The real estate industry has got a facelift due to disruptive technologies. Though the real estate industry was paramount in the business world it was not as attractive as today.
Real estate technology, or PropTech, has changed the fate of the real estate sector into an attractive and lucrative industry.
The Top 10 Most Disruptive Real Estate Tech Trends
The reason behind today’s real estate industry success, particularly after the pandemic, is mainly due to the introduction of property technology into the sector.
The following are some of the best disruptive technologies that have been of much benefit to the real estate industry.
Virtual and Augmented Reality Technology
Virtual reality and augmented reality have been a big boon to the real estate sector during the pandemic. Customers across the globe can now view the properties they are interested in from any part of the world.
Virtual and augmented reality tours of properties have helped customers have a unique experience of touring the properties while also building trust among the customers. These technologies also help in sharing accurate information about the properties.
Real estate crowdfunding platforms are a huge opportunity for investors, buyers, and businesses that wish to hold a share in properties of their interest.
The option for crowdfunding via the Internet also helps bring together investors across the world.
Real Estate Management Software
Real estate management software comes with a bounty of benefits and it is no wonder that investments in real estate management software are increasing day by day.
Real estate management software helps in managing properties remotely and provides the option for mobile monitoring. Thus this technology has turned into the real estate industry stakeholders’ favourite today.
Blockchain Technology
The introduction of blockchain technology in the real estate industry has been of paramount help. Blockchain technology ensures the security of documents and other important information shared via the Internet.
Real estate industry stakeholders employ blockchain technology widely in their business transactions today.
Real estate CRM platforms provide the successful marketing edge that real estate businesses find challenging to attain.
With real estate CRM platforms businesses can now automate and manage sales through cutting-edge technology support.
Big Data in Real Estate Analytics
Data and information on real estate technology trends and customer preferences are the backbone of the real estate businesses’ marketing and sales. With big data analytics in the real estate industry, enormous amounts of data can now be analyzed quickly.
AI and Machine Learning in Property Value Estimation
The assistance of artificial intelligence and machine learning has simplified the process of evaluating and estimating property value today. Artificial intelligence and machine learning evaluate debt levels, property renovation value, and other values to provide an accurate property valuation.
Mobile Applications for Real Estate Businesses
Mobiles are the hotspots for businesses to reach out to their target customers today. Property managers use mobile applications to reach out to potential clients and tenants seamlessly and ensure transparent communication.
Real Estate Chatbots
Real estate chatbots are employed extensively in the real estate industry to provide quick replies to customers and be accessible to them at all hours of the day. Real estate chatbots thus save time and provide answers to customer queries faster.
Automation of the Rental Experience
Automation has been of huge help to real estate business owners where they can automate routine yet necessary tasks like management, maintenance, and security of the properties using technology and with limited hassle.
Conclusion
The disruptive technologies of the real estate industry are paving the way for a brighter future for the real estate industry. The technologies cut down costs and improve the efficiency and productivity of the real estate businesses and have been widely welcomed and appreciated by different stakeholders of the real estate industry.
The scope of the disruptive technologies of the real estate industry is to a maximum and these technologies are bound to evolve day by day.
Investing in real estate disruptive technologies is thus the norm in the real estate sector.
FAQs
1. How is technology aiding the real estate industry?
Technology in the real estate sector, also called PropTech helps real estate businesses to reduce costs and wastage, improve the efficiency of processes, increase labor productivity, enable security, and offer increased profits.
2. What are the disruptive technologies in commercial real estate?
The disruptive technologies in the commercial real estate sector include Business Information Modeling (BIM), artificial intelligence, cloud technology, automation, and so on.
3. What is the latest disruptive technology in the real estate industry?
Employing the Internet of Things (IoT) for managing smart properties or buildings is one of the latest disruptive technologies in the real estate industry.
