Today, one of the critical areas for evolving and scaling businesses in any niche is the introduction of high-tech solutions. The rapid development of digital technologies contributes to the automation of manual tasks, provides smart analytics, increases the level of customer service, reduces employees’ burden, and maximizes the quality of goods or services. As for the real estate industry, it is the one where digitalization can affect almost all its workflows. Below, we will discuss which real estate tech trends can provide all these advantages.
#1. Digitalizing Deals: The Evolution of Real Estate Transactions
The introduction of any technology in real estate companies must be justified, first of all, from an economic point of view, and one of these options is the procedure for concluding deals. The problems with this procedure offline are explained by many factors: the lack of clarity/transparency for clients, the need to involve government agencies for its legalization, the difficulty of agreeing on the optimal time for a meeting of all participants, the resource consumption associated with the company’s employees arrival to the place where the deal is carried out, and so on.
All these challenges can be easily overcome through the digitalization of deals, be it selling, buying, or leasing real estate. To implement this concept, you can use both time-proven technologies and real estate technology trends that have skyrocketed recently, for example, blockchain.
#2. AI and Machine Learning Advancements
In the real estate sector, artificial intelligence and machine learning are most often used in predictive analytics and personalized customer experiences.
In particular, they can simplify decision-making processes by helping to assess the value of real estate based on multiple factors, analyze competitors and customer demand, identify gaps in business processes, provide customers with personalized selections, and much more. In general, if your company has manual, regularly repeating work processes, their automation can be achieved through the introduction of these trend real estate technologies.
#3. Immersive Experiences with VR and AR
So far, virtual and augmented reality technologies, as leading real estate industry trends currently, have two main directions for use in the real estate sector.
The first one lies in creating virtual tours and 3D modeling for property showings. Indeed, many companies have built these capabilities into the core of their business models and, thus, successfully profited from them.
As for the second way of application, VR and AR can also be used in interior design visualization. Overall, this helps designers create a more compelling presentation of their projects to clients and, therefore, close deals faster.
Don’t know where to start?
We will advise you on the best way to realize your idea, leveraging our expertise
#4. IoT Integration in Real Estate
The Internet of Things remains one of the most trending real estate topics and is a pervasive technology that can be used throughout the entire life cycle of real estate assets, from their construction to sale.
In terms of construction, primitive sensors can help companies collect critical parameters, especially in areas where human intervention may be unsafe. In the context of home improvement, the Internet of Things can become the basis for so-called smart home solutions aimed at automating housing life support systems (thermoregulation, security, lighting and water management, etc.). Finally, IoT solutions can provide significant assistance to landlords by performing real-time monitoring of specific tenant activities.
#5. Big Data Analytics in Real Estate
Big data itself is not new, but it continues to be one of the most powerful real estate tech trends. Indeed, it is difficult to overestimate its usefulness in such a dynamic business sector: big data can be useful both during the implementation of the real estate construction cycle (for example, for assessing soil buoyancy parameters, collecting heat, steam, and sound insulation indicators, etc.) and during its sale or rental (to calculate the optimal cost, assess the reliability of buyers, analyze the level of sales, and much more).
Please note that big data is rarely used on its own and is usually a part of cloud solutions based on the Internet of Things and/or artificial intelligence.
#6. Embracing 5G Technology
Nowadays, 5G Internet is the only supported mobile Internet standard in many countries. However, even when companies have other options, they still should consider implementing real estate and technology solutions that are compatible with this standard.
In particular, we are talking primarily about applications that provide advanced user experience during online video broadcasting. This, in turn, is an integral part of virtual tour mobile software, which has already partially replaced on-site property inspections.
#7. Mobile Apps and All-In-One Platforms
Because many of the services provided by modern real estate companies require a local presence of their employees, these companies may need comprehensive mobile solutions that streamline their workflows via smartphones or tablets. In particular, such solutions can provide significant assistance in property search, mortgage calculations, and client-agent communication.
In general, companies that need such advanced real estate and tech tools usually resort to custom development in order to create all-in-one platforms offering integrated real estate services.
#8. Drones for Efficient Property Inspection
Drones have long been used in many business sectors, particularly in real estate. To be more precise, in this sector, they find applications in aerial photography, property inspection, and surveying, providing real estate companies with a cost-effective, safe, and fast way to assess property conditions.
Drones can also be used in top tech realty solutions aimed at the sale or renting of real estate: potential buyers or tenants can inspect all the details of the properties they are interested in without personally being on-site. This, in turn, saves their time and simplifies the entire procedure for providing services in this niche.
#9. Digital Transactions and E-signatures
Transactions for the purchase, sale, or rental of real estate made through digital transaction management systems are already commonplace today. At the same time, this commercial real estate tech trend continues to persist due to its obvious effectiveness: thanks to the implementation of such systems, companies can ensure transaction transparency, simplify their accounting and related documentation management procedures, and eliminate the need for third parties to participate in these processes.
In this regard, solutions such as smart contracts (which are part of blockchain platforms), e-signatures, and others aimed at increasing the digital security of technology are becoming one of the most promising current trends in real estate. The eco-friendliness of such digital transformation also deserves special attention: thanks to the reduction in the volume of paperwork and local visits to clients, companies in the real estate sector can choose this feature as one of their main competitive advantages.
#10. Sustainability and Green Technology
In recent years, regardless of belonging to a specific business niche, companies are striving to make their work processes sustainable. In the context of the real estate industry (its construction, purchase, sale, and rental), sustainability can be manifested in promoting green building, eliminating paper documentation, minimizing the number of on-site services that involve fuel costs, as well as reducing electricity consumption and introducing renewable energy sources.
All these aspects can be fully or at least partially covered by advanced digital solutions. For example, the biggest real estate developers can offer you digital solutions aimed at resource efficiency across the building lifecycle, document management solutions, cloud solutions for remote customer service, as well as integrated solutions inspired by the real estate investment trends like smart home, temperature control, smart lighting, smart security, and data-driven property management systems. In addition, in the case of custom development, as one of the additional requirements, you can request from the developers that your solution be able to regulate and automatically turn off inactive parts of the system to reduce energy consumption.
Now, you know which commercial real estate technology trends make sense to focus your attention on when planning the digital transformation of your real estate business. If you would like to entrust this process to one of the top real estate tech companies, feel free to contact us. We will select the best technology stack for your business within your budget and ensure its gradual implementation to eliminate downtime in your workflows.
Why should real estate companies consider digitalizing deals through technologies like blockchain?
The digitalization of real estate deals addresses challenges such as lack of transparency, complex legal procedures, and logistical inefficiencies. Technologies like blockchain streamline transactions, providing clarity for clients, eliminating the need for physical presence, and optimizing the overall deal-making process.
How can artificial intelligence (AI) and machine learning (ML) benefit real estate businesses?
AI and ML advancements in real estate focus on predictive analytics and personalized customer experiences. These technologies simplify decision-making processes, assess real estate values based on multiple factors, analyze market trends, identify process gaps, and offer customers personalized selections. Automation of manual, repetitive tasks is a key advantage of integrating AI and ML into real estate workflows.
In what ways do virtual and augmented reality (VR and AR) contribute to the real estate industry?
VR and AR are pivotal in creating immersive experiences, primarily through virtual property tours and 3D modeling. Companies utilize these technologies to enhance property showings and accelerate deal closures. Additionally, VR and AR find applications in interior design visualization, allowing designers to present projects more compellingly and facilitating faster client decision-making.
Table of contents:
Want to estimate your app idea?