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How Technology Is Making the Real Estate Industry More Accessible

Table of Contents hide 1 Technological Breakthrough In Real Estate 2 Conclusion It’s undeniable that technology has become deeply embedded in every...

Written by Niel Patel · 4 min read >
Example of digital twin in real estate building

It’s undeniable that technology has become deeply embedded in every facet of our lives. Imagine your life without technology for a minute. Can you survive without it? Of course not! As the technological landscape evolves, automation technologies are gaining prominence across a variety of industries. From our household chores to our businesses, we’re highly dependent on technology and the real estate sector is not far behind. The sale and management of real estate are being aided by technological advancements. Technology may reduce the workload of agents and expedite administrative processes. The value of a property might rise if upgraded with modern amenities. 

Technological Breakthrough In Real Estate

The real estate industry, like many others, has naturally progressed by embracing cutting-edge tools and methods. Today, we’ll highlight advanced technologies used in real estate that have proven to be a big breakthrough in this sector. So, let’s blow the lid off!

  1. Use Of Chatbots 

AI-powered chatbots may help prospective homeowners with tasks like scheduling appointments, getting answers to frequently asked questions, and receiving tailored advice. Buyers may obtain help finding homes that fit their needs and budgets from these professionals as well. Property managers may also benefit from the use of chatbots powered by AI for tasks such as responding to maintenance requests, communicating with tenants, and renewing leases.

  1. Blockchain Technology

Blockchain technology is another big breakthrough that is used to make real estate transactions more open, faster, and safer. Blockchain technology streamlines and fortifies the real estate transaction by facilitating transparent and secure record-keeping and smart contract capabilities.

  1. 3D Virtual Tours 

It takes a lot of time and energy to arrange for visits to a house that is for sale. One method to enhance this procedure and reach more people is to make 3D virtual tours. Using a 3D virtual tool, customers may see the whole inside of a home from any angle and on almost any device. Since a virtual 3D tour can be readily created with an iPhone or iPad, Matterport has quickly become one of the most popular virtual tour choices. Another excellent option is Zillow 3D Home, which requires nothing more than downloading the app and taking panoramas of the house, with the programme taking care of the rest.

  1. CRM System

It might be difficult for real estate agents to keep track of their communications with their various customers. Using customer relationship management programmes may help you save time. Using this programme, it is easy to record information about each customer, such as their name, phone number, budget, and preferred housing style. Using Salesforce CRM, for instance, is ideal for maintaining customer relationships, while Agile CRM is great for automatically taking leads from major real estate websites. Finding your business’s finest customer relationship management system (CRM) requires comparing your alternatives.

  1. Social Media to Expand Your Reach

With the use of social media, real estate brokers may easily connect with more people. Many real estate agents make the mistake of attempting to be active on many platforms at once, so if you don’t already have a significant following, starting with only one is a good idea. Whether you want to utilise Instagram Reels to make short videos of home tours or Facebook Live to host an open house event, you can do it using a variety of tools available on both platforms. Video tours of potential properties posted on YouTube are another great option. Using social media consistently over time may help you establish credibility and grow your following.

  1. Data Mining

Big data may significantly impact your company in many ways, including helping to drive business decisions and improving customer experiences. Many firms in the real estate sector amass vast troves of data, but they mostly store it in siloed databases, where it sits without being analysed for insights into, say, market trends or customer habits. If a real estate firm wants to attract the proper kind of customers, it has to have a firm grasp on who those customers are, when they’re likely to buy, where they’re likely to be, and how best to communicate with them. Leveraging big data is crucial to optimising the real estate process and attracting qualified purchasers. Companies in the real estate industry, such as Bowery, Enertiv, and Coldwell Banker, are using big data to understand their customers better and place their wares in the market.

  1. Virtual Reality

Virtual reality (VR) lets buyers see inside newly built or completed homes without having to leave their couches. The progress of construction sites and finished homes may be shown in real time with the help of modern technologies and gadgets like the Samsung Gear VR Virtual Reality headset. Kenyan startups like BlackRhino VR are capitalising on the marketability of virtual reality (VR) for the sale of both pre-construction and completed real estate projects. Buyers may get a feel for the area before the building has even begun thanks to virtual reality technology.

  1. Automation

Nowadays, automation technology is used almost in every business sector. Apart from real estate, it is also employed in the crypto industry with crypto bots like Crypto Boom that perform hectic trading tasks automatically. Automation of real estate operations is essential for businesses in the industry to maintain a competitive edge in terms of productivity, market share, and client retention. The firm can see the whole client lifecycle, from when they are leads until they become customers (landlords or renters), with a strong back-office operation. 

  1. Internet Of Things

The Internet of Things (IoT) is a crucial component of automated houses and smart homes. This entails equipping the home with automated features that can be operated by a single hand-held device or by voice command, from the curtains to the lights. Smart home technologies have begun altering homeowners’ perspectives on their homes. It’s changing the landscape for Kenya’s property builders. Developers are no longer only offering a “house shell,” but rather, “homes that are wired and ready for the internet.” The usage of IoT by real estate agents in property searches is also expected to increase in the future. Voice-driven, in-phone apps that can automatically answer customers’ inquiries will soon replace the current practice of consumers going online and pecking their way to the ideal house.

  1. The Use of Robots 

Many people working in the real estate industry, including brokers, landlords, and property managers, have to deal with the monotony of everyday repetition. The current system for keeping track of property information is tedious and time-consuming. However, technological solutions exist to help make these mundane tasks easier and faster. You may choose from a number of different programmes that will help you organise your marketing efforts, appointments, and property portfolio.

  1. The Emergence of Smart Buildings 

The use of smart devices continues to soar. Safety and comfort may both be improved by technology. In addition, the gadgets may be managed remotely, making life even easier.

smart home technology

In addition to the obvious practical advantages, smart home technology may also boost a property’s resale price. Some buyers are prepared to spend 20% extra monthly for a property equipped with cutting-edge amenities. Remember to work on the home’s outside while you work on its inside value.

  1. Less Complicated Mortgage Applications

In terms of mortgages, AI has improved efficiency. Using the resources, homeowners may zero down on the best mortgage for their needs. Borrowers may see how much they stand to lose annually using the gadget. Real estate agents may use these resources to help their clients with budgeting. Some mortgage companies employ AI to enhance their offerings, such as Handling monetary information, sorting through available loan choices to get the most suitable one, and finding the most practical solutions for purchasers to settle their debts.  

Conclusion

Because of technological advancements, the real estate sector is experiencing a dramatic upheaval, and it’s crucial to keep up with the latest news and fully grasp the implications of these shifts. We can make the real estate market better, more efficient, and more available to everyone if we accept and adapt to the new normal. Those in the real estate industry who are flexible enough to embrace technological advancements will thrive in the current climate.

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