The future is undoubtedly technological advancements, and the covid19 pandemic has also proven this point by accelerating technology adoption into industries globally. Additionally, the Real Estate sector has sped up during 2020, even though the COVID-19 pandemic seems to have set things back at first glance, and of course, all of us know that home prices are growing at a CAGR of at least 11.2%.
With the regulatory mandates resulting from the pandemic, PropTech tends to be the latest buzzword that seems to be traveling around in the Real Estate niche, and it is seen in the form of virtual property tours under which some home buyers tend to your potential homes over an internet-based video session. Besides that, there have been a plethora of technological trends that have come to the limelight that help provide remote services.
Some trending trends in the real estate niche are:
Online wave- technology has brought everything back together online even though the COVID-19 pandemic has forced communities physically apart, and the best part is that the real estate niche has responded perfectly considering the speedy assimilation of digital solutions in the given work environments that have led to remote-friendly operations including virtual property tours.
Additionally, online payments, EMIs, loan disbursals, and payment reminders are also integrated with the financial aspects of property purchase. Hence the online trend is here to stay without a doubt.
Patrons first- the customer-first approach is one of the most significant paradigm shifts in Real Estate technology trends, and property sales have been rising; brands are approaching marketing from a new angle post the covid19 pandemic. Realtors plan to digitize their customer-oriented processes to close deals in no time, especially since the property is a high-consideration purchase.
Flexibility- Seeing is believing in the real estate sector. Still, the social distancing times pose a challenge to secure property tours or physical appointments with realtors for information. Under such a scenario, the property business has undoubtedly moved to digital solutions and internet-based applications to connect with their patrons for various purposes. For example, artificially intelligent chatbots now handle common queries of patrons as meetings are likely to be held online now. In 2021, flexibility is a significant trend to observe, especially in the real estate industry, and of course, the companies shouldn’t come to stand still as hindrances.
Stay with the latest generation- The benchmarks of technological adoption practices include Gen Z and millennials. These generations of people have proved that going digital is the solution to almost anything. Ideally, the truth is that young patrons mainly seek to make purchases online only if their daily-need products or properties.
Use geolocation- it is pretty relevant to use geolocation in real estate, and it gives patrons better insight into the boundaries and land value of the properties, which helps them make better decisions. In addition, the homebuyers can get a better idea of the nearby services.
Hence business can surely continue and stay in step with the latest technological trends.