Published on February 12th, 2020 | by Sunit Nandi

Real Estate Technology Trends to Watch in 2020

Today you woke up in the morning, the first thing you touched was your smartphone, and you went through social media, within two minutes, you had an idea of what was happening around the world. After that, you continued to order breakfast from Amazon, then a few minutes later, you ordered Uber to take you to work. What a world we live in. Technology has changed everything.

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The real estate industry has not been left behind; there is so much going on within the realm of real estate technology. The tech is transforming the real estate industry. With consumer behavior and market conditions changing now and then, data has been at the core to predict the trends in the real estate industry. The following are some of the big trends to watch out for in 2020.

Big Data

In other words, big data is just a large amount of data, which is used to predict outcomes in the future based associations, past patterns, and trends. Companies such as Facebook, Amazon, Netflix, and Uber use big data to make their next moves. Amazon may know what you want to buy before you know it yourself.

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For instance, when going through Facebook, you are likely to follow pages that you are passionate about, you are likely to subscribe to products that you are passionate about. This is the kind of data that Amazon might use to send you an Ad. So you might be wondering why you keep on seeing advertisements about cat products every time you go online, you may be wondering how Amazon or any other eCommerce platform knew that you had a passion for cats, that is the power of big data, and the real estate industry is using big data to make things happen. Companies such as Upnest have been at the top of real estate technology. Such real estate companies use big data to predict the best houses suitable for consumers.

Real Estate Apps

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Today there are so many real estate apps that connect potential buyers and sellers to realtors. 95% of Americans own smartphones, and most of them use mobile websites or apps to search for anything on the internet. Most of the real estates’ companies such as relator.com or Upnest have apps that assist homebuyers in connecting to home sellers.

Virtual reality

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Imagine taking a tour of the home of your dreams on your smartphone or laptop before traveling to see the house in reality. Virtual reality is one of the awesome real estate tools used by real estate agents to showcase houses to potential home buyers. The home buyers do not need to go physically, but they can have a virtual reality tour of different houses. The buyer has to go physically only after their attention has been caught by one of the beautiful homes.

The Rise of Proptech

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Property technology has been quite disruptive in the real estate industry. Gone are the days when a person would look for a realtor manually, or just put a post outside their home that a house is for sale. Today everything has gone digital, and data analytics is being used in the real estate industry, to evaluate the value of homes, in terms of security, appreciation, and depreciation rates. The rise of Proptech is likely to disrupt everything in the real estate industry in 2020.

Tags: 2020, real estate, technology, trends, watch

About the Author

Sunit Nandi I'm the leader of Techno FAQ. Also an engineering college student with immense interest in science and technology. Other interests include literature, coin collecting, gardening and photography. Always wish to live life like there's no tomorrow.