Embracing Technology in the Real Estate Industry
Real estate companies and professionals are no longer simply relying on a basic website and simple photographs for their technology needs. The demands to keep up with market leaders in attracting new clients, managing multiple listings, implementing multi-faceted and complementary marketing strategies and creating innovative listing materials are driving real estate professionals to increasingly rely on technology. Some of the latest developments in real estate technology include new ways to gather information about a specific real estate market and connect with potential buyers or real estate investors in more impactful ways.
Advanced technology that was once only conceivable for large firms with significant marketing budgets is now finding its way to all aspects of real estate transactions and will soon be considered a requirement to stay on pace with other real estate professionals. Learn more below about the recent trends in real estate software technology and how they can be catered to professionals of all levels in the industry to gather reliable, digestible and updated information about specific markets.
The Role of Real Estate Valuation Software
On the commercial real estate side, valuations are key for driving transactions involving the acquisition of properties as well as performing due diligence in portfolio management. Real estate valuation software helps appraisers and other experts more accurately value complex real estate assets and adjust for a long list of variables. This takes the guesswork out of the valuation stage and reduces errors that often arise in planning for changes in interest rates, new regulations and statutes, market trends and economic conditions.
Big Data in Real Estate
The collection of data on a particular real estate market is vital for any real estate company, but it is equally important to securely store and interpret all of the information that is accumulated. Big data management is helping real estate companies process data from unconventional sources to paint a clearer picture of what is happening in specific markets and what to anticipate in the future. Having an understanding of anticipated trends and changes to the market gives real estate investors and other professionals a leg up on the competition.
Using Drones for Real Estate
Drones are revolutionizing real estate videography and photography by providing an aerial video and/or pictures of a property to market to potential buyers. What used to be a prohibitively expensive tool is now becoming more commonplace in the real estate industry, especially for valuable residential properties and portfolios of commercial properties. It is one of the more effective ways to engage potential buyers by providing a more complete perspective of the land and existing structures on the market. They are increasingly becoming the marketing tool of choice for realtors who want to make sure that their listings stand out in a flooded market and catch the eye of potential buyers.
In addition to the many marketing uses for drones, they also have incredible potential for gathering data about an area. Depending on the anticipated value of a prospective property, buyers or real estate investors may rely on data and images gathered by drones as a part of the due diligence process in vetting a potential real estate purchase. While drones used to require a sophisticated understanding of how to operate them and obtain useable footage and pictures, they are becoming more accessible to the average professional and may even be able to sync with smartphones. This allows for more convenient integration and access to the data they provide within existing software and systems used by real estate companies.
AR/VR in Real Estate
Along with the use of drones, virtual reality (VR) and augmented reality (AR) technology are propelling marketing strategies and data collection to the next level in real estate. Many residential property listings no longer simply include a few dozen still shot pictures of rooms and property features posted online. Videos have already become commonplace for many home listings, but even these upgrades are quickly becoming outdated. Interactive listings are attracting and engaging potential buyers much more effectively than traditional photographs or even video clips.
VR requires that the end-user wear some sort of equipment to be able to experience interactions with a digital space. On the other hand, AR provides unique views and interactive options for the user through a device like a smartphone or a tablet. The integration of both AR and VR is called mixed reality (MR). MR allows the user to experience a digital space and personalize the features by adding images of their own furniture or adjusting paint colors so that they can instantly visualize themselves in a customized space.
Expanding the access of potential buyers to interact with digital listings creates a more meaningful connection between the potential buyer and the home. This is more likely to result in action on the buyer’s side than simply posting videos or pictures on their own. Once buyers are able to experience the virtual feel of being in a potential new home, they will be more intentional about their property search and more motivated to work with a real estate agent on exploring a potential purchase. This reduces the time, expense and energy burdens on real estate agents by eliminating fruitless showings to buyers who find that they would have rejected the listing if they had more details at the outset.
Key Thoughts on Recent Developments in Real Estate Technology
The real estate industry is rapidly adopting some of the latest developments in technology to increase the capacity to handle more transactions, streamline marketing strategies, meet consumer expectations and keep pace with constantly changing market cycles. The integration of these technological developments within the software and systems used by real estate companies enables professionals in all aspects of the industry to increase their business and stay ahead of their competition.
For cutting-edge, customized technology software that incorporates the latest developments in data collection and management and maximizes a company’s efficiency, real estate leaders rely on Chetu and its expansive team of software developers in designing effective, user-friendly solutions. Since 2000, Chetu has partnered with real estate companies of all sizes and industry niches to create workable and adaptive software programs that capitalize on new methods of amassing and analyzing valuable information sources.