The world is in a virtual lockdown because of the pandemic, but it’s also a factor that propels tech forwards. Real estate technology is trending towards significant changes in operation. It makes for proper use of funding every year, with more startups emerging and new technologies sprouting.
Tech giants Facebook and Amazon have successfully transitioned to becoming backers for the disruption of the real estate tech industry. They are some sources of the sizable real estate property technology (proptech) fund, covering anywhere from mortgage brokerage deals to property sellers who are currently trying to navigate the trickiness of the current situation.
If you’re a property manager and are looking to sell the property during the lockdown, take heed — there might be some improvements to tech which are significant to help people like you. Take a look at these choices and see for yourself which ones are applicable to your business.
Big Data Becomes Bigger
Real estate companies live in an age where data mining and big data are common terms. Big data refers to the analysis that computers and AI use to predict the behaviors of a buying market. It’s taken from companies like Airbnb and used by other companies such as Facebook, Netflix, and Amazon to make educated guesses at what a customer wants.
When used in real estate, big data could help companies see whether their ads could successfully transition into converts or visits. They could also collect data based on a lead’s movement on their page. Some CRMs are able to do this, but there aren’t that many just yet; with the growth of big data, though, it might become widespread in the near future.
The data could also be used to measure predictive analysis of what makes a lead convert. It could also be used to predict the number of people showing up at an open house.
Blockchain Tech Getting More Use
There’s a lot to be said about blockchain. It’s thought that this tech is still mostly misunderstood, and a lot of people are still in the process of perfecting their studies about it. However, it has already made news and made waves in the real estate world. In fact, a house in Kyiv, Ukraine, has already been sold using cryptocurrency, which is one of the branches of blockchain.
Blockchain might be perfect for the real estate industry, where a lot of transactions involve many signed paperwork as well as money. With all those sensitive details out in the open for prying eyes to see, something as secure and with storage that’s near-infinite is needed. That’s where blockchain technology comes into the picture.
Smart Tech for Homes
The real estate industry has come into some pretty nifty tech in the past years, but it has received a pretty unique partnership with the internet-of-things (IoT).
Even with the pandemic, the property market is competitive and each realtor that wants to score big even with the lockdown must come up with something different. Even if it’s being widely talked about, smart homes are still considered a rarity in the world of real estate. It is fast becoming a trend, though, with millennials gravitating towards homes that feature it.
IoT can control devices such as light switches and thermostats, not to mention a few appliances like television and speakers.
Virtual Visits and Augmented Reality Tours
The pandemic has forced proptech and a lot of other technology being used in the real estate industry to evolve. With a lot of people being encouraged to go on lockdown, it’s not entirely possible to do site visits and other face-to-face transactions. For site visits, realtors have been doing virtual walk-throughs but augmented reality visits are also considered.
Augmented reality is being used mainly by brokers and realtors for commercial projects and large-scale transactions. Realtors dealing with residential buyers, meanwhile, prefer using virtual walkthroughs to tour their potential customers through the properties they are selling.
The Internet-of-things Route
It is next-generation technology and it also represents the best that is yet to come. The internet-of-things (IoT) that covers houses and makes doing things easier is getting a lot of push especially during the pandemic. There is no need for touching switches or other surfaces when you can open appliances through commands. While there aren’t that many properties with IoT right now, the pandemic is expected to help boost its acceptance.
The homes of today won’t look like the houses of tomorrow and it’s a good thing. With today’s technology being forced to evolve further by the pandemic, expect a lot of future properties to feature technology that is still considered as novelties and prototypes today.