Technology in Real Estate Industry | Top Digital Trends to Know

Original article can be found here (source): Artificial Intelligence on Medium

Technology in Real Estate Industry | Top Digital Trends to Know

Top Digital Trends Impacting the Real Estate Industry

Technology has been influencing every business regardless of its industry. It is inevitable and has the potential to solve numerous challenges in business. With Real Estate being one of the world’s largest industries to make use of technology every day, we’ll look at how technology changed the landscape.

Technology Nullifies Location Burden

For most people in this world real estate is all about the perfect location. As the industry has a fundamental connection with the location, digital maps have been an important breakthrough in the real estate industry. With the hyperconnected lifestyles being the number one trend, people are starting to feel the lack of need to find a home near malls or busy places. With just a click, online shopping has made it easier for people to order stuff online and get it delivered to their doorstep. Getting the perfect location is still critical for the majority but with the ever-growing market and cost, technology is paving paths and building bridges. Also, with the growth of mobile computing remote working is getting extremely popular and convenient among businesses, people no longer have to navigate to their workspace and home.

Cloud Computing Technology in Real Estate

Cloud computing is one of the key features that has changed the Real Estate industry. Anyone that has purchased a Real Estate property will know how hard and frustrating the whole process is. With cloud platforms, right from lending to closing a property, everything can be streamlined with better data management features. The stuff that took a week or month earlier can be done in a day or two now with cloud technology.

Cloud technology can request resources needed on the internet for web-based tools and apps. Real Estate businesses using cloud services can store their files and applications on external servers and access their data over the internet from anywhere in the world.

The real estate industry utilizes cloud solutions in every operation of the process. Whether it’s project development, financing series or property management — mobile access to information has given the whole industry an overhaul. Digital workflows serve with the clear and time-optimized accomplishment of standard processes. Cloud computing technology can give real estate companies and agents efficient storage for thousands of files, including photos, documents, and other business content.

Real estate agents decreased costs by using cloud computing technology. Apart from eliminating server costs, using the cloud will also help reduce other expenses like IT maintenance services.

Virtual Reality — The Game Changer

Virtual Reality (VR) is a powerful tool to let your customers experience the finished product before the project construction is completed, or even commenced. VR is used to improve collaboration with your team. Sell your vision for the property, whether an office complex, condos, or hotels.

Though it is a relatively new trend in the market, looking at the variety of options it offers to the realtors, it’s safe to say that VR is here to rule the market for years to come. We build mobile applications designed for real estate clients that bring together traditional marketing content and also with 360° capabilities, Virtual / Augmented / Mixed Reality presents a more engaging presentation for both new and existing projects. More on mobile apps below!

Blockchain Makes it Easy

Real estate hasn’t escaped blockchain disruption. Previously, buying and selling high-value assets such as real estate exclusively through digital channels was non-existent. Real estate transactions are often conducted offline requiring face-to-face engagements with multiple entities. Blockchain, however, opened up ways to change this. The introduction of smart contracts in blockchain platforms now allows assets like real estate to be tokenized and traded like cryptocurrencies.

Major transactions in the Real Estate industry have always happened with the help of intermediaries like credit card agencies, banks, or governments. This is where blockchain can step in and solve all these transactional problems. Additionally, Blockchain can also increase access to real estate investment and funding opportunities.

Mobile Apps are the way to go

With the future heading towards mobile, there is no doubt that mobile apps are literally ruling every business globally. And potential being relatively high in the Real Estate industry, one can’t deny the fact that mobile apps are playing a crucial role in every aspect of the real estate business. Productivity and utility apps are the most popular Android categories. Since apps have taken possession of our mobile phones and take care of everything, it is not unusual they overlook the business and productivity field as well. Many apps clarify existing business methods or streamline duties.

Starting from finding an agent to buying and selling properties, mobile apps make a lot of things easier for everyone involved. Some of the most crucial challenges that mobile apps help to overcome are hiring real estate agents.

Final Thoughts

Technology has been shaping the Real Estate industry for so long and this trend is expected to continue for the years to come. It will provide exceptional tools for developing customer experiences, great human relationships and meaningful, prosperous businesses.

Transforming the landscape of real estate business by driving digital transformation will help ease the process and enhance the customer experience (CX). Want to drive digital transformation to your real estate business? Drop your queries at media@techaffinity.com or schedule a meeting.