The real estate industry is in the midst of a massive transformation. The introduction and rapid adoption of technology have allowed for more efficiency in the process, better customer service, and higher quality homes on the market than ever before.
Technology Trends Disrupting Real Estate Industry to Watch Out in 2023-2024
Technology has become a key component in how people search for homes, list their homes, and more. According to insights from Better Estimate, nearly 60% of home buyers start their search process online which means you need to have an effective digital marketing strategy if you want to attract buyers.
Here are five trends disrupting the real estate industry today:
- Automated Rental and Purchasing Property Platforms
- Blockchain Technology in Real Estate
- 3D Virtual House and Apartment Tours
- Real Estate Business Intelligence
- Real Estate Robots
Automated Rental and Purchasing Property Platforms
The number one trend disrupting the real estate industry is websites like Better Estimate, Zillow, Trulia, and Rentler which offer information on properties for sale or rent. These sites allow consumers to find real estate listings near them without having to spend hours driving around town looking at potential properties.
The most disruptive trend is undoubtedly Airbnb which was recently valued at over $30 billion.
This company has enabled homeowners to rent out their property as an alternative or supplement to hotels and traditional bed & breakfasts while also providing travelers with more authentic local experiences when they visit new cities all around the world.
In addition, other startups like Houzz have grown into billion-dollar companies by connecting consumers with professionals who can help them design their dream home from scratch.
Blockchain Technology in Real Estate
The use of blockchain technology in real estate is booming, and it has the potential to be a game-changer.
Blockchain offers an alternative method for tracking property ownership while eliminating any third-party involvement such as lawyers or banks.
This means that transactions are transparent and secure, which will reduce costs, time delays, and errors.
The real estate market is a highly competitive, transactional industry. Blockchain technology can help the process of buying and selling property by making it easier to track contracts and reduce fraud at closing time.
It will also make it possible for buyers or sellers who are not able to come to an agreement on their own, like in bidding wars, to have third parties settle the dispute through arbitration.
Blockchain technology offers many benefits that can improve the experience for both buyers and sellers as well as make transactions more secure.
Blockchain technology could be used in real estate transactions including reducing fraud and providing a way for third parties to arbitrate when there’s a disagreement between buyer and seller during bidding wars.
3D Virtual House and Apartment Tours
3D virtual house and apartment tours are becoming more commonplace in the field, as a way to make both home buyers and sellers feel more confident about their decisions.
With the help of technology, buyers can experience houses or apartments for rent in Alexandria before they make an offer. It’s like touring a home without leaving your desk!
3D tours allow potential home buyers to see what the property looks like, as well as how it feels to walk around inside of it.
This helps people decide if they would want to live there before even going out for a visit. The best part about this technology is that anyone can create their own virtual tour using Google’s free program
Sketchup and then upload them onto YouTube or Facebook so others can view it on any device.
Real Estate Business Intelligence
Business Intelligence is extremely important in today’s competitive real estate environment. Real estate analytics and market intelligence can provide an incredibly valuable service for homeowners, buyers, sellers, investors, and more.
Understanding the real estate industry is critical in today’s changing economy. It’s important to stay informed about what’s happening in your neighborhood and how it may affect you as a homeowner or investor.
There are many factors that go into determining the value of a property – such as location, size of the lot, age of home, proximity to schools/shopping centers, demographic trends like where people are moving (and why), population density by zip code or city neighborhoods. – so it pays to know these things before buying or selling.
In today’s market, real estate analytics and related market intelligence are needed for informed decisions both for buyers and sellers. With a rapidly changing environment, we need to look at the data to make sure that we’re making the right decision about where best to invest in property or other real estate ventures.
Data of all forms can help you make the best decisions for your situation and goals, and there are now more sources than ever before. The first step to understanding what data you need is identifying who you’re trying to reach: homeowners looking for an agent or investors looking for new opportunities.
Once that’s clear, it’s time to look at what data sets are available in order to find the ones that will be most helpful for your needs.
Real Estate Robots
Virtual assistants, voice bots, or chatbots are all the rage these days and it’s easy to see why they’re being adopted by real estate agents.
So what do they have to offer for real estate agents? They offer a number of benefits such as saving time for an agent who has so many other tasks to complete. It also frees up an agent’s time to focus on high-value tasks like prospecting new clients, taking care of the paperwork, and following up with past clients.
Voice bots out there that will answer any questions you may have about listings or other information on the market. And chatbots might even be able to help you find an agent near you.
Another advantage of using one over an assistant in person is that it can take care of tasks that require more than one skill set like scheduling meetings, taking notes during those meetings, and even transcribing them later on.
Plus if someone wants a call back instead of texting they can text your virtual assistant.
Real estate agents are always looking for ways to increase their productivity. So if you want your business to be more efficient and profitable then this might be the right choice for you.