Advances in technology improved the operations of businesses in different industries. They also raised industry standards and increased productivity among their employees. The situation was beneficial for many businesses as they had to deal with the challenges posed by the pandemic.
The real estate industry also benefitted from the latest developments in technology. These developments allowed real estate professionals to connect with potential buyers who wanted to take advantage of the reduction of interest rates by the US Federal Reserve at the start of the pandemic. Here’s how technology transformed the real estate industry and allowed it to thrive during the health crisis.
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Virtual Reality for Property Tours
The pandemic saw an increase in the use of virtual reality in the real estate industry. The technology allowed people to tour a property they intend to buy even without visiting the site. Aside from homebuyers, the technology also allowed potential tenants to a rental property to check the home from a different location.
Photos and videos do not provide the same experience as a property tour. And with the pandemic yet to end, going on a virtual tour of the property gives potential tenants the chance to check the property before finalizing their decision.
The technology also allowed real estate professionals to promote properties across the country. The presence of mobile apps also made these properties accessible to a wider market. Additionally, it allows clients to stay safe while viewing the property from a different location.
Cloud Technology to Facilitate Data Access
Cloud technology also allowed real estate professionals to access data about different properties from different locations. It also increased productivity as they did not have to go through stacks of documents to find documents about specific properties.
With this, they can answer questions of their clients using their mobile devices. In this situation, their productivity and efficiency increased. It also allowed real estate professionals to work with more than one client at the same time.
House-buying apps also use cloud technology when they connect buyers and sellers in the market. Property owners upload information about their properties on the cloud to allow potential buyers to check them. These apps also ensure the properties that buyers search for match their requirements.
Cloud technology also facilitates remote closings as the information that stakeholders need is found in the cloud. The convenience it offers will see the continued use of the technology even after everything goes back to normal.
Use of Big Data for Property Valuation
Many industries have used big data even before the pandemic started. The manufacturing and medical industries have used the technology to improve productivity and efficiency in their respective sectors. The real estate industry has also started using big data to make informed decisions when it comes to property valuation.
Latest real estate technology uses historical and real-time information to provide insights about trends, patterns, and prices of different properties in the market. Big data allows real estate stakeholders to use the information to forecast the future pricing of properties. The technology also allows stakeholders to effectively promote properties in the market.
Big data also allows real estate professionals to personalize their property offers to specific clients in the market. Using the technology also allows them to make an accurate forecast of the needs and wants of their clients.
Automation of Repetitive Tasks
Automation is another benefit that technology offers for a lot of industries in the market. Using software facilitates the automation of repetitive tasks that do not require complex decision-making. These repetitive tasks include the gathering of information about real estate buyers and sellers. It also facilitates the maintenance of information and reporting for data compliance.
And with technology taking care of repetitive administrative tasks, the real estate professional can focus on tasks that require higher-level cognitive functions. In this situation, the real estate professional will have a bigger chance of closing a deal with his potential buyer.
Predicting Market Patterns Using Artificial Intelligence
Artificial intelligence (AI) offers a lot of potential for the real estate industry. When it is combined with big data, it can predict trends in the market. Predicting these trends allow real estate professionals to take advantage of increases in property values in different locations across the country.
The technology uses historical and real-time information about the property. It also takes into account events happening in specific locations to predict market trends. These events include changes in the income of people living in these locations, the viability of the property in future developments, and developments in the micro-market of these locations.
The real estate industry increased its adoption of different technologies after the pandemic started. This enabled the industry to stay afloat and thrive even in the middle of a health crisis.