6 Ways that Software Solutions are Transforming the Real Estate
According to Rapid Scale’s study, 80 percent of the top PropTech firms are using cloud technology in some way. Cloud computing comes in three different service models, each of which caters to a different set of business requirements. The three concepts are Platform as a Service (PaaS), Software as a Service (SaaS), and Infrastructure as a Service (IaaS).
Real estate mobile apps and agent websites are becoming more popular to find the right property, so people who work in this area professionally and want to grow their company should first learn about the market and keep an eye on the newest real estate mobile app tech developments. Such knowledge will enable you to make well-informed choices, allowing you to start on a path of long-term company growth and development.
Here is the list that will transform the real estate landscape.
1. Blockchain Technology
The real estate sector is one in which blockchain technology may thrive. The usage of cryptocurrencies in real estate has been acknowledged as advantageous for a variety of reasons. As a result, in late 2017, bitcoins and bitcoin-like currencies could be used to purchase real estate. The first property sold utilizing blockchain technology was flat in Kyiv, Ukraine. Since then, a number of blockchain real estate companies have developed, following market trends in real estate. Real estate deals are fraught with issues, such as.
- The possibility of deception. As long as real estate property agreements remain in paper form, there is a risk of fraud since individuals may manipulate them. This danger is reduced by using blockchain technology. Smart contracts may be used to connect digital property ownership to the blockchain. Once encrypted, such papers are difficult to change; thus, cryptography maintains them secure and unforgeable.
- Red tape is a stumbling block for everyone. Buyers and renters, as well as property owners and brokers, are distracted by tedious paperwork. So, one of the greatest things the blockchain can do for you eliminates the paperwork, making this a relatively simple transaction – smart contracts are validated and time-stamped by the blockchain, not by notaries.
- There are a lot of mediators. Notaries, bankers, real estate agents, and others are the traditional middlemen engaged in completing real estate transactions. With the blockchain, it is possible to avoid paying extra for certain services. Repetitive transactions, for example, maybe achieved without the need for intermediaries.
- Real estate investment has high entry hurdles. If you are in real estate, a large sum of money is usually needed. However, anybody may now purchase fractional ownership in bitcoin, which might vary in size. A group of shareholders is permitted to share the property after pooling their financial resources.
- Obtaining current and appropriate property information is challenging. In reality, to get it, one must pay. The blockchain, in principle, can record all pertinent information about the property and the people involved. Not only is it securely kept, but the records may also be changed at any moment without the need for intermediary permission. Secure records are immutable since they were added and available in real-time. Thus trust is built into the system.
2. Augmented and Virtual Reality
Virtual reality is another major real estate technology trend (VR.) With the advent of VR/AR, real estate is said to have entered the third synthesis phase in developing its technology, allowing for increased efficiency in the administration of physical areas.
Buyers are anticipated to increasingly utilize virtual reality (VR) technology to examine houses, benefiting from spatial visualization without physically visiting the property. This will save time and money while providing consumers with a higher-quality experience. Companies like Engel & Völkers and Sotheby’s embrace virtual reality to improve their operations, and the number of others is increasing. These are the advantages of using virtual reality and augmented reality in real estate:
- Property marketing efficiency has improved.
- Accessibility through mobile and online applications.
- Virtual tours for wireless intelligent property viewing.
- Customers have the opportunity to win time and thoroughly explore a home.
- Multiple phases of the sales, purchasing, and even decorating procedures may be covered.
3. Increased Data Quantities and Business Intelligence
Without business intelligence, it isn’t easy to envision the future of real estate mobile app development. Furthermore, effective app development should not be isolated from data, which grows exponentially in most cases. With these considerations in mind, more efficient corporate operations are becoming a reality.
Big data-derived business intelligence is already one of the most popular trends in property management. It may help a real estate app by influencing the way property owners, agents, and consumers engage with one other through the app. BI offers several tools for improving decision-making. Business analysis algorithms are used to provide intelligent predictions about app user connections. Then it’ll be much simpler to respond to the question of what will happen.
BI improves your data-driven real estate company by reviewing internal data and evaluating business processes. You can improve your operations by utilizing and analyzing all incoming data with business intelligence software solutions.
