Just like the majority of other industries, real estate is everchanging. Despite the unprecedented setbacks, real estate is valued at $326 Trillion. The increase in value is mainly due to technological advancements, which make it incredibly easy for real estate agents and home buyers to find solid investments.
However, the list of benefits goes on indefinitely. The real estate industry shows no sign of slowing down, and those not making the most of these digital trends in 2022 are seriously lagging.
So, whether you are a realtor or an individual looking to buy or sell property, you need to be aware of these emerging real estate technologies shaping the sector’s future.
3D Virtual House Tours
Nowadays, you can visit a house on your shortlist without even going. 3D virtual house showings are extremely popular and practical. They gained traction during the pandemic, and it seems they are here to stay.
With the help of 3D tours, you can view the house from all angles and decide whether to submit the offer. 3D house tours are also beneficial for sellers. For instance, 50% of adults in the USA have taken a virtual house tour, and 92% of home buyers want a complete experience before making any purchase decision.
That said, we can see how popular virtual house tours have become and why buyers and sellers can benefit significantly from them.
The online real estate marketplace is one of the most popular and effective emerging technologies in real estate that allows for accessible listing and purchase. Even though they aren’t new, online real estate marketplaces are gaining popularity as physical catalogues are shelved.
Furthermore, this trend even replaced contact between the buyer and the seller. Exclusive deals can be made with the help of online marketplaces and virtual 3D tours. You can quickly refine your search by filtering in or out factors such as size, location, neighbourhood, and price. Since you can access these marketplaces via smartphone, they are much more convenient than regular catalogues.
Shopping for houses on the go has never been easier. Online marketplaces will help you find your dream home in no time, hassle-free.
A Digital Twin is a digital representation of a physical asset, in this case, a property. The purpose of digital twins is that any buyer can preview the whole house model and explore the property in greater detail. This trend also allows the home buyer to know whether the property will be safe or whether environmental conditions that can cause property damage will be a problem.
Digital twin technology could be a crucial factor in designing buildings in the future. Since real estate developers have all safety-related information at their disposal with the help of digital twin technology, they can prevent buildings from collapsing.
There are many tasks to do when dealing with real estate. These tasks can be daunting and time-consuming. Automating these mundane and tedious tasks makes it easier for realtors to focus on buying or selling properties.
Real estate agencies save time and money by automating tasks such as sending monthly invoices, email processing, and online customer service. So, if you are a real estate agency owner looking to generate leads and save money on tasks, consider automation to keep up with the competition.
Analytics and Data Management
Big data analytics is a rising trend in property technology. It allows businesses to use real estate market data to find suitable properties for investment. This personalized service will enable agents to build lasting relationships with clients and increase their business performance.
On the other hand, a data management app can process large amounts of information, which can help buyers make informed decisions before purchasing a property.
Expect to hear more about smart contracts and the use of blockchains for sales and purchase transactions. We have an article on this topic here.
There is no doubt that home buying and selling have evolved over the years. Whether you are a home buyer, real estate investor, or an agency, you can be sure that technological advancements will improve your decision-making. Shopping and listing properties have also transformed from newspaper listings to convenient and practical mobile-accessible websites where you can filter your likes and dislikes.
These new digital trades defined the recent years of real estate. They allow sellers and buyers to shape their decisions better and reduce the chance of making a poor investment.