With the advancement in digital technology and changing consumer behaviors, the real-estate sector is advancing from traditional operational methods to modern operational forms. From a functional perspective, real estate management has a relatively low-tech infrastructure. Only 40% of asset managers are actively involved in social media, other than hosting a website. By 2020, technology will have become mission-critical.
Being among the best real estate developers, we have listed five emerging technology trends that will give the shape to the real estate industry in 2020:
PropTech
It refers to the application of technology to provide solutions and services in real estate to buy, sell, rent, develop, market, and manage property more efficiently and effectively. Virtual Reality (VR) has allowed potential buyers and renters to virtually take a tour of the property from anywhere in the world, at any time. And Augmented Reality (AR) has eased brokers and developers to showcase the potential of an unfinished space by using AR apps which superimpose a computer-generated image of an object into real-life that presents the desired lifestyle and decreases time on market.
Predictive Analytics
By making use of Predictive Analytics technology, which analyses the big data of past customer’s behavior, real-estate investors predict future trends, such as assessing the customer’s needs and requirements, optimizing their selections -when and where to invest, and determining the real value of properties. What’s more, CRM tools make use of big data which helps in forecasting when the prospect might want to buy or sell the property, and even how much a home would sell or rent for.
Cloud Technology
With the advancement in cloud technology, tenants and property owners can see their financial and property information at any time of the day or night by logging into the cloud-based property management software that offers several benefits such as scalability, greater accessibility, and increased security as well as time and cost savings. Moreover, it also minimizes the amount of time required for communication via email or phone.
Blockchain
Blockchain technology is going to revolutionize the way transactions are processed. Cryptocurrencies like Etherium, Bitcoin, and Litecoin will become the medium for the buyers and sellers of the property which means no middlemen, thus cutting down the costs of title-related and legal expenses and faster settlement process. In addition to it, through tokenization, one can diversify one’s portfolio of real estate, which means that instead of locking up all the money in a single property, one can invest by buying fractions of multiple properties in the form of tokens.
Smartphone Apps
Digitization has changed the way users and customers receive the information right on their fingertips. Agencies these days are developing apps to keep their customers updated by sending content notifications to a smartphone’s locked screen, therefore, increasing the retention rates and generate leads.
Real-Estate Tech will drive customer engagement, data mining for information on potential clients, operational efficiency, and regulatory and tax reporting. What’s more, customers’ demands for seamless, integrated, and tailored solutions will be met through better use of technology. Motia Group, Apartments in Zirakpur, believes that if real estate players don’t understand these new value drivers, they’ll be at a competitive disadvantage.
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