Innovative Technology Change the Game of Real Estate Industry
In the recent few years, technology and innovative apps have made drastic revolution in different industries or areas worldwide and the real estate industry has no exception. According to the survey conducted by experts involved in real estate app development, real estate industry undergoes significant revolution based on three major terms associated with security i.e. automation, cyber security and sharing economy.
These terminologies are of huge significance is because of the fact that they are able to highlight the benefits capable to deliver by modern technology. Other than this, technology has brought significant changes in the way, in which real estate group is delivering services to renters, investors and buyers, while at the same time, it changes the way, in which realtors should accomplish their work.
Sharing Economy and Real Estate
We may interpret the concept of sharing economy as digital implementation of various loose arrangement concepts originated for a long time before the launch of computer technology. According to the analysis conducted by real estate industry experts, a large number of people communities have shared the usage of valuable real estate assets for many years. However, availability of big data and other innovative internet concepts/devices have made such owners and other individuals searching for properties simple and easy.
A majority of solutions present in this label often use P2P i.e. peer-to-peer networks to provide an excellent environment for freelancers/self-employed individuals to network with other like minded people or companies on both supply and demand sides of the entire real estate chain. Along with this, based on the scenario identified by real estate app developers, shared economy offered professional empowerment combined with personalized control and flexibility, while it often revolves across varieties of service-based industries.
Decentralized Blockchains and Real Estate
Decentralized blockchains or distributed ledger technology has made a big buzz since it has taken its first step in the industry. You may get justification of this fact based on different stories pertaining to trading, digital money, exchanges and FUD. Besides the success of decentralized blockchains in the form of asset values or market caps, they have delivered core tools for many industries, including the real estate one. Indeed, if decentralized databases and distributed form of ledgers become mainstreams, both of them may significantly reduce the potential associated with any fraud and provide us with higher access to available data on homeowners and individual properties.
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Especially, real estate app development experts have stated that Blockchain has proved its ability of delivering groundbreaking automation with the help of smart contracts to enforce agreements of various property business and to govern the execution of various procedures performed by machine-learning and Artificial Intelligence algorithms. Furthermore, blockchain succeeds to meet the specific requirements related to cybersecurity, which is a hailed aspect related to distributed or decentralized ledger technology, as it assures about safety of not only financial transactions, but also other valuable data transactions.
Cyber Security and its influence in Real Estate Industry
Cyber security is a self-explanatory type of concept and it acts as an excellent practice in both hardware and software development emerged as a sound response to prospective threats related to various malicious elements intending to achieve unauthorized access to controls and available data. Thus, with time, exponential increase in the speed of transferring information has reduced the exact communication distance among various geographically distant individuals and groups. In this way, cyber security reduced the probability of attackers and hackers to create any issue associated with real estate operations.
Automation Role in Real Estate Industry
Even though automation has not started with the conception of modern technology, the modern technology has brought drastic automation in most of the industries. Reason for this is that automation has consistently given many benefits, which include increase in work speed and operational efficiency, reduction in the overall cost and relatively less requirement for the intervention of human beings. Until now, real estate mobile app development experts have found positive results of automation in real estate in the following key areas-
- Innovations in Artificial Intelligence to report and provide insight-provision type of tools used by real estate investors and agents
- Necessary real estate protocols to provide support to production governance and construction procedures
- Concept related to machine learning to identify and report discrepancies without the intervention of human beings.
AR and VR Technologies Role in Real Estate Sector
Modern real estate prospects and customers remain so much busy that they often rely on real-time information obtained about varieties of offered products and services. However, although valuable pieces of information make consumers well informed, empowered and help them to make perfect choices, the negative aspect is that too much information makes the actual decision-making a challenging job.
Considering this fact, the entire real estate industry offers outstanding degrees of customization and personalization to provide memorable experiences. Because of this, Augmented Reality and Virtual Reality technologies/concepts are providing improved experience to customers and making things easily understandable to others. Indeed, real estate companies and individual business groups get pool of opportunities to leverage innovative technologies, including Virtual Reality and Augmented Reality.
CRM Software Solutions to Help Real Estate
Real estate application has further lead to CRM i.e. Customer Relationship Management software helps realtors to attract, manage and retain clients, streamlines real estate business transactions and accomplishes deals in a timely manner. CRM software system are also helpful for real estate agents to manage businesses in a productive and efficient way with minimum possible waste of time and thereby, bring improvements in the personalization associated with their communications.
Lead generation and its nurturing are the two crucial ingredients of every business or agency’s marketing plan and the process implies the ways, in which one can successfully track leads to convert into various sales-qualified leads. CRM thus plays a prime role to generate leads for every modern real estate company. With the appropriate implementation of CRM, businesses may expect to boost sales and productivity, enable closures as well as boosts decisions on real-time basis and predicts the level of accuracy.
According to latest CRM predictions, modern businesses have realized the overall influence of CRM software to perform marketing jobs. Whether you need to leverage segmentation features to create cohorts of your customer targets and boost the message campaigns and profiting from the campaign reports or opportunity pipeline, you may not overlook the significance of Customer Relationship Management software.
Other Major Influence of Technology in the Real Estate
Streamlining of Hectic Selling and Buying Properties Process
Technology has brought a strong influence in the real estate sector with streamlining of hectic procedures related to selling and buying of properties. Real estate owners should essentially let the users have a look on images of the potential properties even before they visit them physically. For this-
- Real estate make the complete process seamless for both sellers and buyers, while allow users to seek HD photos and property details at a glance of each potential home.
- Technology has lead to the introduction of 3D views of each room and setup of a potential property to help prospects to come up with the best decisions.
- Technology allows users to get instant alert and updates on properties.
Flexibility in the Search Method
Users of real estate always give priority and preference to flexibility. Because of this, whenever it comes to various search options, you may provide your users with options related to filter their options based on different factors, like price, bedroom, hall and other aspects to match with the specific criteria. Other than this, real estate app development allowed users to save details related to any property, which they want to buy to review it in detail later. Today, potential customers should essentially check the home before they visit the site physically. Hence, flexibility in search options is an essential step to take by any homeowner and for this reason, inclusion of planning of the property and its considering is very much essential in the process.
Reduction in the Extent of Paperwork Involved
During the initial stages, real estate agents or realtors require long time to close deals based on tons of paperwork involved. However, with the advancement in technology, the process has become quick and simple. Especially, the technology has improved the overall appraisal process, which was initially a type of labor-intensive procedure. Nowadays, realtors use electronic documents and innovative laser devices to do the appraisal process in less possible span of time.
Realtors may now track contacts, schedules and contracts in a hassle-free way, as each of these valuable pieces of information remain available with only a simple search. Other than this, Dropbox, Box and Google Drive apps are able to store information in a single place to make accessible for both realtors and customers from almost every place as possible and that too only one click. Besides this, E-signature is the latest and promising technological trend that allows signing documents by the help of portable devices.
Until now, real estate industry witnessed significant improvements with the help of innovative technologies and app development and it will continue to witness the same in the near future.