Technology continues to play a huge role, in how consumers and real estate professionals are approaching the market. One of the biggest trends is the shift from traditional experiences to a more online approach and experience for customers.

As technology plays a huge role in their everyday lives, millennials are most likely to look online for information when buying their first property. 93% said they would use the internet, during their search. Also, 86% said they would use a mobile device to find a house online.

Modern real estate buying and letting is no longer a guided tour by an in-house agent. In today’s digital world, tech savvy customers can access a great deal of information by using online platforms.

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1. Online Listings

This is nothing new but it is becoming more advanced. Going on real estate websites make it a lot easier for anyone to view the property inventory. People don’t have to visit high street branches to pick up brochures with property details.

Along with photos and detailed descriptions of the properties, potential buyers can find tax and purchase history, school ratings and other neighbourhood information. This no longer needs to be provided for by the agent.

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Whilst sitting at home, customers can view the location and neighbouring area, using a satellite view on a map. They can also check out how close they might be to local amenities or schools.

2. Mobile Apps

Of course, the latest trend of this digital evolution is the emergence of real estate mobile apps, such as Redfin and Zoopla to make finding the perfect property easier. Customers get notifications about new properties and listings that fit their search criteria.

Apps are quick and easy to use. People don’t have to navigate through so much each time to get to see listings. They can help stay within budget and provide quick access to agents/property managers. Potential customers don’t have to wait for calls or emails from agents, telling them about the latest property on the market. This can be done for them using the apps.

Here is a list of some of the best real estate apps currently out there.

3. 3D Virtual Tours

As well as seeing a selection of photos, new software allows buyers and sellers to take a 3D virtual tour of a residential or commercial property. This makes it feel as if they are walking around in person.

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This is particularly popular now for busy clients, who can’t always take time to view properties that suit the vendor or agents. Virtual tours allows them to view properties, when they want and for however long.

This helps estate agents filter through the time wasters and leaves them to concentrate on the genuine interested parties and close deals more efficiently.

Did you know that virtual reality (VR) has become so accessible that it’s on track to becoming a $29.7 billion dollar industry in 2020?

Here is a list of some real estate virtual tour companies.

4. Big Data

Big data is a large amount of data that’s analysed via algorithms to make predictions about purchase behaviour. This is based on past buying patterns and trends. Big data is what companies, like Amazon or Uber, rely on, to show what people want, even before they know it themselves!

In the real estate realm, this might mean using a CRM that is able to record when a lead/prospective client visits the real estate website or listing. It collects data based on what pages they are visiting and what they are doing. This data can then be used to help predict, for example, when a lead might be ready to purchase or sell their home. Or even how many people might turn up at the next open house event.

In the long run, not only will this help to create a more personalised experience with prospective clients, but could also help outperform competitors.

5. Moving To The Cloud

Business solutions using ‘the cloud’ is fast becoming the norm and server-based software is quickly becoming a thing of the past. It is important to note that many industries are now using cloud based technologies. Real estate is no different. This type of technology is not only improving efficiency but also changing how agents respond to their clients.

This is due to the many benefits of cloud property management software, such as Grow in Cloud, including time and cost savings, scalability, increased security and greater accessibility.

In fact, according to Forbes, 74% of tech chief financial offers said that cloud computing will have the most measurable impact on their businesses.

6. Online Management Services

There are business management software that are becoming available to complete multiparty real estate transactions. It allows companies to save time and stay organized. This can be from sending out invoices for management fees or services to file sharing of secure and legal paperwork transactions.

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Grow in Cloud, a cloud-based business management software, has many features, such as online payment, appointment scheduling and document sharing, which allows real estate agents to go about their daily admin tasks with ease and efficiency.

7. Blockchain

Blockchain is the technology behind crypto-currencies, such as Bitcoin. Ir is basically a database that records all transactions, without the need for a central authority, e.g. a bank.

Since the end of 2017, the first properties have already been sold using blockchain technology and a number of blockchain real estate companies have emerged.

For real estate agents, it could dramatically reduce the potential for fraud and enable them to access much more data on individual properties and home owners. This would be good news for both real estate agents and customers.

Here are three ways blockchain could transform real estate.

8. Chat Bots

Chat bots are computer programs which conduct a conversation via auditory or textual methods and are rapidly becoming the norm across a wide range of industries thanks to their ability to reduce the amount of time that employees need to be available to respond.

People will already be familiar with Chatbots like Siri and Echo which are making voice recognition software universal.  It is estimated there will be 1.8 billion users of voice digital assistants by 2021.

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The great thing about chat bots is that they can work around the clock, so they can provide your real estate business with a more powerful way to process customer queries out of office hours. Used correctly, they can become a key part of capturing data and generating leads that could go on to become paying customers.

9. Automation

Automation is the key real estate tech trend to watch out for in 2019! As well as sending out automated social media posts using tools like Hootsuite, there are so many real estate tasks that can now be automated. As mentioned above many tasks can be automated such as online appointment bookings, invoicing and messaging using chat bots.

In order to remain ahead of the game, it is important to leverage real estate technology to your advantage. This will free you up to further your skills in management and decision making to help grow your real estate business.

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Conclusion

No industry is immune to digital changes and real estate is no different. That’s why it’s important to keep your finger on the pulse of innovation. It’s a good idea to continue to keep your eyes on the real estate technology blogs and take part in major shows/tech events throughout the year, so that as a real estate agent, you can be quick to react and adapt your business to the latest technology trend.

To start your free 30 day trial of Grow in Cloud, click here.

We are also able to create and produce a bespoke Real Estate CRM. Contact us at info@growincloud.com to discuss your business requirements.

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