Three Emerging Proptech Trends in Real Estate Sector

The vast volume of data produced by the real estate industry can be utilized to its benefit further as new technologies and ideas drive the macro-and micro-scale boundaries for the real estate industry.

Fremont, CA: It's no surprise that using newer technologies like big data and analytics will reshape and transform almost every industry. The real estate industry is no exception here and has already begun to enjoy the benefits that big data and data-driven technology can offer.

Here are three proptech trends in the real estate industry:

Virtual Reality

Visual data is at the core of one of the most innovative and effective data-driven applications used in the real estate industry now. When much visual data is available, realtors can use the Virtual Reality (VR) technology to provide prospective buyers with a tour of the house, providing an in-depth look at the dimensions of any given building that a static image cannot offer.

Again, VR is another modern data-driven technology that helps both buyers and sellers of real estate. Realtors are significantly expanding their business, as they would not have to set up real meetings to show a home and can potentially offer it to several different potential clients at the same time. Also, homes can be arranged remotely through VR, turning an empty and visually cold, unfurnished home into a staged home in an instant with the ability to alter any furniture or fixtures in the blink of an eye to cater to any amount of aesthetic palettes.

Informed Decisions

Quantifiable data, whether obtained from historical records, social media sites, or some other number of sources, work to show a broader image than many are used to. Once developers, realtors, and consumers are all willing to see the forest for the trees, everybody comes forward as they have the potential to make a better decision based on all available data instead of only past data or intestinal feelings.

In its raw form, much of the data produced by or relating to the real estate industry is not all that helpful. But with the power of data analytics, machine learning software and artificial intelligence, heavy-duty number crunching is taken care of, leaving a refined and highly functional product. In a way, these emerging developments are potentially increasing the playing field when it comes to real estate, offering the same benefit to those willing to take the time to apply big data efficiently.

Analytics

A primary and powerful data-driven tool available to the real estate industry exists in the form of analytics. The importance of data analytics in real estate extends to both consumers and real estate owners, because it enables advanced property valuation across a wide range of parameters, from expected appreciation and depreciation rates to crime statistics, accessibility, and other factors. This not only enables real estate companies to identify value more precisely and manage risk but also increases customer engagement and provides them with vitally important information on potential purchases.

Since these large pools of real estate data are now being used by Artificial Intelligence (AI) applications to enhance consumer experience over time through customization and predictive home valuation, and can further change the real estate game. AI will help to reliably predict which locations would be most profitable for developers to invest in, maximize business viability and sales and help to define optimized spatial layouts for developments.

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