Real estate technology 2021 has been transforming the real estate industry on a larger scale. The technology keeps moving forward and it has been easier to integrate it with the CRE categories. There is no sign that these technologies can back off. As long as many parties want to scale up their business, there will always be tons of solutions offered by the software engineers.
These options numbers are increasing from time to time, leaving most of us in confusion. Well, for those who are serious about the CRE opportunities, it can be daunting to choose the right one for their business because we want something to provide good ROI.
Tons of options can be pretty much overwhelming to handle. Not only that the amount of capital investment that you need to worry about, but also the time spent for training and culture change. Picking the wrong tools can jeopardize your cash flow. So, what do you need to do to find the right solutions for your business? Getting every new thing from the market can pose a risk to the mastery of the current tech and solution you are using for your premise.
The very best way to choose the right CRE tools for your business is to define what you really need and require first. It is a great start for adopting the new tech more regularly for your daily business activities. Of course, there are always new things offered to you from time to time. But you can always have the option to accept the tech which you think the most make sense for your current objectives.
Stay relevant to industry trends
The technology has transformed the image of the CRE industry. More and more professionals have embraced the tech to improve their productivity and convenience. If you are running a business in this niche, you don’t need to worry. You can keep your brand relevant in the market by sparing some time to stay informed of the latest trends in the industry. Here are the trends that can be a great start to follow.
Property Technology
Many parties have slated this remark as PropTech. Well, it might not be a new term since you’ve heard about FinTech before. The way we define Property Technology is almost the same as we comprehend financial technology. PropTech itself can be defined as the technology utilized in the commercial real estate industry. So, it revolves around great solutions which aid the individuals in managing the properties. Starting from early 2020, there have been significant increases in real estate startup investment. Across the world, these startups are speeding their progress in response to the restrictions made by the government to handle the covid-19 pandemic.
The shutdown of the physical offices has enforced businesses and professionals to provide interactive platforms which can provide accurate information to the clients at their fingertips. It has been common ground that as CRE professionals or brokerages, you need to stay ahead of your consumers in terms of experiences and knowledge. And these PropTech tools can help you to stay ahead and update. It is always beneficial to stay relevant to these new technologies.
Big data
To level up in such a competitive market, it can be the right time to conduct the data and analytics in your business. You may have seen these practices a lot. But if not, we can put ourselves in the consumer’s shoes. Have you ever seen the recommended products when you open your Amazon account? Or have you ever seen the recommended movies shown up on your Netflix platform?
You might have wondered how they’d do that? It is thanks to big data and predictive analysis. There’s a huge amount of data collected by the technology. These data might not be understood when you look at it. Here is where the analytics enter to help. It can read the patterns of the data so that it will give you a predictive analysis result. with such mature information, you’ll be able to make the right decision later.
Predictive analytics can also help you to generate great leads. It learns the demographics of the consumers so that you will know what kind of sellers or buyers will transact in no time. GLORIUM can help you to obtain data from a variety of sources to help you customize your CRE campaigns to find out individuals or groups who have the high potential to be the sellers or buyers of the properties.
Chatbots and Virtual Assistants
The VAs and chatbots have made everything faster today. These can help you answer queries with relevant answers and help to understand your customers better. The good thing here is that you don’t need to use human resources to operate the whole thing. Let the AI and chatbots follow up with the leads while you and your internal team can focus on your business core activities. These tools are online 24/7. Imagine how many leads you can generate with these talented helpers around the clock.
VR and AR
Virtual reality and augmented reality might still be exclusive to some parties in the real estate industry. But we can’t overlook its familiarity in many startups and small-sized companies because it has been eventually reachable in some countries. These tools can help you to demonstrate your property to your potential buyers. Take an example from IKEA Place which allows the consumers to interact with properties. It is highly possible that your clients can take a look around without having to be physically there. Stage your listings with the help of this technology.
Blockchain
Transaction safety has always been a challenging task to handle for property runners. From peer to peer in the same area, across cities, to across countries, the intermediaries rodeos can pose a huge problem in cybersecurity. If you’ve browsed around, it is easy to find stories about cybersecurity breaches when people transacted in real estate. Blockchain offers third-party-less solutions with multi-layered protection. Without intermediates, the transactions will be much safer and comprehensive.
