The real estate industry started to incorporate tech innovations into its system after recognizing the advantages they offer. The pandemic accelerated this integration after potential buyers opted to work with companies that kept them safe while checking properties available online.

The shift to digital technology benefitted both property buyers and sellers as it allowed them to connect online. It also facilitated the work of real estate professionals who did not need to travel from one place to another to provide guided tours of the properties they offered to their clients.

Here are some tech innovations that stakeholders in the real estate industry should be familiar with.

Augmented Reality

Many homebuyers prefer looking at properties online before they finalize their decision. This situation offers an opportunity for real estate professionals to connect with these potential clients. Even as they connect with them online, they can increase their chances of making a sale by using augmented and virtual reality.

These two technologies allow potential buyers to tour the properties they are interested in using a computer or mobile device. These buyers can experience the tour even without leaving their homes, which is ideal during the pandemic since it allows them to avoid getting infected by the virus.

The technology also facilitates staging since potential buyers can see the home the way they want it to be after they buy it. Augmented and virtual reality allows them to add furniture and accessories digitally into the property.

Using the technology makes it easier for real estate professionals and homeowners to sell homes online since buyers can have a virtual tour of the houses even if they’re not at the sites. It is much better than showing them pictures since a virtual tour allows the buyers to act like they are walking around the house.

Real estate professionals can also use the technology to create realistic images for potential buyers of properties before construction starts. A virtual representation of the property allows these buyers to experience the property even before its completion.

Additionally, property managers can provide virtual tours to potential tenants so that they can acquaint themselves with the property before setting foot on it. It also allows them to know how to use the equipment and devices at the property before they move in.

Drones

In the past, the use of drones was considered a marketing gimmick for some companies. But these unmanned aerial systems (UAS) proved to be more beneficial than simply attracting potential buyers to view properties offered by a real estate company.

Advances in drone technology made them ideal for cost-effectively taking images and videos of properties. They can facilitate home inspections, building management, and appraisals. Some drones can also take heat-loss photos of homes to check the areas where a house is losing heat.

Drones also facilitate aerial photography of properties, especially those with a vast area to cover. Drones also allow real estate professionals to take photographs of commercial properties at a lower cost than traditional equipment.

The development of smaller drones also allows potential homebuyers to tour the home’s interior before they finalize their decision. Drones also allow homebuyers the chance to tour a new neighborhood before they move in.

Big Data

Big data offers a huge potential for real estate professionals and property managers. The technology allows them to make informed decisions regarding managing and selling properties in the market. It will enable them to move away from the practice of deciding using hunches or intuition.

Several websites use big data to disrupt the industry. These websites compile and collect data about selling and buying trends in an area. They also collect demographic information, traffic data, and consumer survey results. Using the information they collected, the websites collate and analyze the data to provide insights on home value trends, potential home values, and pricing in specific areas.

On the other hand, property managers can use big data to take proactive measures to maintain the properties they manage. They can collect information on the building systems, including heating, ventilation, and air conditioning (HVAC), electrical, telecommunications, and utilities. The information allows property managers to schedule maintenance whenever necessary.

Data also gives property managers an idea about the behavior of tenants in a residential building. They can use the data to reduce waste by turning off the air conditioning or lights in areas where no one is staying. They can use sensors to detect the presence of tenants in these areas. This practice allows property managers to increase efficiency and make the building safer for its tenants.

Technology offers a lot of potential in the real estate industry and provides numerous benefits for its stakeholders. Therefore, it would be best for real estate agencies to incorporate technology trends into their business models.