So what are the next real estate trends technology market trends? The following are just a few examples of the many trends shaping the real estate industry. They also include future technology trends in commercial real estate.
Expanding artificial intelligence (AI)
Companies are offering more AI-based services that make things easier, such as optical character recognition technology. Artificial intelligence will also be available, which can provide more reliable market forecasts.
For example, this technology can show almost 100% accurate predictions about the prices of buying and renting housing in different areas of the city. AI is especially useful for businesses considering long-term office space leases and finding the best option in the market.
Some of the biggest real estates companies like hunters properties, Compass, and LoanSnap are using AI to help buyers find the perfect home and mortgage. This technology greatly simplifies the work of real estate agents.
Analytics and data management
Data will drive decisions, and as there is still no centralized national system for agencies, there will be unlimited scope for new initiatives to improve and change the existing process. Accordingly, now is the time to create an innovative solution in this industry.
You can create an application that analyzes large amounts of data to provide valuable information that real estate trends market participants need to make decisions. For example, your decision may indicate the level of trustworthiness of the developer and his buildings.
Digital twins
As more information becomes available online, potential buyers will have more options to browse and explore properties. Imagine that when you search for housing, you see a digital 3D model of each house. Such applications will make estimates of critical environmental conditions (earthquakes, tornadoes, landslides, etc.) that a particular home can withstand.
Repair companies will know the current condition of buildings (existing and possible damage, date and place of repair) and the fire evacuation plan.
Also, digital twins can be useful in the construction of houses, helping the developer to understand how safe their project will be. Such practices can prevent buildings from collapsing and make efficient use of developers’ resources.
Direct digital interaction
A safer and healthier process is achieved by providing more contactless services to end users. Traditional procedures, such as in-person home tours, will be automated through direct digital interaction and disruptive real estate trends technology.
Buyers and real estate agents no longer have to go around every apartment or house to make a decision. Therefore, photos and virtual tours must be of high quality. So people can see every item in detail.
But in practice, it is much more important that buyers can see houses that are still being built. At the same time, the developer publishes monthly photos of the state of the future building, increasing its credibility in the eyes of buyers.
Robotic process automation
Real estate transactions can be difficult, especially when it comes to communications. To solve these problems, new technologies are being introduced that allow two groups of users to communicate online. Real-time chat, file sharing, and transaction tracking will also be possible.
You can also develop an application where potential buyers can solve some of their secondary questions using a chatbot, which will significantly reduce the time of real estate agents.
Or you can create an AI-based Virtual Assistant solution in which the client interacts with a human-speaking robot. This assistant can already connect potential clients with a real agent for deeper discussions about real estate issues. Sensely has done something similar in healthcare (virtual nurse app).
Digital transaction management
This is one of the main technology trends in the real estate trends industry, and we recommend paying attention to it. Buyers and agents value their time. Thus, you can create a solution that allows you to get rid of paperwork and sign documents electronically.
As a result, the parties to the transaction can be located in different parts of the world and at the same time have access to contracts from any device.
