PropTech is changing the real estate industry, but there is no reason why a business can’t change with it. Keeping up with the times, staying informed about the latest technology, and implementing the right tools will endure the efficiency and success of a business
Fremont, CA: Technology has transformed the real estate industry over the years, with some industry professionals speculating what future advancement will mean for their careers. However, it is just a matter of keeping up with the times and staying informed about the latest technology trends.
Here is a list of the five most important technological developments in real estate:
Property technology (PropTech) refers to the application of technology within the real estate industry that helps people buy, sell, research, and manage properties.
Staying up-to-date in the real estate industry means understanding this new term and learning to incorporate this new technology into business practices.
Big Data and Predictive Analytics
Incorporating data and analytics to the business gives a competitive advantage within the industry. Through predictive analytics, realtors and agents can optimize searches, which helps give results based on clients’ needs.
Artificial Intelligence and Chatbots
For a business to have a competitive edge in the industry, respond with a sense of urgency. Implementing AI, chatbots will help companies to provide a channel to respond to clients’ questions in real-time or near real-time, at the pace of the client.
Virtual and Augmented Technology
Thanks to virtual reality, realtors and agents can provide virtual tours that offer a 360-degree view of the exterior and interiors of properties. Augmented technology can also allow a business to virtually stage listings so that changes can be made to the look and feel of a home on the spot by superimposing computer-generated images on a virtual simulation of the space.
Blockchain technology allows transactions to be made securely, transparently, and without a middleman. The process is completed by a network of thousands of computers spread across the world.
After it has confirmed the details of the deal, the information and digital signatures of the participants are registered, given an identification code, and stored across all the computers in the network. Since each of the computers has its own copy of the transaction, the information is nearly impossible to hack.
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