With the growth explosion in the Real Estate sector, next generation technologies such as Blockchain, AR, VR, Big Data, AI and Machine Learning are all finding increased adoption in this very competitive space. So what can we expect from tech in Real Estate in 2018 and beyond?
Emerging technology companies that focus on commercial and residential real estate products and services have gained traction, forcing traditional real estate firms to rethink their core business models and embrace leading technology trends. The top 4 tech trends that real estate companies need to be seriously considering include:
Augmented and Virtual Reality
AR and VR technologies are being increasingly incorporated into everyday business functions and are moving out from the ‘sci-fi’ perception of how they can be effectively applied as viable consumer technologies. The real estate industry is moving out of traditional business approaches and is ready for a complete shake-up in delivering enhanced, innovative customer experiences. Use of AR/VR technology is already being used to deliver virtual tours of potential homes to improve the buying process and make the property sales cycle more efficient.
Augmented Reality is also being employed to help potential buyers visualize their built environment or to envision what an empty space could look like with the interiors done up. These evolved planning and visualization solutions accelerate the buying decision and create positive financial impact on the industry in general.
Actionable Insights from Big Data
As with technology investments in other industries, real estate solutions are more and more about measurable activity and harnessing deep learning from available data points. From property sales to rentals, data based insights are improving the buyer/tenant experience. Commercial, residential or retail spaces are all leveraging available technology to improve understanding on optimized customer experiences.
Industry specific solutions such as Property 365 from Levtech feature interactive and real-time dashboards that help businesses get an overview of performance, and assist in strategic decision making – a great example is how the solution uses analytics to qualify leads into opportunities for effective sales cycles.
Deal Management Solutions Specific to Real Estate
Real estate specific solutions that provide a 360-degree, end-to-end solution to manage sales, view the entire pipeline, establish a repeatable process with appropriate visibility and accountability, and create a knowledge base for every deal real estate teams work on, add incremental value to the way these firms do business and significantly contribute to their growth.
Property 365 unifies the core business requirements in the real estate sector with front of the line and back office mission critical functions – right from Lead Management, Rental Management and Accounts. This is a game changer for how real estate companies can build a customer centric approach, streamline their property sales, marketing, post sales and service process, effectively improving brand image, efficiency and collaboration between departments.
Blockchain, the underlying technology behind crypto currencies like Bitcoin, is also disrupting the way data is being stored and protected. Although adoption of Blockchain technology is still nascent in the real estate sector, we see it not only updates payment methods and the way we transact, but also leverages the fact that Blockchain is effectively a decentralized database that is tightly locked in and cannot be tampered with, ensuring data integrity and allowing for records to be created for each and every property.
Bringing Blockchain to the forefront for the real estate sector could significantly reduce the potential for fraud and enable businesses to access much more data on individual properties and homeowners creating major efficiencies for both parties. Integrating Blockchain data with current workflows will make the sales cycle and customer experience extremely intuitive.
Levtech Consulting delivers best-of breed business solutions and industry-specific consulting services across the globe. Property 365 built on Microsoft Dynamics in an end-to-end solution for the real estate industry from leads, contracts, payments to PDC management. Property owners and management companies can manage their day to day enquiries, follow-ups, customer preferences, update property information and streamline sales processes. To know more, please write to us at firstname.lastname@example.org.