Some industries have been slower than others to hop on the technology train and the real estate industry is one of them. As technology revolutionised other industries, real estate brokerages continued to conduct their businesses and deal with clients just the way they’ve always done.
However, the real estate industry has now come on track. Real estate professionals have now realised that they need to embrace and implement technology to grow their businesses and facilitate transactions.
Did you nod to the previous statement? If yes, read this blog till the end as we’ll be unveiling the top cutting-edge technological trends that have the potential to successfully transform your real estate business. Let’s begin!
Top Tech Trends Revolutionizing the Real Estate Industry
Virtual Reality and 3D Tours
The work-from-home format became our new normal in the COVID days and it has continued to remain so. But did you know the “can-I-have-a-property-tour-from-my-place” has also become a new normal? Yes indeed! With the help of Virtual Reality (VR) and 3D tours, you can virtually tour and walk around the house from anywhere, anytime.
By embracing the VR tour trend, your real estate brokerage in Mississauga can stand to benefit a lot. First, VR tours can be accessed by anyone with an Internet connection which opens your property listings to a global audience, attracting more potential buyers. VR tours also save your real estate team and clients valuable time and travel hassles.
Many real estate agents have realised that VR tours will be the future of real estate technology. This is because 94% of Gen-Zs and 83% of Millennials prefer to work with real estate professionals who offer a VR tour feature.
Big Data
With the advent of the Internet, artificial intelligence (AI) and online data collection, real estate datasets have become immensely large, complex, and constantly growing in volume. The traditional data management tools of a real estate brokerage cannot store or analyse such a big set of data effectively and accurately. Because of this, AI-based big data tools are being embraced by real estate businesses to manage data more effectively.
Blockchain
In the past, there were many inefficiencies and zero transparency in the day-to-day process of a real estate business. But now, all these challenges of the real estate industry have been alleviated by the revolutionary blockchain technology.
Blockchain technology has transformed the way a real estate brokerage conducts transactions, manages assets, and stores data. This game-changer technology has streamlined transactions of a real estate business, enhanced security, and provided unparalleled transparency to clients.
Listing Platforms
About 10 years back, we used to browse through a newspaper or ask a friend or neighbour to hunt for a house. But now, house hunting has been made 10 times easier and more convenient by a property listing platform. Listing platforms are the most common way for a real estate business to market listings (of course MLS is also there) and for a homebuyer or tenant to look for a property.
The property listing platform of your real estate brokerage in Mississauga could be a website or app that users can easily access. It must have an easy-to-use interface, advanced search filters, relevant property information, and high-quality photos, videos, or virtual tours if you want to attract tech-savvy real estate clients. So, if your real estate business doesn’t have a property listing platform yet, make sure to tick that task from your to-do list.
Chatbots & AI Virtual Assistants
Artificial intelligence (AI) chatbots are an amazing tech tool for real estate brokerages in Mississauga. Real estate businesses usually integrate them into their website to interact with leads and clients through a messaging platform.
The AI Virtual Assistant can provide information, answer questions, and assist with various tasks related to home-buying, selling, or renting. These chatbots are programmed to simulate human conversation and offer personalized assistance without any agent intervention.
Automation of Real Estate Processes
Paul Levine, the former director at Trulia stated some years earlier that “Automation of the real estate transaction process is a $100 billion opportunity.” His verdict about the automation of real estate processes has indeed come out to be true. Top real estate brokerages are using automation to the full potential in their real estate processes and it’s helping them achieve efficiency like never before.
The best example of automation in the real estate processes is the Customer Relationship Management (CRM) tool. These days, an agent can hardly think about their day-to-day task without their CRM tool. CRMs help real estate agents automate redundant processes, optimize workflow, and offer a better user experience.
Keep the Needs and Preferences of Millennials and Gen Z in Mind
Okay, we admit it this real estate trend is not “tech.” But, it’s a disruptive trend that helps you embrace relevant tech trends for your real estate business.
You may already know that Millennials and Gen Z form a large portion of real estate clients. As these tech-savvy generations enter their prime home-buying and renting years, they will turn to a real estate brokerage in Mississauga. So, if you want to stay ahead in the real estate game, you need to embrace tech trends and tools that can help you serve this clientele better.
To do that, research how Gen Z and Millennials typically search for properties. Look at the popular platforms they use, the features they value, and their preferred mode of communication. By understanding the tech preferences of this demographic and adopting relevant tools, your real estate business can connect with the clients effectively, improve their experience, and ultimately win more clients.
Future-Proof Your Position in the Real Estate Industry with These Tech Trends
Tech trends have caused and are going to cause groundbreaking changes in the real estate industry, for the better. The present-age real estate clients are tech-savvy people who cannot imagine buying, selling, or renting a property without the help of technology. For real estate brokerages, this means only one thing - embracing real estate tech trends is not a choice. but a must to stay ahead in the real estate game.
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