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Wednesday, 11 December 2019
Agent Resource Center
Agent Resource Center

Technology Will Empower Real Estate Business in 2019

Written by Posted On Thursday, 14 February 2019 01:40

Like every other industry, real estate has also benefitted from technology developments in a very big way. There was a time when the portals for buying and selling properties started getting replaced by apps.

But, this is not the biggest breakthrough in the real estate market. There is much more to it. Technology keeps moving a step further every day.

Research and development have increased manifold in the last decade. And, this is also due to the easy availability of secondary data which is made possible by technological changes.

And, why would an industry like real estate deprive itself of the advantages offered by technological changes?

Here are some technological breakthroughs which have made real estate business grow like never before.

  1. Access to Data

Technology advancements have made it easy to store and retrieve property related data. Cloud servers are a boon for the realty industry. Data sharing is no more bound by location. You can share data with users all over the world.

Voluminous data can be conveniently stored and retrieved at very high speed. The data could even include images and videos.   

The real estate dealings are becoming more and more transparent. Both buyers and sellers have access to accurate information regarding property transactions. This helps avoid legal problems later. It also reduces apprehensions on both the ends.

Blockchain, an emerging technology, helps to make the transactions safer and quicker. And, any savings in time is also a saving in the costs!

Renting a property is also safer with the use of smart contracts. It ensures compliance with all the contract conditions. The automatic payment disbursement makes transactions easy.   

  1. AI Enabled Views

Displaying property to prospective customers had never been easier. Artificial intelligence enabled apps have made it simple for the agents to project the property overlays to the interested buyers through the use of augmented reality.

Now the buyers don’t have to visit the property to view it from all directions. The apps are capable of showing 360 degree or panoramic views also.  

Renting of properties has become simpler with automation. Screening of tenants is also possible without hassles. And the property can be displayed to a larger audience through the use of digital media.

  1. Lead Generation

Big data finds its applications in almost all industries now. This is particularly useful in lead generation and reaching out to the customers. Data generated from user search key words can help understand the demand factors.

This customer data can be segregated geographically. One can also identify what types of properties are more popular with the different income levels, marital statuses, and age groups. Customer segregation improves customer service too.

Big data analysis is not limited to this. There is a lot more than can be done specifically as per your requirements.   

Conclusion

Technology has no doubt transformed the realty sector. Some of the best achievements in the last decade are related to high-speed internet, specialized ways of recording data, data security, and cloud servers. These have made it possible to store voluminous data with ease. And, retrieval is just a finger-touch away.

If you are a buyer, you can leverage these benefits for buying your dream property. And, you won’t have to go through cumbersome procedures.

And, in an era of the internet of things, even if the realty industry tries to, it cannot ignore catching up with the technology trends. Gradually, the systems have to become smarter. And, real estate is a part of the system!

So, if you are a seller or agency, you should consider developing your customized app, to make your property transaction a pleasant experience for your customer. And, anyway, if you don’t, your competitor will!

Rest is up to you!

Jin Markov is an experienced Content Writer with GoodFirms.co, a research firm in the USA. He writes on areas related to technology for businesses. His quest for knowledge makes him a lifelong learner who loves to experiment with varied subjects.

So, if you are a seller or agency, you should consider developing your customized app, to make your property transaction a pleasant experience for your customer. And, anyway, if you don’t, your competitor will!

Listing Additional Info

  • State: New Jersey
  • Address: 2259 Duke Lane
  • City: Piscataway
  • Zipcode: 08854
  • SOLD: no
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