Over time, the business world developed, grew, and sped up so it is sometimes challenging to keep up the pace, no matter the niche. Different technological solutions appear daily but a prosperous entrepreneur knows that this situation is not a cause for concern and that technological advances should be observed in terms of it being a helping means to achieving success.
The real estate business is no stranger to this trend and although it is clear that one needs to follow the trends and implement the most optimal solutions, it is not always clear which of the many that appear could be a game-changer for them. With that in mind, here are the top 5 technological advances and their application in shaping the future of the real estate business.
The benefits of VR and AR
Virtual reality (VR) and augmented reality (AR) will become essential digital tools in real estate. By providing quality real estate virtual tours without having to be present physically you are saving precious time for both you and your prospective tenants or buyers. All parties involved have busy schedules so this is the perfect solution for them to check out the place. Also, your clients might be foreigners or simply somebody from a different city who is planning a move and is interested in searching for houses for rent, the matter of visiting the property is even more complicated for them. Any investment that you make into this field will be returned manifold since your clients would know how to value the fact that you made the property more available and transparent.
Artificial intelligence and its applications
Most big names in the business arena have already incorporated artificial intelligence in some form. AI has helped streamline many operations as well as expedited some procedures. Since its appearance, it has evolved and found a number of applications and businesses are leveraging its functionality to a great extent to give them the upper hand in comparison to their competition. Regarding real estate, virtual assistants and chatbots can be of great help when it comes to communication with clients because they can help them with many straightforward questions. By taking care of easier direct queries, you will be left with more complex questions and issues which demand more attention. Again, any amount you invest will be well worth it because of the time and effort you saved with AI that accelerates your business operations.
Property management software is a must
Gone are the days when you would dig through a bunch of papers to find information on the tenants or some important documents. Real estate agents handle multiple properties at the same time so this system cannot work if you strive for success. Rental accounting software reduces manual workload by streamlining income and expenses. Cutting-edge property management software by Rockend provides you with the desired information in real-time and in a secure way. This solution automates tasks, duties, and complex processes eliminating unnecessary menial work which takes a lot of time. The good thing is that it is scalable so it can grow as your real estate business grows. When all benefits are taken into account, management software is a cost-effective solution to organizational problems.
Leveraging on dark analytics
Dark data is, simply put, all the data you have access to, that you accumulated but haven’t analyzed or utilized in any manner. It is not difficult to see that applying dark analytics, no matter how ominous it sounds can bring advantages to any business. Nowadays, tools such as advanced pattern recognition, and video and sound analytics allow companies to understand their customers, operations, employees, and the market but what is essential is to find the right manner to apply that data. You first need to meet with your team and come up with the questions which need to be answered and then find the source of those pieces of information. Although intriguing, this area is still not enough explored but the future will expose the entire extent of its usage.
Blockchain technology as the future
For those who haven’t heard of cryptocurrency and blockchain technology, blockchain can be defined as a time-stamped series of immutable records of data (blocks) that is securely managed by a cluster of computers not owned by any single entity. Blockchain technology prides itself on three characteristics and those are decentralization, meaning that there isn’t one entity as the owner; transparency – since all data is visible and traceable; and immutability because data cannot be tampered with. Introducing this technological advance in the world of real estate will make transactions faster and more secure, also the fees will be lesser and more people would be able to rent or purchase a property.
Conclusion
Embracing different software solutions which might save you money, time, and energy or increase your revenue significantly is already becoming an essential strategy for a successful real estate agent. Some of the mentioned technological advances are already taking precedence over traditional methods while others are yet to reach their full potential.
The wisest plan of action is to take a good look at your business, property, your budget as well as your aspirations and then decide which of these solutions would be most efficient in your case. Also, by daring to act now, you will gain an advantage over your competition.
