4 min read
Over a decade, the Real Estate industry has changed immensely. Surprisingly, technology has a lot to do in it. The technical advancement has influenced the real estate agents by making their job easy. Additionally, there are comparison websites that make it easy for the newcomers to sell and buy properties as per their requirements.
In short, each and every industry is coming to terms of the development and advancement in every sector. The real estate is growing with new technologies and iterative development on daily basis. The sector is now shifting and shaping up with advanced market conditions and customers demand.
Every year, the industry is being introduced with new trends and advancement to benefit professionals and organization of real estate industry. Here are the latest trends that are set to change the way real estate business is budding.
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1. Augmented and Virtual Reality:
Virtual and Augmented Reality are breaking the news for a few years now. They are coming up more as consumer technologies with rapidly growing demand. We all witnessed the success of Pokémon Go that gives us an insight into AR and VR potential. With this, you can only image what quake it will bring to the world of real estate.
What about a virtual tour of a home before actually visiting it? This technology has a potential to make this thing efficient and viable for a customer as well as a dealer by coming up as a consumer technology. This can put 80 percent stamp on a deal even before actually visiting and purchasing your dream house.
In addition to this, augmented reality has a big scope while visualizing a house interior settings. This helps in taking a decision for more 15 percent as if a buyer is considering how he/she will decorate their new home then it is possible that they will go for the purchase.
2. Blockchain:
Last year, it was all abuzz about Cryptocurrencies such as bitcoin. They managed to make a mark in the new tech world by promoting more of Blockchain. It is not just the paying method that grabbed the attention of the audience but the new advancement that has the potential to change the face of real estate.
The main advantage that Blockchain offers to industries is that it is a decentralized database that can’t be bargained. This ensures the integrity of data and allows a new feature to the real estate business through which they can create a record for each and every property in the country.
This immensely decreases the chance of fraud automatically. Additionally, it allows them to access more data on the properties and owners. This is a blessing in disguise for both a customer and an agent. However, they would require to change the status quo in order to get the Blockchain information integrated with their present workflow.
3. Peer to Peer Communication
This trend is being into play for a few years now with no indication of stopping in near future. If anything, people are going to increase the demand for this technology. With the internet, social media and discussion forums as an open source of communication, companies are depending upon the changing environment.
This is making it easy for people to directly communicate with the dealer with a middleman. These peer-to-peer deals are now becoming the top priority of the customers. However, this is like a threat to the real estate industry and instinctively, big companies are countering it. They have put a limit on the data they share online about their listings. There is a number of steps that they are considering to stop the peer-to-peer communication.
Nevertheless, it is essential to focus on the services that you are offering to your customer and how you are going to add value to them. This will make them resist a peer-to-peer sale and go for your company instead. However, if peer-to-peer communication is used smartly then they will trade with your company only.
4. Artificial Intelligence, Big Data, and Machine Learning
These technologies are now incorporated together and have proved the worth of their teamwork. Artificial intelligence process data via Machine learning that helps in identifying the patterns that might be new for you. Why will they make you powerful?
Imagine holding a technology that has the potential to tell you about the trends beforehand that can affect the prices of lands or homes. For instance, a large number of college graduates looking for a place in your area all of a sudden. The data is the key to everything that will lead to a path of success for your real estate.
If you know beforehand about the view that will be seen in the real estate soon. Then, it will keep you prepared and you can react to the situation by using this data. You will be prepared instead of reacting to a few hunches on the way.
5. Chatbots
Artificial intelligence is not even trying to stop at any point. Every time it comes up with something mind-blowing that we can’t stop ourselves from reacting to it. We have witnessed its process with natural language and now real estate is ready to experience it with Chatbots powered by AI.
They have taken over almost all the industries and are becoming new norms because of their ability to limit the time-consumption that is required by an employee on their customers. The amount of time they invest in making a customer understand the availability and prices.
With the help of chatbots, you don’t have to worry about getting tired. They will work around the clock to provide products to your business. If you use them appropriately then they can be the best marketing strategy for your business, lead generation and data capturing.
There is no industry that can resist the advancement that is offered by the technical world. You can only expect that certainly there will be more added to these trends in the coming year and beyond. Hence, it is better to watch out for what can benefit your business.
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