The level of growth technology has brought in every industry is one that has taken over a major aspect of our professional and business transactions globally.
The real estate industry despite its slow adoption of technological applications is beginning to achieve new heights, through the help of technological advancement. Buying a property in a different country is now made easy. In recent times there are little or no physical meetings, everyone has moved over to technological innovations. It aids buyers, sellers, investors, and renters.
Technology has broken geographical limitations in the real estate industry as you can get information about any part of the country both locally and globally all you need is a smartphone. Also, through a video chat, a deal can be closed.
Here are a few technologies that have become mainstream in the real estate space:
1. Virtual Reality: As a buyer or renter, you have the opportunity to take a 3D visual property tour of the property of your choice from anywhere in the world, at any time to have a peek of what the property you want to invest in will look like. The property is open for inspection 24/7, it allows agents and clients to save time and money while increasing efficiency and engagement.
There are different levels of these 3D tech devices on the market One of the most popular of these aggregators is Matterport, it incorporates pictures, videos, and VR to allow users to have an almost life-like tour. The main aim is for potential investors to have an immense experience of the home they are interested in.
2. The Cloud: This is a property management software that reduces the long process of real estate purchase, it is fast becoming the norm. It helps lawyers and financial institutions transfer the required land documents to the land registry. It is time-saving, cost-saving, scalable, it has increased security and a greater accessibility
In addition, with cloud-based systems tenants and property owners can log in to see their financial information 24/7, reducing the amount of communication required. It aids better data management and so, what may have taken months will now take a week. The process works for both commercial and residential purchases.
3. Blockchain: Blockchain is a digital database that records transactions between two parties efficiently without the need to visit a bank, with this technology no middleman is involved which means reduced legal and title-related costs and a faster financial settlement process.
It is the technology behind cryptocurrencies such as Bitcoin, Litecoin, and Ethereum.
Properties are now being sold using this blockchain technology and the number of real estate companies that make use of it is increasing rapidly.
4. Real Estate Robots: The time spent on property purchases can be reduced with real estate robots.
As a customer, you don’t want to waste your time simply because you want to purchase a property.
There are real estate robots For immediate answers to your real estate questions like chatbots, voice bots, and virtual assistants. Not only can they help answer inquiries as fast as possible, but they can also free up your time to focus on what really matters.
Artificial intelligent software like chatbots, chat fuel are targeted toward young individuals looking for properties. It uses keywords based on certain actions to provide timely assistance. They can be found on popular social media platforms like Facebook and on many websites.
5. Push technology: This technology is one popularly changing the face of the real estate sector, agencies are now developing their own smartphone apps.
They use push technology to send content alerts to smartphone users in order to lure users to the app through this they are able to generate leads. This technology doubles retention rates and help prevent app uninstalls, some apps even allow you to register inspection visitors with a few taps. Thereafter, the app sends push notifications to those leads with further information. This replaces the human effort of having to follow up these leads and improves the overall engagement experience.
This technology keeps gaining popularity even as real estate agencies develop their own smartphone apps. They use push technology to send content alerts to smartphone users in order to lure users to the app through this they are able to generate leads.