Technological advancements have impacted nearly every industry – including real estate. While the basics of selling homes have always been the same, real estate agents are always looking for new, innovative ways to stand out and reach the right buyers.
Technology has made that easier than ever over the last few years, and there are a few tech trends that are revolutionizing the real estate landscape.
Whether you’re a real estate agent, someone currently shopping for a new home, or you’re just interested in the market, let’s take a look at some of those tech trends that are causing big shifts in the real estate landscape and changing the way people participate in the home-buying process.
1. VR Property Tours
Virtual reality isn’t just for entertainment anymore. The auto industry is using it to put together digital vehicle models before creating expensive prototypes. It’s used in healthcare to help patients with mental health issues and has even been used to help with pain management. Every industry from retail to tourism is dipping its toe into the VR world, and real estate is no different.
Real estate agents can utilize virtual reality by encouraging clients to take a VR tour of properties. Some potential home buyers might live far away. Others don’t want to waste time looking at a bunch of properties in person.
VR tours allow potential buyers to really feel like they’re walking around a space without actually having to go there. It gives clients the opportunity to explore the details of a home before actually making a trip. It frees up everyone’s time and allows potential buyers to experience the look and feel of a home without having to make a trip. It’s not only convenient, but it’s a wonderful way to make the home-buying experience more accessible to all.
The beauty of VR property tours is just how realistic they can be. If you’re a real estate agent, that doesn’t mean you’ll be able to take photos or videos of a property with your phone and call it a day. It’s worth it to hire a professional who specializes in VR content. These content creators can capture a property’s interior and use drones for aerial views of the property and surrounding area to give buyers a true feel for the home.
2. Data Collection
Data collection is an important tool for any successful marketing campaign. Technology has made it easier in multiple industries through avenues like social media, digital surveys, targeted emails, and more.
Because 97% of today’s homebuyers use the Internet in their search, it’s imperative for real estate agents to combine both digital and offline data to reach their target audience and market themselves and their properties effectively. From a digital perspective, data collection can come from having a personal website for your business, staying active on social media, and paying attention to market analysis.
Of course, real estate businesses can, and should, continue to leverage offline sources to collect data from business events, trade shows, seminars, and conferences. Some of the best forms of data that can be taken from these events include:
- Attendee demographics;
- Contact information;
- Feedback about the event;
- Surveys;
- Networking information.
By striking a balance between collecting digital data and continuing to gather important information in person, real estate agents can learn more about their target audience, the latest in buying trends, and more about how to fine-tune their listings to attract more buyers.
3. AI Marketing
Artificial intelligence is transforming the real estate market by making market forecasting much easier. AI removes the uncertainty of human prediction and can more effectively forecast market trends and analyze micro-trends. Real estate investors can then use this data to make more accurate and safe investment opportunities.
Artificial intelligence can also help with things like property management and valuation. It can predict patterns by analyzing past data to determine property values. It can also predict maintenance needs and even schedule repairs for homes in need of upkeep. Finally, AI can be used as a customer service resource for real estate agents. Chatbots make it easy to connect with potential buyers at all hours, and you can use artificial intelligence to fine-tune investor profiles so reports and records are safely stored in one convenient location.
4. Mobile Apps
While mobile apps might not be a new trend, they are worth noting on this list for their importance alone. Real estate mobile app development is exceedingly popular, and agents and businesses that don’t get on board will likely lose potential clients and investors.
If you’re already using digital technologies for your real estate needs, investing time, funds, and energy into mobile marketing is the next step. Today’s consumers are used to doing just about everything from the device in the palm of their hands – including browsing for properties.
While having a mobile-friendly website is a good start, it’s no longer enough to capture and keep the attention of potential buyers and investors. An app specifically designed for your brand can make a big difference in your marketing and customer service efforts. Consider including things like your listings, contact information, 3D tours that people can step into simply by swiping their finger on a photo, and important information about communities surrounding each property.
Having a functioning mobile app also improves the accessibility of your business, allowing almost anyone to experience the property-buying process at any time, from any location. Mobile apps will undoubtedly always be a popular tech trend, so it’s never too late to jump on board.
There’s no question that the real estate landscape is changing, and it has a lot to do with existing and emerging technology trends. Whether you’re an agent, investor, or home buyer, embracing some of these trends will make your time in the market easier, more convenient, and potentially more profitable.
