It’s an ever evolving and changing world we are living in. Across any industry, it’s important to keep up to date with the latest trends in consumer activity, technology and market activity. While the business of real estate transactions ie buying and selling a home will remain the same in essence, there are major innovations and technological advances that are not only mind-blowing, but set to blow up the entire real estate tradition. The real estate industry has stood the test of time, until now. Some of the advances won’t happen overnight, but here’s a little look at what the future of real estate might look like.
TOP 5 TECH TRENDS IN REAL ESTATE
1) THE CLOUD
A few years ago, “the cloud” was seen as a mysterious pocket of the internet that eluded principals and agents alike. Fast forward to now and the cloud is fast becoming the norm and legacy server-based software is quickly becoming obsolete. This is due to the many benefits of cloud property management software including time and cost savings, scalability, increased security and greater accessibility. Additionally, cloud-based systems like PropertyMe have client access which allows tenants and owners to log in and see their property and financial information 24/7, reducing the amount of communication required.
2) VIRTUAL REALITY
Did you know that virtual reality (VR) has become so accessible that it’s on track to becoming a $29.7 billion dollar industry in 2020?
With VR, potential buyers and renters can virtually tour the property from anywhere in the world, at any time. This means that the property is open for inspection 24/7, allowing agents and clients to save time and money while increasing efficiency and engagement.
Meanwhile augmented reality (AR) apps superimpose a computer-generated image of an object into real life, allowing people to do things like capture Pokemon or virtually decorate a space using their phones or tablets. For brokers and developers, they’ll be able to showcase the potential of an unfinished space using AR to present the desired lifestyle and decrease time on the market.
3) PUSH TECHNOLOGY
Another real estate tech trend to watch this year is push technology. While this technology has been around for a few years, it has become increasingly popular as more and more agencies develop their own smartphone apps.
Agencies can use push technology to send content alerts to a smartphone’s locked screen and other notification areas in order to get users back on the app again and generate leads (phone calls). According to Kahuna Mobile Marketing, push notifications double retention rates and help prevent app uninstalls. In addition to that, you can use real estate apps like Homepass to register inspection visitors with a few taps. Thereafter, the app sends push notifications to those leads with further information. This automates part of the follow-up process and improves the overall engagement experience.
4) REAL ESTATE ROBOTS
The modern consumer expects immediacy. They want answers to their questions and they want them now. That’s where real estate robots like chatbots, voice bots and virtual assistants come in. Not only can they help answer consumer queries with little to no delay to keep consumer expectations at bay, but they can also free up your time to focus on what really matters. Chatbots such as Holmes, ChatFuel and CRIBZ (targeted toward millennials looking for a property) trigger messages based on certain actions or keywords to provide timely assistance. They can be found on popular social media platforms like Facebook and on many websites. Additionally, real estate virtual assistants like Aiva and voice bots like Alexa and Siri can help you simplify your workload. You can ask them to perform tasks such as schedule meetings, create reminders and search the web for property news.
5) FRACTIONAL PROPERTY INVESTMENT PLATFORMS
Fractional property investment platforms allow investors to buy a portion or “fraction” of a property. These investors collectively “own” the property and can benefit from a share of rental income or capital returns in the event that the property is sold. A few examples of fractional property investment platforms in Australia include BRICKX, DomaCom and the newly launched CoVESTA. More recently, BRICKX has announced another round of successful funding with NAB Ventures joining Westpac’s Reinventure fund as an investor in the platform.
In conclusion, as these new technological avenues appear, it is important to adopt them into your business model to ensure you are giving consumers an all-encompassing approach to real estate. Here at iThink Property we are embracing this change in both our Sales and Property Management teams, and we look forward to becoming a more innovative and modern workplace.
iThink Property has a team of real estate agents in Ipswich and Toowoomba offering property sales and property management services. With a passion for people and property, iThink Property was conceived with the notion of building a team of good people to work in a real estate brand that did things differently. iThink Property focuses on transparency, communication, innovation and teamwork and has become a leading independent brand with unique points of difference. So whether you are thinking of buying, selling or renting, think iThink Property.
KYLIE WALKER – DIRECTOR – BUSINESS DEVELOPMENT & MARKETING
0439 895 808
Starting out with a career in the media, Kylie brings a wealth of communication and marketing skills to the team at iThink Property. She helped launch and develop the company’s rent roll several years ago and has organically grown the business with iThink Properties rental network now spanning Ipswich, greater Brisbane, Toowoomba and the Gold Coast.