Technology has transformed the face of real estate investing in the last decade, paving the way for a new generation of younger, tech-savvy clients. This has led many industry professionals wondering how such developments will affect their career advancement.
Fortunately, there’s no need to worry, especially when you’re part of an established real estate association. You just need to stay informed about the latest real estate technology trends and use them your advantage. Stay ahead of the competition by incorporating major real estate technologies into your strategy.
The Role of PropTech in Real Estate
PropTech is short for Property Technology, which refers to technological applications in the real estate industry. It covers all tech innovations that help people research, sell, buy, and manage properties.
The internet has infiltrated almost every aspect of life, and consumers now have endless information at their fingertips. In addition, most are no longer content with traditional ways of investing in real estate. Many buyers are keen to explore more advanced ways to find and invest in real estate. Knowing how to maximize PropTech can set real estate agents apart and help them stay relevant.
3 Emerging Real Estate Technology
The trick to incorporating technology into real estate ventures is separating the wheat from the chaff. Below are three examples of developing real estate technology that show great promise:
- Predictive Analytics and Big Data
Incorporating analytics and data should now be a part of practical real estate education. Clients rarely know what they want until they see it. Therefore, their search criteria can be an unreliable way to find their dream home.
Predictive analytics will allow you to optimize searches so that results are based on what clients truly need. Companies like Revaluate and RealAgile are starting to cull private and public data to help real estate agents fine-tune their marketing campaigns. Optimized searches will help you market to individuals who have a bigger chance of buying or selling.
- Chatbots and Artificial Intelligence
When one missed inquiry can mean a lost sale, real estate agents should respond to every client with urgency. However, it’s not always possible to stay accessible 24/7, given your workload and schedule. Consider programming chatbots, also known as conversational AI, to answer inquiries even while you’re away.
- Augmented and Virtual Reality
Websites and applications like IKEA Place and Home Design 3D have revolutionized the way customers interact with real estate properties. Through virtual reality, they can now go on virtual tours that showcase the interiors and exteriors of the property, complete with 360-degree views. This can save both agents and their clients a lot of time organizing in-person tours. It also allows both to show and check more options before proceeding with real estate investing.
On top of that, real estate agents can also stage their listings using AR technology. You can customize the look and feel of a home according to the preferences of a buyer by superimposing images on a VR rendition of the place.
Boost Your Real Estate Investing Strategies with CIREIA!
Stay on top of the latest news and advancements in the real estate industry by joining CIREIA! We are the largest non-profit real estate association in Indiana for over 30 years, welcoming both novice and veteran individuals. Grow your network, expand your real estate education, and build your brand with the help of the industry’s finest talents. Call us at 317-670-8491 to learn more about becoming a CIREIA member today!