As we know, technology is constantly evolving and continues to influence the real estate industry in many new and exciting ways. Here we take a look at some emerging real estate tech trends that may bring significant benefits to your business.
Fractional property investment platforms
For those who are unfamiliar, fractional property investment is when the cost of a property is divided into shares that are sold individually to investors. The investors then receive income from the rent collected on the property and can also make money when they sell their shares or when the property is sold.
The two major players in the Australian fractional property investment market are BrickX and Domacom, however the number of fractional property investment platforms will most likely rise due to the current economic uncertainty i.e. buying a portion of a property may have more appeal to many investors.
Virtual reality
Given the recent restrictions on face-to-face open homes, virtual reality (VR) has become an extremely beneficial tool for real estate agents. This technology allows potential renters or buyers to undertake a virtual property tour from anywhere in the world at any time of the day.
VR can also be used to change features such as flooring, walls and even furniture so that prospective buyers can see the real potential of the property. VR has come a long way over the last few years, and this trend is set to continue.
Big data
In today’s digital world, huge volumes of data are generated daily. With the ever-increasing sophistication of technology, this ‘big data’ can now be used to your advantage. There are many tools available that can collect and analyse the data from your website and use it to make predictions about how your potential clients are likely to behave in the future.
Amongst other things, this information can be used to gain a better understanding of your customers’ needs, improve your pricing strategy, and target your advertising more effectively.
Cloud-based systems
Over the past decade, real estate agents have been transitioning to property management software to manage their day-to-day business. Traditionally, this data has been stored in onsite servers, which can only be accessed while in the office, however many agents are now moving their software and data to the cloud.
One of the main benefits of cloud-based systems (especially when more of us are working from home) is the fact that your data can be accessed from any device (PC, tablet or mobile), anywhere and at any time as long as you have an internet connection. Other benefits of cloud-based property management software include automatic backups, increased security, better scalability, improved efficiency and significant cost savings.
Mobile apps
Another emerging trend in real estate tech is the adoption of mobile apps. Property management software platforms such as PropertyMe now have a smartphone app, so it’s even easier for consumers to research property on their smartphone while they’re on the go. Many agencies have also developed their own apps, which allows them to use push technology to send targeted alerts to their customers.
FINAL WORD
Although we’re in unprecedented times with Covid-19, the lockdown has created a great opportunity for the real estate industry to take advantage of new technology. It will be interesting to see the long-term impact this will have on how we conduct our real estate business in the future. Watch this space!
Founding and operating digital web services businesses, Ryan has a passion for technology and over 10 years experience delivering online services to the classifieds verticals in Australia, New Zealand and Asia.