How emerging technologies are reshaping the way people invest in Real Estate

Revolutionizing technologies are changing investment opportunities – do you agree with this statement?

In today’s real estate market, tech ties are gelled into every aspect of our lives. With the help of drone footage, it is now possible to see a panoramic view of a distant location from 2,000 miles away. Almost 70 per cent of buyer’s today search for homes online, and 85 per cent of agents communicate by texting. Furthermore, you never have to sign a contract to purchase a house online. You can quickly get notified when new listings become available by downloading the app, choosing your location, and waiting for notifications.

The following are emerging technologies that are set to shape the real estate industry of future generations.

Virtual Reality

Today, VR can speed up conversions for agents and brokerage companies by giving clients a better sense of property and adding agents to the buyer’s journey further along. Thanks to forward-thinking realtors providing with 3D virtual property tours instead of high-quality photos or 360° videos of your dream properties from right inside your home.

Software for customer relationship management

With CRMs, agents can manage contacts, emails and track how far they have come with prospects. With this tool, you can get an overview of your pipeline and identify areas where you need to take action. When a deal has been won or lost, you can easily report on results and forecast revenue based on that information. 

Internet of things

The property contains a wealth of information about people’s lifestyles. With the Internet of Things, technology is now embedded inside everyday items, such as doors, light switches, locks, and more. As soon as you install systems and sensors, every action by a tenant becomes the data point that can be analysed and improved. 

A property manager can analyse data to find out:

• What is their preferred heating time?
• When are the busiest times of day, and what areas have the highest foot traffic?

Until recently, managing real estate required a lot of paperwork, from schedules for maintenance to insurance documents. Nowadays, property managers are able to keep track of trends and manage properties more effectively by storing this paperwork in the cloud. Additionally, with remote control, a premise can monitor the real-time and security features controlled. These help to monitor utility interruptions or control building temperatures.

Blockchain technology

With blockchain, you can complete large transactions without the need for clearing houses or intermediaries, such as banks or credit card companies. Therefore, purchase and sale of real estate almost always qualify as significant transactions. If blockchain proves to deliver on its promise, it can simplify real estate transactions, improve transparency, and bring increased efficiency. 

To conclude, real estate technology will continue to change the way we buy, sell, and search for real estate in the coming years. From reducing the sales cycle to offering a better customer experience, technology will be a considerable evolution.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.