Technology is increasingly becoming ingrained in every aspect of our lives and work, and as a result, industries that mostly involve human to human interaction are adopting new technology. With these new technologies, industries are freeing up resources and time for development in the future.
Some companies have adapted very fast while others have held on to their traditional ways of doing things, and one of these is the real estate industry. However, high technology is proving that even the hard to crack industries can change as it is now evident.
Real estate is a vast market which contributes more than $2.7 trillion every year to the economy of the United States. Technology companies are aware of the potential the real estate industry has, and they are coming up with products to help investment firms, sellers, and buyers. The following are the most innovative ways tech is changing the real estate industry.
1. Targeted/ Personalized Property Ads
Serious buyers and investors may shop for a house in a particular area and not get one that suits them. However, technology is helping with that. With the knowledge on how to manage ads, brokers in the real estate business can target particular buyers for new on-demand homes.
Professionals such as John Hall, a co-founder of Calendar and a marketing professional, believes that targeted ads will change the marketing of real estate. For instance, ads can be personalized based on nearness to schools and the number of bathrooms. Some platforms such as Movoto.com lists properties too.
The properties market has a historical record of being slow to change. But with less costly tech assisting not only brokers and property agents but also investors, change is happening. Also, whether it’s innovative software or machine learning algorithms, a new era is dawning to the real estate industry and will benefit all stakeholders.
2. Smart Devices for Real Estate Management
Internet of things is the combination of computer gadgets connected to the internet, for example, Amazon Alexa and Google Home and sensors that do not require human intervention to exchange data. The real estate industry is starting to adopt these smart devices as they give both landlords and tenants unique opportunities to change the way they manage properties.
Security is enhanced using smart locks and doorbells, improving tenants’ experience because they can know who is at the door from other sections of the house. Monitoring possible security breaches is also made possible using these gadgets. Smart thermostats are used in rental apartments to alter temperatures depending on the weather, which reduces cooling and heating costs while providing the right temperature for residents.
3. Refinement of Prices
Real estate agents only consider a few elements to determine the price of a home. These elements include nearby houses, proximity to schools, the number of bathrooms and bedrooms in the house etc.
However, with technologies such as accurate mathematical modelling and artificial intelligence, property sellers can accurately estimate prices. Such models take into consideration all things from schools, markets, nearby houses, noise levels, and criminal history. Professionals such as Bernard Marr, a technology adviser and a futurist believe that applying technology in real estate will make investors make informed purchases.
4. Online Property Marketplaces
Property markets have always involved a one on one meeting between investors and brokers. However, with technology, trustworthy and secure online property marketplaces have emerged. These markets make it easy for people to view all available properties from the comfort of your home.
Through such sites, the buyer can tour houses virtually using their smartphone. Besides, some of these online marketplaces never require anyone one on one interaction in the entire process. Technology-enabled real estate agents allow investors to buy with the help of an agent without having to pay high commission fees.
5. Repetitive Task Management
Parties involved in buying and selling of property usually fill the same paperwork every time there is a transaction. This is time-consuming. Instead, they could be working on finding new properties, working leads on social media, and networking. Innovators know these inefficiencies and are now making products to reduce redundancies.
As per Roy Dekel, the CEO of Set schedule a real estate software company, automation of tasks is increasingly becoming essential for property transactions. The real estate industry is using these technologies. They include commercial space automation with portfolio management, a tech that communicates and targets buyers, automated scheduling of appointments and drip and email marketing campaigns. Such small changes can significantly improve service, efficiency, prioritization and business strategy.
Applying these small process transformations to change business strategy is excellent for asset management research which entails the calculation of the monetary value of every asset and creation of an informative database.
Conclusions
That said the real estate is set to become more efficient in the future as more and more companies adopt technology although the industry has been slow to change. These cost-effective technologies are not only helping brokers and property agents but also buyers.
