COVID-19 has damaged several businesses around the world. However, the real estate industry is still booming. The prices of the home are at their peak in nearly 15 years. The average home prices have seen an annual growth rate of 11.2%. Along with this, the impact of technology on the real estate industry has also increased in the past years. Real estate technology is also advancing faster than ever before.
Between the years 2015 and 2019, real estate technology has grown by 1072%. A report suggests that in 2018, $8.3 billion was invested in real estate technology. This amount is only projected to grow further. Besides, the pandemic has revealed the shortcomings of real-estate companies in terms of digital capabilities. 56% of the industry experts agreed with the previous statement.
Technology is disrupting the way real estate has worked until now. Hence, if you’re looking to join the bandwagon of real estate technology or looking forward to empowering your real estate business with technology, you’ve come to the right place. This article will talk about the real estate tech trends and how they’re changing the way realtors do business. Here are the real estate technology trends to watch out for in 2021.
What will be the Potential Changes after COVID-19?
According to a survey by Zillow, there will be a demand of more than 6.4 million new households by 2025.
This demand will be created to accommodate the newest generation of buyers. It is believed that the new generation of buyers, i.e., the millennials, will push new housing trends and digital demands in real estate. This is because millennials are more comfortable with real estate tech than the previous generations.
A study reveals that 40% of millennials are comfortable purchasing a home online, and 59% are confident in making an offer on a home after taking a digital tour. Looking further into it, 80% of millennials want to see 3D virtual tours and interactive floor plans when looking for a new home.
The newly embraced digital tools and technologies built around it make home shopping safer and quicker. Research states that homes with 3D tours were saved as favorites 32% more than those without them. In addition to that, homes with 3D tours received 29% more views than those without them. Naturally, virtual tours grew by 147% in 2020. Enhanced virtual tours saw a growth of 1147%.
5 Popular Real Estate Tech Trends in 2021
So, what are these popular trends in real estate technology? Let’s have a look. The top 5 and most popular technologies in real estate industry trends that are disrupting the real estate industry in 2021 are as follows:
1. Real Estate Automation Features
At the 2019 Las Vegas Inman Conference, Paul Levine, a venture capitalist at Sapphire Ventures, stated, “Automation of the transaction process is potentially a $100 billion opportunity.” Real Estate transactions and workflows are challenging to handle, especially when it comes to communication management.
Real estate tech solution providers have implemented new technologies that allow two groups of users to communicate online with ease. For example, they’ve made real-time chat, document sharing, and transaction tracking much easier.
Besides, real estate portal solutions allow customers to automate routine tasks such as client onboarding, property listings, client services, visit scheduling, communication, maintenance requests, etc. Some of the features are mentioned below:
- Hyper-Personalized Messages
Predictive analytics allow agents to understand the customers better using various datasets. This way, they can reach the users in a personalized manner.
Agents can group users who share similar characteristics and serve them exactly how that group of customers wants. This way, agents can build highly targeted messages, content, and emails targeting a particular audience.
- Tour Scheduling
Nowadays, buyers would immediately want to take a visit or tour once they like a particular property. And they want to do it quickly and in a hassle-free manner. Therefore every real estate portal must have an automated tour scheduling system.
CRMJetty’s real estate portal solution makes it possible to serve personalized experiences. It allows agents to send personalized messages to customers at the time of onboarding. It also has extensive tour scheduling features. Customers can take virtual tours and in-person tours to get a better understanding of the property at their convenience. Learn more about the real estate portal.
2. Artificial Intelligence
Nowadays, solution providers are using AI-based models to simplify the real estate business. AI can be used in providing more reliable market forecasts that can be made available to agents. This way, realtors can be prepared for what’s coming. AI algorithms combined with an IoT framework can help facilitate high-quality property management.
Advanced artificial intelligence tools and machine learning can help move the collected data into action. The collective use of both these technologies can be used in making smarter decisions through pattern recognition.
