The global real estate industry has undergone a massive digital transformation over recent decades, projected to surpass $8.6T by 2026 as one of the key markets. Technology is integral to this transformation by aiding us to make smarter decisions and enhance experiences for tenants, landlords, and investors.
Real estate has recently undergone a significant transition: from AI and Big Data applications, Virtual Reality technologies, and IoT services – to their deployment within its highly regulated sector – all have significant implications.
Real estate has historically been one of the last industries to embrace digitization; however, this industry is making up ground by adopting popular real estate technology trends.
Property and investment businesses aspire to improve property management and investment decisions; to accomplish this goal, they need to employ some critical trends from technology such as virtual reality (VR), artificial intelligence (AI), and the Internet of Things (IoT).
Discovering and Implementing Innovative Trends in Real Estate App Development
Below are the latest real estate technology trends affecting real estate app development:
Cloud Computing and Storage
Deloitte research showed that, of all real estate technology trends globally, migrating to the cloud was identified by 36% as being their top concern.
Cloud storage solutions allow real estate app development companies to manage client or property details online securely and efficiently without managing on-premise data centers or organizing paperwork, relieving you of worries related to data accessibility, protection, system upkeep, or document storage space requirements.
Cloud technology has long been implemented into other industries (think fintech!), yet only recently did it make significant inroads into real estate – a traditionally offline industry. One of the key advantages that come from adopting this cloud solution for real estate includes:
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Flexibility: Real estate professionals benefit significantly from storing all their data safely in the cloud and being able to access information at anytime from anywhere – making their jobs more productive, collaborative, and fulfilling than ever.
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Scalability: Cloud-based platforms adapt your real estate business as it grows, quickly scaling it up or down without starting from scratch; select an affordable subscription plan and get going!
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Security: With all data safely located in the cloud and away from potential home/work network risks or paper files stored on desks, you can rest easy knowing no system breaches will occur.
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Paperless: Real estate firms embracing cloud technology can lower paper use by improving document control and increasing data security and instant backup capabilities.
Blockchain
Real estate technology trends like Blockchain, Tokenization, and Cryptocurrency have gained tremendous momentum within real estate circles, with 29% of respondents investing in these trends.
Blockchain has seen tremendous adoption within real estate development projects and transactions, and real estate agents rely heavily on it as a payment security tool. Investors also find blockchain attractive when considering fractional property investing options. At the same time, landlords use it to sell portions of their holdings.
Buyers require the ability to trace a property’s ownership from purchase or transfer.
Blockchain’s appeal in real estate may yet reach its pinnacle; that will likely happen once more prominent players start investing more heavily in its infrastructure. Nevertheless, blockchain remains one of the most promising emerging trends within this field in years ahead.
Robotic Process Automation (RPA)
With so much going on in accounting departments and real estate offices behind closed doors, robotic process automation (RPA) of workflows represents yet another disruptive technology affecting real estate; 26% of respondents support RPA as an innovation that may impact real estate management practices.
RPA is Robotic Process Automation – software that automates manual, repetitive, and rule-based processes and tasks. RPA comes in various forms, from extracting information from MS Excel files and sending emails out to complex CRM solutions connecting tasks across departments with one user interface.
A disruptive technology like this one has numerous applications in real estate back-office operations, from producing brochures and invoices, managing payments and renewals, and credit applications/multi-tenancy risk control, among many others.
Artificial Intelligence (AI)
Artificial Intelligence (AI), another innovative real estate tech trend, began as an attempt to maximize value from massive data sets that were surpassing human capacity to interpret them.
AI enhances RPA technology by replacing “following the rules” with judgment-based processes and predictive decisions – often called cognitive automation.
As real estate and technology merge rapidly, intelligent real estate systems may soon be capable of producing structured suggestions, prioritizing alternatives, and directly making decisions in the future.
Real Estate Analytics
Ten years ago, real estate firms relied upon experience and non-actionable historical records stored on Excel spreadsheets when making decisions; today, however, big data enables real estate analytics experts to anticipate risks and opportunities more precisely with more precise foresight.
Seventy percent of Deloitte respondents agree with this claim and believe real estate firms must offer advanced forecasting and scenario planning, among other services, which can only be accomplished using proven data management software like Salesforce.
Salesforce stands as an unparalleled real estate app development solutions, boasting an outstanding track record and growing list of success stories, that offers advanced data analysis for real estate. Their platform is one of the premier technologies available today for this type of analysis – gathering all aspects of business into easy-to-access dashboards that quickly allow users to make wise business decisions.
Smart Buildings / IoT
Real estate professionals looking to migrate their data into Salesforce must ensure it has been organized and formatted appropriately; otherwise, even an advanced data analytics system like Salesforce cannot deliver reliable insights.
People live busy lifestyles that demand our homes adapt accordingly. An IoT home equipped with connected mirrors, robot vacuum cleaners, and wireless kitchen appliances interacting seamlessly can quickly respond to people’s changing needs, fulfilling dynamic tenants’ or buyers’ expectations efficiently and promptly.
Since their advent during the early 2000s, intelligent buildings powered by IoT technology have been high on consumers’ real estate agendas; today, they offer much more cost-effective and viable real estate options for consumers than before.
Three features characterize this real estate tech trend:
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Innovative amenities such as automatic lights that turn on 1 hour after sunset and turn off again 1 hour before sunrise are common examples.
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Connectivity: Smart appliances connect via Wi-Fi, smart sensors, and intelligent access controls, creating seamless experiences across every aspect.
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Remote Performance Access: IoT sensors such as smoke/CO2/motion detectors/leak sensors/gas meters gather consumption data remotely to report to tenants/owners/property managers via laptop/phone reports.
Green Building Technology
With the increasing use of digital systems to monitor energy use and save costs, manufacturers and installers of energy-efficient building materials and systems such as heat pumps or energy-saving A/C have begun adopting efficiency-boosting materials and systems such as these in their offerings for more significant energy savings.
Green buildings combined with emerging real estate technologies like smart homes can significantly lower carbon emissions from construction projects and significantly decrease their environmental impact footprint.
Early adopters who utilize green engineering and performance-management tools for retrofitting could reap tremendous rewards.
Conclusion
To remain at the top of your field in real estate technology trends and software solutions. Staying aware of developments allows for optimizing all processes relating to real estate investment, and using cutting-edge tech has many advantages for both customers and businesses alike.
AI, VR/AR, Internet of Things (IoT), Virtual Tours, and Big Data technologies allow significant advances. They enhance every process while automating many actual estate-related activities successfully – ultimately shaping individual lives and businesses over the years and the whole real estate industry today.
Technology’s role in real estate app development services continues to expand exponentially, and this industry sector is experiencing remarkable expansion. Now is an excellent time for anyone considering developing real estate apps or businesses from scratch or upgrading existing apps or businesses to start or create one from the ground up.
