The real estate market has reinvented itself in recent years thanks to technology and digital transformation of its processes. Even though technology has affected every sector, it took a while before brokerages and real estate businesses were able to take advantage.
Toady, companies like Prestige Park Grove and Modern Solution Realty are changing the game by introducing new and improved technologies while keeping costs low. These companies are saving money by leveraging the power of technology while making sure that the quality of their service is never compromised upon. Here are some of the major technologies that these companies are using which are changing the game significantly.
Big data. Data is an invaluable source of information. Applied to the real estate sector, they allow individuals and companies to make informed decisions regarding investing, managing and operating based on this analysis of big data. Big data can be used in proptech to provide information related to the history of the property, the cost of the same, the details of the neighborhood, the calculation of the mortgage payment and even to forecast its future revaluation taking into account different parameters .
Blockchain. The applications of blockchain to the real estate industry are very diverse. Some companies implement it to process rental payments, eliminating intermediaries and reducing transaction costs. Another example of the application of this technology is that many companies are now using blockchain technology for the appraisal of homes. Thanks to this, the information can be validated before third parties, so that any user can use it in the different processes that require an official document, such as the application for a mortgage, with the consequent saving of time and costs.
Virtual reality (VR) and augmented reality (AR). VR and AR applications are put at the service of a potential buyer who can now fully see a property even when it has not yet been built. Virtual reality is something that will make matters considerably easier for the average person who is confused about decision-making. There are companies specialized in offering 360-degree videos that allow you to know in advance what the home will be like, and they become a useful tool to increase the number of closed operations.
Chatbot. Today 70% of consumers consult their doubts through their mobile device. The development of chatbots has been adapted to consumer habits, with WhatsApp being a new channel in which to communicate with companies. ” Applied to the real estate sector, the development of algorithms and the chatbot tool has allowed the user to obtain the valuation of their home in two minutes and via mobile, a process that in an analog way could take several weeks, ” says a professional at Modern Solution Realty.
Drones. The drones are capable of reaching the upper floors of large buildings and taking images of areas of any surface, from properties on the coast that make future tenants dream, to images of a single-family home and the neighborhood in which it is located. The options are endless and all of them have helped real estate agents improve their work and provide future buyers with an inspiring panoramic area of the land and property they are going to buy.
Technology at the service of the real estate sector
The real estate sector has maintained a traditional development line in the last four decades, however, the technology revolution has changed the paradigm in Real Estate in the last 5 years thanks to the incorporation of automated processes, the exploitation of large quantities of data and the implementation of new cutting-edge technologies.
This sector has continued to grow and as more and more technologies are introduced, we will see further evolutions in the real estate sector.