Like in any other business, technology is the yardstick for success in a real estate business. The real estate industry has tried its hand at different ongoing technologies. Mainly it’s used as a partner at increasing customer engagement and delight across the board.
Before we go into different technologies, let’s ask this important question.
What’s the value of technology in real estate business?
Today’s customer has a multitude of options available at their fingertips. This can include price, location, builder or amenities. In this situation, the customer can possibly sway towards any direction without making the right decision.
Usually, a customer begins his / her real estate decision making based on price, location, builder or amenities.
Potentially, the buyer can make a decision based on any of these factors. When a customer has a multitude of available options, a real estate business needs to acquire a better understanding of their purchase decision.
A brand new innovative technology-based devices and practices take centre stage at this situation. Essentially, it makes improvements to the age-old sales process. By having a 3D model, VR experiences or even giant home theatres at their sales offices, the real estate companies are ready to pull-off all stops to woo the ever elusive customer.
By creating an overwhelmingly improved purchase experience, it’s expected to bring great improvements to the purchase experience for the builder. Now, let’s see some of the technologies that would help builders’ bring-in customers to their fold.
Upcoming Technologies for the ultra-competitive real estate market
No need to tell a realtor that it’s a fast-moving industry. In this situation, a realtor needs to seamlessly adapt the latest working technology at every potential opportunity. On the other hand, investing in the wrong technology can lead to your business losing money.
Now, it’s time to review the main technologies that still has wide applications in the real estate business.
On the first thought, the idea of listing websites could be considered too traditional for being included in this list. But it still remains one of the strongest ways to attract and convert website visitors into engaged prospects.
Now, let’s see why it remains so effective?
In the usual circumstance, an online listing comes with a photo along with a detailed property description. Usually, these details include tax, purchase history, ratings of nearby places and other neighborhood info.
All these form an ideal introduction to any given piece of property. Also, the listing websites can be an ideal way for the builders to get in contact with their potential buyers.
But the upcoming years may see large scale improvements and innovations within the online listing space.
2. Virtual Reality and 3D Virtual tour
In the near future, customers will expect a more integrated buying experience in their real estate projects. In this sense, a virtual 3D tour will give you a complete ‘look and feel’ of the property from a given location. In this situation, a 3D Virtual tour gives a much more integrated experience of the virtual tour.
Once the 3D Virtual tour becomes affordable enough, it’s likely to become the gold standard at creating an improved visual experience for the customer. By having the right 3D Virtual tour experience, the property owners can create much more immersive buying experience for their customers. In this sense, it’ll mean much quicker closer cycle for even big real estate projects.
3. Automated Valuation Models:
Today, a high portion of the real estate investment is a part of its automated valuation models. In this situation, the realtor can quickly assess the value of a project based on the available information. These details include the current location, adjacent property transaction deals and general trend in the property market. It’s generally assumed that the automated valuation models will take prominence in the coming years.
4. 3D Printing:
Some experts think that new construction works could be radically different in the next ten years. For example, the technology of 3D Printing involves printing new sections of a building through new constructions. Later, these could be added together with high precision. As per estimates, just one printer machine can complete 1000-square-foot home in 10 days.
Even before that, a 3D printing machine could be used to create demonstration models and replicas.
Most popular marketing channels offer a geo-location targeting option. Essentially, this means that you can target the audience within a specific geographic area. For example, this could be within the geographical area of a City or a specific location.
With potential Geo-fencing marketing, you can now start reaching out to these prospects based on their current location. For example, a prospect who enters a given location could be receiving an SMS about a specific project. In this sense, it’ll give a better way of targeting the audience within a given geography.
6. Social Media Advertising:
Today, Social Media marketing or SMM has become an integral part of 21st-century marketing. In this, you essentially utilize different channels such as Instagram, Facebook, Snapchat to target the ideal customer.
In turn, these prospects could be turned to potential buyers. It’s not necessary to flood them with the ads but also never miss the opportunity to keep them engaged with your posts. This helps you always keep your prospects engaged with your projects and educate them about your projects.
Advantages of collaborating technology with Real Estate Market:
One of the prime benefits of the new marketing technologies lies in the fact that it creates higher levels of transparency in your business. In turn, this allows a better way of attributing source and ROI for each marketing activity. In turn, this creates a more efficient way of managing your business.
By having a more transparent process, it increases the trust of the buyers towards the realtors.
By having better marketing technologies, you will have access to better data insights.
These insights allow you to make the necessary changes to your overall real estate business. Be it a commercial space or a residential space, how that space can be used is essential to optimize the tenant experience. It maximizes the value to both the investors and the end users.
Easy property selection:
As the information is available at a single click, the selection of the property becomes easy and quick for the buyers. The real estate websites are flooded with varied options and they also provide filtering choices which help the buyers to sort out the list based on their demands.
They can filter out places based on their location, design and the amenities they expect and they can choose the project that fits in their budget. This also saves the amount the buyer has to pay for the brokerages.
With the tremendous growth in technology, getting updates within a few minutes has become pretty simple, making the investors come to conclusions without much chaos. Also, it makes the buyers entrust the sellers with their property.
Being a highly competitive and profitable industry, the real estate business needs to always leverage technology to provide better buying experience to customers.
Here we have introduced seven technologies that could potentially uncover a better way of selling the projects. At Livprop, we work on optimizing website interactions to achieve more sales leads. Let’s have a chat to learn more about our Services.