Technology has become an essential part of our lives. We need it in almost all activities throughout the day — online shopping being one of them. It has a tremendous impact on nearly all businesses and industries around the globe, including real estate.

As a result, real estate brokers and business owners have set up their real estate apps and websites where realtors and brokers interact with the customers and amongst each other for them to stay on top of the technology trend and not be left out.

However, it is crucial that they also have vast knowledge and understanding of some of the top trends in real estate technology as well as to keep themselves updated in order to maximize their development in the online realm and reach a broader audience through easy methods. Here are some of the top trends in real estate technology today:

1. Virtual and Augmented Reality

Almost half of all potential homebuyers search for properties online. With virtual reality (VR), customers can take a 460-degree virtual tour of the interiors and exteriors of their prospective home, anytime and anywhere. Augmented reality (AR) creates a computer-generated image of an object in real life. In the case of real estate, AR is used to showcase the desired lifestyle from an unfinished space.

The use of VR and AR has become increasingly useful, especially to customers who use mobile or website apps. They also increased efficiency in property marketing online and give the customers a chance to investigate the property in detail.

2. Artificial Intelligence And Machine Learning

Artificial intelligence (AI) and machine learning (ML) are one of the most transformative innovations by humankind over the past few years, and it has become increasingly important in the commercial real estate industry. These two have made the lives of real estate companies easier by being time-efficient.

AI-based algorithms increase the relevance of recommendations to potential homebuyers searching for their dream home. Chatbots on websites also increase the company’s reliability because these virtual assistants answer customer’s questions in real-time. For instance, Lilian Real Estate has a virtual assistant on its website that responds quickly to inquiries 24/7.

ML-based algorithms, on the other hand, helps real estate business owners improve their services and keep their prices up-to-date through data analysis. ML-based algorithms, sometimes associated with Big Data, collect data from you while you are visiting a real estate website, and it can predict what kind of home you’ve always wanted.

3. Blockchain Technology

Some customers still worry about purchasing items, or even property, online. Potential homebuyers don’t need to fret about buying online, and blockchain is one of the reasons why. The use of cryptocurrencies (e.g., Bitcoin, Litecoin, etc.) through blockchain technology has been beneficial in most real estate purchases. In 2017, an apartment in Ukraine was the first property sold using blockchain technology.

Since then, real estate companies have resorted to blockchain technology in securing purchases online. Aside from hassle-free payment without the need for a central verifying authority, other benefits of blockchain technology include:

Prevention From Fraud

Blockchain minimizes the risk of fraud through smart contacts, linking digital property ownership to the blockchain. Cryptography encrypts documents, making them impossible to alter and forge.

Less Paperwork

Blockchain cuts the paperwork and sets a straightforward transaction. Smart contacts are verified through blockchain as well.

Shelling Out Less Money

Purchasing real estate properties involves a lot of mediators - brokers, notaries, etc. Hence, the need to shell out money for their services. Blockchain can avoid customers from paying extra cash by bypassing mediators, as in the case of repetitive transactions.

Takeaway

These are some of the top trends in real estate technology that will make your real estate business adapt to the recent technological changes today. For sure, your business will soar to new heights with these technological advancements.

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