Over the last decade, technology has changed the face of the real estate industry. That’s why it’s so important for real estate professionals to stay informed about the latest technology trends within the industry.
So, here’s a list of the most important technology trends in real estate that will help you remain competitive.
While PropTech (Property Technology) isn’t a specific technology, it’s an essential term to know if you want to stay current in the field.PropTech describes the digital innovations that aid individuals in buying, selling, researching, and managing properties (some of which we’ll discuss later).
PropTech is changing the industry rapidly, disrupting the established ways that real estate professionals have done business for decades. So, staying relevant in the real estate industry means understanding this new term and learning to incorporate new property technologies into your business practices.
Artificial Intelligence And Chatbots
With advances in artificial intelligence, chatbots can become your new best friend. Chatbots or virtual assistants can answer queries and ask relevant questions that will help you get to know customers ahead of time. By using virtual assistants, you can take the stress out of qualifying and following up with leads.
“Virtual assistants provide an ‘always on’ channel to respond to client questions in real-time or near real-time, at the pace of the client,” says Mahi de Silva, co-founder, and CEO of Amplify.ai, the developer of the first enterprise-class Conversational AI platform. Since chatbots respond instantly 24/7, you no longer have to worry about missing late-night messages.
Virtual and augmented reality
Have you ever had difficulty selling an empty home or one with outdated furnishings? Before now, the way around this issue was staging. But staging comes with hefty price tags. And even if you find the best designers, the furnishings you choose may not be to every buyer’s liking. The answer: augmented reality (AR).
AR technology, like VisualStager, can allow you to virtually stage listings so you can make changes to the look and feel of a home on the spot. With AR, computer-generated images are superimposed on a virtual simulation of the space. This way, buyers can change the decor with a click of a button and see how the property can work for their lifestyle.
Blockchain technology now allows transactions to be made securely, transparently, and without a middleman. Instead of having an intermediary verify the legitimacy of the transaction, the process is completed by a network of thousands of computers scattered across the globe. After the details of the deal have been confirmed by the network, the information and digital signatures of the participants are recorded, given an identification code, and stored across all the computers in the network.
Loan management and insight tools
With Rocket ProSM Insight, real estate agents can stay updated on their clients’ mortgage progress, helping move things along and clear any roadblocks as soon as possible. Through the Rocket Pro Insight tool, agents get full visibility into loan status and are able to send required documents on their client’s behalf and adjust their clients’ approval letter amount to present a stronger offer.
PropTech is changing the real estate industry, but there’s no reason you can’t change with it. As our use of technology grows and agents get more buyers who’ve grown up in the tech age, employing these different tools can only help your business grow.