Developments in technology have helped many industries and enhanced the services they provide in the market. The real estate industry is one of the recipients of these innovations. Technology transformed the industry and the way real estate professionals practiced their professions.
These innovations helped both sellers and buyers of properties in different parts of the country. They also allowed people to stay safe while checking properties to buy. Here are some tech innovations that helped the real estate industry.
Augmented Reality and Virtual Reality
Augmented reality (AR) and virtual reality (VR) played significant roles in ensuring the health and safety of buyers during the pandemic. These innovations allowed people to view properties even if they did not visit the site. This allowed people to avoid mingling with others who were not a part of the household.
A 3D virtual tour of a house allowed buyers to check the property using their computers or mobile devices. Even as the technology existed long before the pandemic started, it was highlighted when the health crisis started. The technology also allowed real estate professionals to connect with their market even though they worked at home.
Artificial Intelligence and Machine Learning
Estimating the value of properties is challenging since people have to consider several factors, including the location, the size of the property, and the floor plan of the house, among others. But technology made this easier by using artificial intelligence (AI) and machine learning (ML).
These technologies used available data to create an estimate of home prices in different areas in the country. They took into account the various factors that affect the price of properties. This allowed real estate professionals to focus on marketing properties instead of working on the estimated prices of these properties.
Aside from valuation, AL and ML also helped buyers look for homes suitable for their needs. The technologies recommended properties based on their requirements and expectations. This streamlined the process of looking for homes by buyers.
Mobile applications are associated with food and ride-booking services. It makes it convenient for people to have food delivered to their homes or find a ride to their destinations. But the real estate industry is now using the technology.
Real estate companies have developed mobile applications to help them connect with their customers. Aside from providing virtual tours, these mobile applications also help sellers to list their properties online. They also allowed buyers to look for properties to buy.
The emergence of house-selling applications has made the lives of real estate professionals and property owners. These applications allow house sellers to save since they do not need to organize a major marketing campaign, which requires a huge budget. The transaction is also done using the application, which facilitates the entire selling process.
Drones were first used for military purposes during the First World War. They allowed armies to attack their enemies without putting their soldiers in danger. But the technology was eventually used for other purposes.
One of these uses is aerial photography. In the past, real estate professionals had to hire airplanes or helicopters to fly over a property to allow them to take photographs. But the advent of unmanned aerial systems (UAVs) or drones lowered the cost of conducting aerial photography.
Using drone images also allowed real estate professionals to promote the properties they were selling. It also allowed buyers to visualize the size and location of properties they are interested in.
Another tech innovation that became popular during the pandemic is contactless payment. Since people were wary of the virus, they preferred contactless payment options to pay for their transactions.
The technology proved helpful for the real estate industry since it opened a new market for real estate professionals. This is particularly true for properties for rent. It allowed property management companies to collect rent from tenants without having to meet face-to-face.
Property Management Software
Property management software made it easy for owners of rental properties to manage them. The software also facilitated online transactions, which is ideal at this time due to the pandemic. The software allowed them to automate repetitive tasks, which takes a lot of time to complete when it’s performed by hand.
Property management software also facilitated tenant screening, insurance policy monitoring, and the creation of reports. It allowed property managers and owners to save time in performing their tasks. And the integration of AI and ML enhanced efficiency in their work and reduced errors.
The real estate industry saw a surge in demand for housing during the pandemic. Even as lower interest rates fueled this demand, technology facilitated the process and ensured the transactions’ completion.