Over the last three decades, real estate has undergone a massive wave of change and innovation. What started as a manual-intensive industry has now become very innovative with the latest technology. Advancements in technology are resulting in a massive digital transformation and setting new trends in the real estate space. By 2026, real estate as a market is expected to be $8.6T globally, making it one of the largest markets in the world.
Technology influenced and set disruptive real estate industry trends in 2022 by enabling smarter decision-making and improving the experience for every stakeholder involved – homeowners, landlords, investors and tenants. We at Blox.xyz are developing top real estate technology to streamline the end-to-end home buying process. Proptech companies leverage technology to manage, control, plan and overall deal with real estate more efficiently. There are numerous business models that enhance customer delight and make life easy for the customer.
Property technology received an impetus and was significantly influenced by the pandemic enabling a rapid shift in this industry. Innovations and improvements were introduced to help stakeholders deal with challenges. According to research done by KPMG, these are the four main areas that are causing the space to innovate –
Here are the top six technology advancements that are bringing innovation to real-estate
Real estate Customer Relationship Management software is the one-stop-shop for communication management amongst developers, clients, real estate agents and leads. These systems take care of the process management from the start to the end. This encompasses managing customer requests, preparing price quotes, management and sale of the property. CRM software is customised to include features for specific real estate needs and is used for communications, follow-ups and call-to-actions.
Artificial intelligence and machine learning are the current big things across industries, and real estate is no exception to the transformation they offer. Real estate companies are unleashing the power of AI & ML to sort their data and streamline their decision-making processes. AI can be used for multiple purposes, such as content marketing, chatbots, advertising, property analysis, valuations and future predictions.
Blockchain in real estate facilitates transparency and efficiency when multiple parties are involved. A robust blockchain ecosystem helps to eradicate bureaucracy, paperwork and expenses. It brings down transaction time and ensures security because of its decentralised characteristics of transferring and recording asset ownership.
What bogs a homeowner down when buying property is the administrative tasks and paperwork associated with it. Automation tools help to streamline processes and eliminate resource-consuming processes and tasks such as property management, documentation, lead generation and client management. Automation enhances operational efficiency, thereby managing the team’s productivity by easing their workloads.
Gone are the days when VR/AR technologies were associated with the gaming and entertainment industries. Today such technology is gaining momentum in an age-old space like real estate. We at Blox.xyz use this cutting-edge, top real-estate technology for virtual property showcasing and staging. AR & VR technologies intensify the customer experience as they can take 3D guided tours from the comfort of their homes at a time convenient to them. Such avant-garde technologies significantly help streamline the house-hunting and purchasing process, eliminating several roadblocks.
Data insights and analysis make the entire process more customer-centric and relevant and amplify customer satisfaction. Big data empowers stakeholders to make data-driven and informed decisions by relying on accurate predictions, market trends and associated risks. Data analytics technology drives transparency and optimisation, benefiting the demand and supply side.
Proptech was one of the biggest real estate industry trends of 2022, which will continue to innovate and disrupt this sector in the coming years.
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