- AI Algorithms
AI algorithms can help its users streamline the home search process. This way your portal can serve personalized listings. The AI-based system determines the expectations of the consumers and recommends properties accordingly.
- AI Chatbots
AI chatbots are yet another popular technology in the real estate industry. AI chatbots can initiate conversations and respond instantly to inquiries. This will assist agents in capturing, engaging, and qualifying leads generated from your portal. In addition, bots can manage the initial stages of information. This way, agents can have a complete understanding of what exactly the customers are looking for.
3. Big Data
Data and real estate are closely related to each other. Analyzing data can help realtors formulate long-term data-driven strategies. Therefore big data has become an integral and popular real estate technology trend. With the help of data, realtors can predict trends, opportunities, and strategies for their companies.
- Analytics and Reports
Due to the popularity of big data, real estate portal solutions must contain these features. Tracking analytics can help you identify the most effective marketing strategies, trends, and roadblocks. This is important in an ever-changing industry like real estate.
The real estate portal must also provide a well-arranged customized admin dashboard. It must allow realtors to set and save quick links to widgets like recent activity, counter block, etc., for any required entity.
- Data Security
With big data comes the need to secure that data and prevent it from potential breaches. Handling the portal, CRM, and multiple other tools to quantify the data may result in data loss. Hence your real estate portal must have secure data management features.
Make sure that your CRM integrates with the portal, and you can transfer data easily. As a result, it saves you many manual data-related tasks and gets seamless sync between your database and portal.
- Unified Interface for Data Management
A unified interface is important because you do not have to switch between multiple tools while managing your real estate portal. This way you will be able to manage the data related to listing, sales, customers, and lead funnels from a single place.
CRMJetty’s real estate portal is known for its security and seamlessly personalized workflow. It lets users perform all the operations from a single interface through a custom dashboard. In addition, its extensive listing section creates a win-win scenario for both buyers as well as sellers. Would you like to take a look? Get in touch with our experts today!
4. Virtual Reality And Augmented Reality Features
Virtual reality is yet another popular real estate tech trend. Virtual reality makes the search and buying experience more enjoyable. This is because it helps realtors provide virtual tours of the property to potential buyers. Virtual tours enable buyers to view the entire property remotely without having to leave even their drawing rooms.
The COVID-19 pandemic has further pushed VR acceptance, and today buyers and sellers can make deals without even meeting each other physically.
Real estate companies are also adapting to these trends of advanced remote property viewings. For example, Zillow’s income has grown by 35% due to its 3D home tours.
Virtual reality, along with 3D modeling, can help consumers view properties without ever setting foot in them. They also allow agents to show off empty spaces so buyers can get a sense of how the property will look before it is completed.
Att the same time, AR features can be used to design various elements of housing like furniture. For example, a simple AR interface can tell you which sofa will fit into space or which dining table set will match the kitchen walls.
5. Mobile Applications
From scrolling property lists online to taking a tour, people like to do everything from their palms’ convenience. This convenience extends to the real estate portal as well. This is why a mobile-responsive interface or an application is a must.
A mobile responsive site helps to reach out to customers on the go. The main objective is to let your potential customers access the properties listed on your site from any type of device seamlessly. Therefore, it is important to get a fully responsive and engaging mobile interface that enriches the customer experience by allowing them to access the portal whenever and wherever they want.
Ramp Up Your Business with Latest Real Estate Technology Trends
Real Estate portals have, without a doubt, become the most popular home search method. A well-crafted property portal can bring lots of opportunities for your business. And only experts can bring together a well-crafted real estate portal.
With 14+ years of experience in portal development, we bring you CRMJetty’s real estate portal. It is a one-stop centralized solution enhanced with the latest technology trends that overcome all real-estate challenges. It is embedded with multiple trending features that help you solve problems like scattered information, mismanaged task flow, inefficient communication, and dispersed databases that seem to hinder the current real estate industry. Innovate and adapt synchronized technological solutions. Let’s get in touch.
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