As we are experiencing advancement in technology and every industry is adapting itself and its workforce to the recent technological changes, real estate is one of them that is slowly being refined per the market conditions. New and emerging technological advancements can never replace real estate agents, but they can adopt technology for better functioning in the market. Many real estate agents have embraced technology and are listing their resources on new platforms, using different applications to grow their businesses, and finding innovative solutions to improve the standards of their businesses. Change is essential in real estate, too, if they want to remain competitive in the market. To invite changes in the real estate industry, real estate agents must be well-versed in technology and tightly grip customer loyalty. In this blog, we will highlight some technological advancements that are making real estate a booming industry.
Top Five Ways Technology Is Transforming The Real Estate Industry
With new technology emerging rapidly, real estate agents have multiple options to choose from. The primary concern lies in where and how to focus, and with this blog, we can help you decide which technological advancement can yield better and more profitable results for you. Study the list below.
Adopting AR And VR Technology
Augmented Reality (AR) and Virtual Reality (VR) technologies are transforming how real estate is bought, sold, and viewed. AR and VR technology allow potential buyers to take virtual property tours from anywhere in the world. Buyers can now view multiple properties and make a shortlist of the properties they are interested in before physically visiting them. Potential buyers can also customize the interior design of a property, such as changing the color of the walls or adding furniture, to see what it would look like before making the final purchase. Earlier, real estate agents experienced huge risks associated with transactions. But with the help of this technology, payment risks have been reduced, and now agents can easily deny face-to-face meetings, and payments can also be made online.
Emerging Trends Of Email Marketing
Choosing your dream house takes a lot of work and requires a lot of time. The journey is quite time-consuming for both buyers and sellers. To the rescue, experts adopted the email marketing trend to reach customers and generate more revenue. With the help of automation tools, real estate agents can now segment their email lists and create personalized content for each group. Real estate agents can also use video content to showcase properties, provide virtual tours, and share expert advice. The emerging trend of email marketing helps real estate agents build their brands and stand beyond the competition.
Establishing Blockchain Network
Blockchain in real estate refers to the secured method of keeping records, managing transactions, and reducing the risk of fraud in the buying and selling process. Each property record an agent keeps is called the block, which contains an encrypted code. This acts as a digital ledger for real estate agents, verifying and recording every transaction by a network of nodes. By establishing a robust blockchain network, real estate transactions can be made faster, more secure, and more efficient.
Using Automated AI Tools
Automated AI tools help users improve their performance based on previous experience or through pattern recognition. Real estate agents use automated AI tools to control expenses, manage risks, gain profitable returns, predict concerns, and more. In addition, there are various AI tools that can help streamline the process, such as chatbots for answering clients’ queries, investor analytics to identify market trends and predict future market conditions, property management tools to manage the property and screen tenants, AI-powered virtual tours for more informed decisions, property valuation tools for accurate valuations, and more. Therefore, using automated AI tools can reduce real estate agents’ time, which allows them to focus on more complex tasks.
Using Cloud Computing
One of the most popular technological trends in recent years is the emergence of the Cloud. The use of Cloud Computing in the real estate industry can be determined while accessing software applications and data from any device worldwide. It allows real estate professionals to share the data in real-time to streamline workflows. With the use of cloud computing, one can effortlessly secure any kind of data and create a backup for future use. In addition to this, it allows real estate agents to track and manage leads, improve customer engagement, advertise their properties, create campaigns, reach potential buyers, and more. Therefore, it is the best tool for improving work efficiency and business growth.
Conclusion
Technology is becoming essential to the real estate industry. With so many technological advancements, a real estate agent must be thorough with the significant technological changes and use them to streamline their process and make the selling and buying of properties convenient for all. From adopting AR and VR technology to using cloud computing, the real estate industry has evolved over time, and the real estate agents who are embracing the technological trends are standing out amidst the competition.