Technology innovations are embodying the future of every industry in this world, and the real estate market is no exception.
Taking into consideration the changing market conditions, efficiency of technology and changing consumer behavior, there are several real estate tech trends that one can expect in 2019 and 2020.
Listed below are some of the major tech trends to know –
- Rise Of PropTech
Global funding for PropTech (property technology) is rising approximately 36% year on year. With more venture funds entering the market, this figure will only increase and increase. At one hand, where this funding brings a new wave of proptech startups, at the other hand, it also accelerates the disruption rate in the industry. Hence, only those who are open to new real estate tech and prepared to foster a culture of change will gain a competitive edge.
Using blockchain crypt currencies for real estate transaction is a major trend that eliminates the need of a bank or any other central verifying authority for faster settlement process. This also reduces additional costs, such as legal and title-related costs.
- Push Technology
Although this technology is not new, yet with the advent of developers’ own Smartphone apps, this technology is increasingly becoming popular day by day. This technology is used to send notifications or content alerts to a user’s phone’s locked screen. As a result, it helps in getting users back to the app and generating leads.
- Big Data
After being used by major companies, like Facebook, Uber, Amazon and Netflix, big data is finally entering the real estate industry. Here, big data might mean using a suite of products that collects data and let you when a potential buyer visits your website and what exactly the buyer does on a specific website page. Using this data, you can also predict when the buyer is ready to make a purchase or how much a property, for example, flats in Nh 24 would cost, prior to listing it.
- Cloud Property Management Software
The real estate industry is making a huge shift to cloud property management software which comes with greater accessibility, increased security, scalability and cost-saving benefits. Using this, the owners and tenants can have round-the-clock access to property and financial information.
- Virtual Reality
Virtual reality industry is expected to reach $29.7 billion dollar by 2020. VR technology in real estate allows the potential buyers to take a complete tour of the property, virtually from any place in the world. If you are planning to buy apartments in NH 24 Ghaziabad, VR can be a great experience.
These trends are all set to take the real estate industry to a new level.