How Technology is Helping Real Estate Stay Afloat during Pandemic
COVID-19 has been one of the biggest news stories of 2020. While many businesses have been adversely affected by the pandemic, however, every sector is trying to explore remote working possibilities to make their businesses thrive in any condition.
The real estate sector is no exception to present conditions. However, by embracing the power of innovative technologies, realtors have found a silver lining during such times.
Why it is becoming necessary to opt for digitization in real estate sector?
To understand it in a better way, we should look at the following real estate statistics.
- 93% of realtors prefer e-mail and phones for communication
- 76% of buyers found a home on a mobile device
- 43% of real estate industry experts expect an increase in technological investments in the next 12 months. (Deloitte, 2021)
Let us delve into the top technologies that are widely used in the industry to streamline real estate operations.
1. Automation Makes Your More Efficient & Productive
The rapid adoption and acceptance of automated software make life easier and hassle-free. It is touted as a by-product of artificial intelligence in real estate, automation can help you streamline various business practices,
- Lead generation automatically through website forms
- Omni-channel syncing of leads
- Offers the ability to manage tasks internally by setting deadlines and reminders
- Exclusive dashboard for every user that allows you to track KPI daily
- Automated document flow provides the ability to access information anytime and anywhere.
- Measure and analyze how every property is getting a response from potential buyers. Depending on which, you can also change the marketing strategy for optimum results.
2. Augmented & Virtual Reality – The Real Game Changer
Since its inception, AR/VR has seen immense growth and is not slowing down. Virtual and augmented realities are immersive technologies that can create a new reality altogether. Let’s take a look at its benefits.
Selling properties is a tricky job. With VR, you can schedule virtual visits that offer potential prospects greater flexibility in the property hunting process. It provides many conveniences to users, including easy schedules and quick visits to even far away properties virtually.
Leveraging the potential of AR/VR, customers can visualize their property in and out from the comfort of their homes. It removes any visualization barriers as users can even determine that the property’s layout works well for them or not.
Most importantly, it saves time and resources. Rather than showing properties to every prospect, realtors only spend their time following up on other quality leads.
3. Blockchain – Eliminating Inefficiencies from Key Real Estate Processes
Blockchain implementation brings high-tech solutions across real estate. With the introduction of blockchain, you can simplify administrative processes and reduce the processing time of all tasks. Using the technology, you can also eliminate the need to verifying the information again and again. It saves time and resource utilization.
Another biggest benefit is faster transactions and mitigation of frauds. With blockchain, you can create, authenticate, and audit contracts in real-time. Be it rent, lease, or sale, all contracts will be executed via smart contracts, signed digitally.
Moreover, it has the potential to cut down the lengthy process of recording and transferring land titles. With the integration of distributed ledger, the transfer can be done digitally and with complete transparency.
Take Away Point
Looking at the post-pandemic world, technology inclusion would continue to grow and restructure how business operations and transactions take place. To enjoy maximum ROI and incredible profits for your real estate business, you need to hire a reliable mobile app development company. They offer end-to-end real estate software development services so that you not only make your business flourish but also earn maximum returns in any situation.