Business

Published on September 23rd, 2020 | by Ali Dino

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How Technology Is Changing The Shape Of Real Estate Business 

Over time technology has been transforming everything around us. From education, lifestyles to business. Real estate happens to be the last market that’s now adopting technology to advance the process of house buying and selling. When we talk about real estate business, you should know that it’s one of the world’s most competitive business markets. You would find hundreds of brokers, real estate agents, agencies in every town trying to make a name of them. This article might help you if you’re a real estate agent or thinking of starting a real estate business. 

In this post, we’re going to connect the real estate business with technology and discuss how is technology is changing the shape of this business. By the end of this article, you would exactly know how to make the most out of technology and stand out from the crowd in the real estate business world.

Top 6 Tech Trends In Real Estate Transformation

The real estate industry is getting transformed and adopting new trends. Some of the essential ones are listed down below; 

Real Estate Buying and Selling Platforms

The first advancement that has enhanced the accessibility of real estate is property buying and selling platforms. With the help of these apps and websites, the home buyers and sellers can directly deal with the broker or real estate agents without spending extra time in taking appointments going all the way to meet the agent. There is also a new trend to present smart real estate closing gifts (i.e., Phone, Tablet, etc.) to the clients to create a long-lasting impression. These gifts are the perfect way to show appreciation to your clients and let them know that you’re doing business with them. This will increase the chances that the client will contact you again in the future and referral your services to his friends and family. 

Virtual Reality: House Walkthrough

Virtual and augmented reality has made the home buying process very smooth and convenient. According to the recent survey, most house buyers showed interest in taking virtual tours of the property instead of physically walking through the property. It’s a WIN-WIN situation for both the house buyers and real estate agents. Now being a real estate agent, you don’t need to spend thousands of dollars on house staging, which you’re sure would match the buyer’s preference. With the help of virtual reality, you can alter the house’s look and show the buyers exactly what they desire.

Return On Investment Calculation Algorithms

Thanks to technology, now you don’t play on luck while buying a property as a real estate agent. The investors, brokers, and real estate agents’ goal is to make the maximum profit out of the investments. With the help of big data and algorithms, real estate agents can exactly get the numbers of return on investment. That’s aids the real estate business to make accurate predictions for how much profit they’re going to make on the selected property or how much commission they will get.

Blockchain Technology

It would be right if I say that the word is accepted the Blockchain technology completely. But it’s in the phase of transition, and many real estate agents and homebuyers are now using digital currencies for the buying and selling of the properties. It is the decentralization of electric money, which is typically used for money transactions all around the world usually. It is important for today’s real estate business to get handy with digital money and make them part of their strategies. Because sooner or later, the whole world is going to be completely digitalized and being a real estate agent, you wouldn’t like to be left behind.

Big Data

Real estate still hasn’t lost its essence fully, and that’s why one of its vital elements still works very effectively: recommendations. Now real estate agents use the “Big data” to make the client’s recommendations based on their preferences. These preferences include the location of the house, the total number of rooms, etc. This is still in process, but very soon, the property buying and selling platforms will be able to predict home buyers’ interest and present them the tailored solution, which will increase the conversion rates of the real estate business. Dealing so much data at the same time can become overwhelming, but there are some software solutions, such as Price2Spy, that could help you by offering different types of reports which will make your data more concise.

IoT

Internet of Things refers to all the digital smart devices that are continuously processing the data from the cloud servers. It’s a game-changer in the real estate industry. These devices alert the home buyers or owners about the issues of the property. Not only that, but it also predicts the necessary maintenance. Very soon, the buyers will able to able to download the whole history of the property maintenance. This technology will save a lot of money, which is usually spent on costly home inspections services, and one the other side, it will provide energy-saving solutions. 

Final Verdict

Hopefully, after reading the post now, you’ll be able to understand the significant impacts of technology on the real estate business. 

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