The COVID-19 pandemic triggered a series of modifications in the real estate market, some of which may have enduring effects. While it remains uncertain which transformations are temporary and which ones will persist, one thing is clear: the real estate industry’s rapid uptake of novel technologies is poised to bring about substantial changes to its operations.
Contrary to popular belief, the real estate sector has not been sluggish in adopting innovative technologies; proptech came into being after years of industrial evolution. What sets the present apart is that the industry’s uptake rate is now more in sync with the global business fraternity. Due to the ongoing digital acceleration process in real estate firms, there are going to be several changes in the methods of buying and renting homes.
It’s no surprise that over 90% of people looking to purchase a new home are using online searches to explore their options. The COVID-19 pandemic has emphasized the need for real estate firms to come up with innovative ways to market the homes they have on offer. In response to the pandemic and evolving customer expectations, the real estate industry is swiftly adapting by leveraging the following technologies.
An AI Application That Enhances Existing Services
As Artificial Intelligence (AI) advances, it is anticipated to have a profound impact on the functioning of corporations. The real estate sphere has already witnessed this firsthand, with chatbots being employed to enhance customer experience. These intelligent assistants are capable of generating automated responses to common inquiries, assist in lead qualification and elevate the overall level of service.
AI is not solely restricted to the property field. It can also be advantageous in real estate management systems, as algorithms operating on the principles of AI can offer customers more precise property suggestions based on their individual preferences.
As technology progresses, the integration of Artificial Intelligence (AI) into the systems of real estate agents is proving to be advantageous for all parties involved. AI facilitates multi-property management and boosts lead generation. It also results in greater accuracy in forecasting future market trends. This enhances the efficiency of services provided by both customers and agents, which is why numerous firms are already integrating AI and making it an integral part of their proptech.
Demonstrations Utilizing Virtual Reality Technology
Virtually all potential buyers will look for photographs and specifics of a property on the internet, but they would probably wish to examine it in-person at the earliest. Virtual Reality (VR) technology is the next best thing to a physical visit for real estate agents.
The real estate industry has been transformed by virtual reality technology, allowing agents to offer a more precise depiction of a property than ever before. With the help of its spatial and exploratory features, renters and buyers can gain greater insights into a property’s design and characteristics. This has enabled potential homebuyers to peruse houses from the comfort of their own home and make a list of the properties they are most interested in.
Furthermore, a virtual property tour can incorporate layers with supplementary information and specifics about the structure (such as electrical and plumbing). This may enable real estate agents to cut down on the number of viewings they have to conduct (reserving them for truly interested buyers). The convenience of being able to view a house from any place at any time is unparalleled for buyers, allowing them to make an informed decision at their own pace.
The Use of Augmented Reality in Future Construction Sites
Virtual reality tours are an effective means of showcasing completed buildings, but for properties that are yet to be built, augmented reality provides a more precise solution. By employing augmented reality, real estate agents can present the finalised house in an accurate manner, without the need for drawings or miniature models. Additionally, advertising firms can demonstrate how each room will appear after the building’s construction is finished, using augmented reality technology.
Augmented Reality (AR) presents real estate agents with the chance to offer prospective buyers a tour of properties that are still under construction. With this technology, they can customise rooms by utilising their AR device to make arbitrary changes, such as modifying the wall’s colour, introducing digital furniture and adjusting the lighting. This provides buyers with an exclusive peek at how the property could appear with their desired design aesthetic.
Hence, Augmented Reality (AR) technology can be leveraged to animate drawings and architectural designs, enabling potential clients to gain a greater comprehension of the finalised product. This is a groundbreaking technique of selling properties during the pre-construction stage, providing real estate agents with a potent tool for making a sale.
The Digital Future of the Real Estate Industry
The current market changes are expected to have a substantial impact on the way we approach the acquisition and rental of real estate properties. The pandemic has expedited the adoption of the relevant technologies we have discussed, such as artificial intelligence, virtual reality, and augmented reality. In the near future, we can anticipate that an increasing number of real estate firms will be leveraging these technologies.
The real estate sector is adopting emerging technologies like the Internet of Things, Big Data and blockchain, to provide clients with a more immersive, captivating and secure experience. This will also give agents access to state-of-the-art resources.
As a result of the heightened urgency due to the pandemic, the global community is rapidly adopting advanced technology. To prepare for the unpredictable demands of the real estate market in the post-pandemic era, the real estate sector is taking proactive measures.