaboration easy on the road.
Buying and selling real estate properties will always be a physical affair. But that does not mean you cannot digitize other transactions. In fact, as compared to other industries, tech trends in the real estate sector have now become more important than ever, leveraging a multitude of possibilities and advantages.
Angelo Castelda works as a contributor for a news magazine in Asia. On his free days, he likes to read books about the logistics industry and warehouse management. He also gets frequently invited to schools and universities to hold talks about the supply chain system and warehouse operations.