It is true to say that technology has transformed every industry to meet the ever-changing market trends and customer demands. There are many advanced technologies such as Big Data, Virtual Reality, Artificial Intelligence, Blockchain, etc. that are helping several industries to advance on the path of perfection. Gone are the days when Real Estate businesses rely on paperwork & physical visit of every property. With digital presence and innovations like virtual tours, home buyers can check out any properties with a navigable 3D model of a home giving them an experience of walking through the home.
Record says more than 70% of buyers search for homes online. The emergence of online real estate business has brought positive changes for both buyers as well as sellers. Let’s find out how the experts of leading Web & Mobile Application Development Company California will help in taking your real estate business to the new level.
Impact of Technologies in the Real Estate Industry
With the increasing dependence on smartphones, the demand for real estate software development has also grown. Mobile apps have become a necessity to attract new customers enabling them to buy/ sell/rent properties at the click of a button. Check out the list below to see how technologies are helping real estate business progress-
- Big Data
One technology that acts as a powerful tool for better decision making is Big Data, which allows easy processing and interpreting a huge amount of data related to properties. The data are then analyzed to get information like the history of the property, the cost, locality details, and many more. This will help individuals and companies predict the future revaluation of the property based on several parameters.
Another technology is Blockchain that has been gaining attention in the Real Estate industry helping a new means for home buyers & sellers to connect. The best benefit is that it helps in cutting intermediaries (involvement of third-party) in the real estate transaction process, which helps in adding transparency & reducing costs.
- Artificial Intelligence (AI)
The evolving technologies such as Machine Learning & AI help in improving the way businesses perform their tasks based on previous experience or pattern recognition. Real Estate professionals using AI technology can help in managing risks, controlling expenses & resolving investor concerns.
- Internet of Things (IoT)
As IoT is the key technology known for smart homes & home automation, it can be a game-changing opportunity for real estate development firms. With tech advances, real estate developers can entice buyers of today with internet ready homes. Another thing is real estate agents are also using IoT to search homes of their choice. Not just that, voice-driven apps are gaining popularity to answer customer queries.
- Virtual Reality
With the capability of real-time technology like AR and VR, customers can take a virtual tour of the house located anywhere in the world giving them the feel of a physical visit. Many companies are using VR to sell property developments whether it’s a finished project or under progress, which helps buyers to experience the space before completion of construction.
Benefits of Having a Digital Presence in Your Real Estate Business
If you are thinking about whether you should add a digital presence for your real estate business, it is the best choice as it will help in integrating technologies to meet the evolving needs of customers. Here are some of the benefits associated with the tech advances of your business-
- Enhanced Buyer’s Experience
As customers rely on websites or mobile apps to buy or rent the property, the digital presence of your real estate business will enable your customers to check out all the property listing anytime from anywhere. This will enhance the buyer’s experience as they can view detailed information about the properties they are interested in like price, area, images, etc.
Buying a house can be a great investment involving a huge spend, which is why transparency is required. Blockchain technology will help in adding transparency to transactions involved between buyers and sellers, which help in simplifying property transaction procedures.
- Social Media Promotion
The research by the NAR (National Association of Realtors) states that 77% of realtors rely on social media for real estate in some way or the other. Whether it’s Facebook, LinkedIn, or Instagram, social media networking platforms will help in enabling businesses to publish property listing related updates and communicate through Ads or posts targeting the right audience.
- Increased Sales
Adding the functionality of a loan calculator in the mobile app or website of your real estate business will help in increasing the speed of the sales process. One of the most important aspects while buying property is the capability to calculate EMIs, which enable buyers to calculate their payments easily. Having a feature of a loan calculator will ease the process of purchase boosting the transaction speed.
- No Paperwork
As no paperwork is involved during the property purchase, there will be a lesser chance of errors, and every communication is stored digitally. Along with instant chat feature integrated into the Real Estate business, sellers and buyers can directly communicate with one another anytime along with digital documents as well as online payments.
After going through the blog, we can see that Real Estate is one such industry where technology is making inroads to meet the needs of digital customers. If you want to stay connected with customers 24/7, maximize the online presence with real estate software development services. Get in touch with the experts today to grow your business with solutions aligned to the changing technology trends.