Digital transformation technology laces real estate, fast-tracking the challenges posed by the pandemic, yet aligning the opportunities with the operations for the occupier and the end-user. Pandemic acted as an eye-opener and accelerated the existing trends. Finding a way out, Corporate Real Estate Technology (CREtech) is always a combination of solutions that will roll over real estate technologies in many forms. So, if you are planning to invest, consider the trends which will rule this domain in 2021:
- Analytics and Data
Data-driven decisions will always support the demand vs. behaviour patterns, making the CRE companies understand and respond to the opportunities and risks that these changes put forward. Data is influential; start-ups get infinite chances to make changes in the existing process.
- Digital Twins Technology
Prospective buyers get opportunities to review, research and explore properties owing to the large amount of data generated by the CRE industry. Digital twins technology predicts the whereabouts of a building: how it operates – how the current operations are improved – what are the experiences and potential issues of the residents; and to replicate processes to estimate how this available data will perform. Overall, it helps improve the efficiency of the operation, bringing in new ideas, reducing time and improving performance.
- Direct Digital Engagement
Engaging users directly via digital touch-less services assists users in the same way as in-person home tours. It is automated in a similar way to direct digital interaction and disruptive technology in real estate.
- Automating Robotic Process
The usefulness of virtual assistants, file sharing, real-time chat, tracking transactions improves operational efficiency and reduces costs. The slow automation adoption leverages technology, thus improving overall digital transformational efforts.
- Advertising Automation
It facilitates automatic generation of advertisement campaigns: real-time statistics like views, clicks, and demographics.
- Big Data
It helps extract relevance out of the big data – collecting, processing, deciding results in the most appropriate search recommendations, which is helpful at a later stage of acquiring property.
- Hyper-Personalized Messages
This feature allows datasets and predictive analytics agents to understand their customers and groups sharing lifestyles, to build highly targeted messages and content for a specific audience.
- Virtual Tours
Virtual reality coupled with 3D modelling allows users to review the property before actual purchase. It includes ‘3D home tours remote property viewing’ etc. 3D Matterport video tour enables home buyers to determine if the home is compatible with them. It allows safe connection amongst buyers and sellers, and improves transaction and protects all parties.
- Administration Automation
‘Smart solutions to real estate’ include automating routine tasks such as client service, maintenance requests, communication leasing, scheduling viewings etc., which carry enormous importance to the real-estate buyers.
- Geolocation Tools
These are potentially helpful to determine land value: county maps, flood zone maps, property data, and topography etc.
- Reduction in Carbon Footprint
Technologies that help reduce commercial properties’, reduces carbon footprints.
- Safer Buildings
Incorporating HEPA filters with UV lights, touch-less entry, and automated sanitization measures, will ensure the safety of upcoming buildings.
- Smart Access Control
It is the primary investment that property owners can make towards making their buildings more efficient.
- Automated Valuation Models
Artificial intelligence, virtual reality, and augmented reality have become a standard for valuation for modelling pricing on both the listings and buying sides.
- Prolific Adoption Of Live Video
Prolific adoption of video – video calls – virtual pre-recorded digital property tours is an essential tool for marketing, touring, leasing, sales, asset management, and general communication. The live video comes forth as a true disruptor.
- Bridge Solutions and iBuyers
It helps in selling your current home while you plan to buy your next home.
- Rental Management Software
Rental management software saves time by automating a large number of manual tasks.
- Increasing Options to Assess ‘Rental Comparables’
Emerging mobile applications in real estate show every active rental listing near any address. These allow savvy investors to quickly gauge the amount of rent a target property can produce.
- Fractional Property Investment
It involves a percentage of ownership in the assets likely at the time of common investment strategy while purchasing expensive items like aircraft or vacation homes. In conjunction with blockchain technology, fractional property investment is growing for varied reasons. Fractional property investment enables buyers to build their deposits for future property purchases, owning to high prices. Plus, the fractional property investment approach allows communal investors to share rental income from shared property, thus opening an additional income stream.
Conclusive: Is the trending technology in real estate expandable?
Every new advancement in emerging technologies for real estate promises a new way of doing business. Right from saving time and resources to grabbing a new target niche, the changed methods hover over the past proprietary tools in land acquisition. As real estate companies understand the benefits of investing and next-generation technologies in real estate, they find it most promising for their industry. We are yet to unlock major disruptive technologies in real estate but have some projects in our cumulus, devised on similar lines. We understand how these transformational technologies unlock value along every step of the real estate value chain, providing massive opportunities for next-gen real estate companies. Reach out to us for real estate app development and related queries!