4. The Sharing Economy and Digital Housing Societies
Homeownership has dropped to its lowest level since the 1990s as a result of the current housing crisis. As a consequence, the “sharing economy” has developed as a new trend. People are unclear about whether they should buy or rent their homes.
Millennials are increasingly becoming the target audience for real estate properties, feeling that space and commodities are best shared. As a result, Internet-based platforms that operate, among other things, in the lodging and real estate sectors are in great demand because they can provide consumers with sought-after sharing economy advantages. However, renting a home to save money isn’t the only real estate trend that brings people together. It turns out that belonging to a housing society is just as essential. This software for forming housing communities, in particular, serves an important social role.
When a new renter or resident comes in, they may download an app to make friends and cooperate with their new neighbors. It may also be used to coordinate the logistics of sharing a holiday home with others. It’s a well-organized software that may help users feel like they belong.
5. The Use of Artificial Intelligence Algorithms
Artificial intelligence (AI) is another technology development to take advantage of in the real estate arms race. Buyers and renters are getting more informed, and technology is assisting them as well.
Artificial intelligence (AI) algorithms are a technique for matching transactions with consumers and optimizing the profit potential of investors. These are three ways in which artificial intelligence (AI) may help you enhance your company’s performance:
- Recommendations. AI has the potential to improve the relevancy of suggestions. Real estate websites and mobile apps must give more relevant offers to customers to select the house of their dreams. Customers’ experiences with your website or app may be personalized using AI-based algorithms.
- Property management. When defining mobile app trends in the real estate sector, we must not overlook the importance of effective property management. Many problems must be kept track of at all times: property and rental listings, buyer and tenant applications, maintenance requests, and so forth. Naturally, no matter how well-organized and aware a manager is, he or she may quickly get disoriented in the avalanche of data. Here, AI algorithms come in useful. They may aid in the monitoring of critical indicators and the prediction of long-term trends in crime rates, property values, potential mistakes, when maintenance is needed, and other factors.
- Data evaluation. Machine Learning (ML) is more important than Artificial Intelligence (AI) when it comes to analyzing data assets. In fact, ML is often linked with Big Data as a contemporary AI application. ML algorithms learn from the data and assist real estate company owners in improving a variety of aspects of their operations to provide better services and keep their pricing clear and up-to-date.
This specific Big Data-driven feature is exemplified by Homer, a project on which Vilmate is presently working. Big data analytics and APIs allow users to automatically gather and utilize comprehensive information on home appliances and real estate assets (associated warranties, manuals, pictures, maps, links, and more) from the relevant websites after adding them to their own lists on an app.
6. Home Automation
Not surprisingly, real estate and the Internet of Things are a good match. It collects, analyses, and utilizes digital data as a system of sensor-equipped devices. As a result, efficient data utilization is now a universal competitive advantage.
It benefits not just the real estate sector but also other types of commercial real estate. The use of IoT in real estate has mainly fueled the intelligent building industry that has resulted. IoT is quickly becoming one of the most popular real estate mobile app technology developments. IoT devices such as automated light control and smart thermostats are becoming less expensive as they become more common. As a result, buyer demand for smart home controls is anticipated to rise. Hundreds of sensors linked to IoT platforms undoubtedly contribute to the improved quality of renters’ and residents’ experiences.
The Internet of Things (IoT) is quickly becoming the technology of the future in real estate. These technologies may be included in agents’ marketing strategies and used by facility managers responsible for the building’s repair and upkeep.
AI algorithms, combined with a robust IoT device system, may encourage high-quality property management. Existing features of home automation include improved control of a building’s HVAC, lighting, fire, and security systems.
The aforementioned mobile app developments in the real estate sector will influence the future of real estate IT. In 2020, property owners, purchasers, renters, and, most crucially, real estate brokers may view these seven principles as self-evident.
It is worth noting, however, that planning one’s strategic future is much simpler when there are clear suggestions to follow. Sure, we haven’t covered all the bases, but the ones listed are a fantastic place to start. Keep these in mind and make sure that real estate management software has as many features and advantages as feasible!