Technological advancement is the way to the future. The coronavirus event has proven this point by accelerating technology adoption into industries worldwide. Although the COVID-19 pandemic seems to have set things back at first glance, the Real Estate sector has actually sped up during 2020, with home prices growing at a CAGR of 11.2%.
PropTech is the latest buzzword traveling around in the Real Estate sector, referring to the technological solutions being utilized to align the businesses with the regulatory mandates resulting from the pandemic. The epitome of proptech can be seen in the form of virtual property tours – a method for the homebuyers to tour potential homes over an internet-based video session.
Similar technological trends have come to light, resulting directly from the limitations, vulnerabilities, and incapacities of the property sector in providing services remotely and with minimal requirement of the human workforce.
We have laid out a list of the most significant Real Estate technology trends of 2021 in this blog – trends that are sure to shape the future of this sector in a big way.
The COVID-19 pandemic has forced communities physically apart – but technology has brought everything back together online. The Real Estate sector has responded with speedy assimilation of digital solutions into its work environments, resulting in remote-friendly operations like virtual property tours, as discussed above.
Additionally, integration of the financial aspects of property purchase – including online payments, EMIs, loan disbursal, and payment reminders. The online trend is here for the long haul, and property businesses are leveraging the conveniences it offers to run operations smoothly.
The most significant paradigm shift in Real Estate technology trends has come in the form of a customer-first approach. Post pandemic, property sales have been rising; brands are approaching marketing from a new angle now. Especially since the property is a high-consideration purchase, realtors are digitalizing their customer-oriented processes in an attempt to close sales faster.
While it does mean investing in heavy software and its implementation, there are considerable benefits to employing such tools in the Real Estate sector. Lead generation and nurturing are big in the era of the consumer as businesses try to vie for their attention.
Leveraging automation and machine learning can be seen leading the technological flagship to establish prompt query addressal of consumers. Quick and relevant information closes deals faster, and Real Estate seems to be cashing in on this through employing digital solutions for consumer care.
Real Estate is a sector where seeing is believing. However, the current scenario makes it slightly tricky to secure property tours or physical appointments with realtors for information or a way forward.
In such a situation, property businesses have moved to digital solutions and internet-based applications to connect with their customers for various purposes. Meetings are now held over online video, artificially intelligent chatbots now handle common queries of consumers. There are consumer profiles on realtor’s property portals to make all communication between the parties contextually relevant.
The fact is that flexibility is a significant trend to observe in 2021, especially in the property business. Business operations must not come to a halt because of hindrances (like the pandemic). Real estate technology can be leveraged at every step, making business continuation possible.
Gen Z and millennials are the benchmarks of technological adoption practices. The people of these generations have proved that going digital is the solution to anything and everything – the Real Estate sector can learn from these generations and emulate what they are doing with technology.
The truth is that young consumers today seek to make purchases online only, whether it be their daily-need products or properties. Most homebuyers search online for their new homes. Property businesses will benefit manifold if they keep their business operations aligned with the latest shopping trends and habits of this young population – especially the millennials since they are the majority buying-chunk.
Geolocation in Real Estate is relevant and provides consumers with better insight into the boundaries and land value of the properties. This helps the consumers make informed decisions – a practice that is popular with the property-buying population today.
Geolocation also helps homebuyers get a better idea of the nearby services available to them. In the COVID-19 pandemic-struck world, this has become a parameter every purchaser researches well. If your property boasts a great location, it makes sense to provide a geolocation option to augment your marketing further.
Staying in step with the latest technological trends ensures business continuity. Consumers today do not like to deal with outdated methods, especially when convenience is available to them online – and through your competitors. Scale your business up and employ digital solutions to ensure a boost in sales!
OHI is a fifteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We now provide these services to a portfolio of 75000 units across clients.
We invite you to experience finance and accounting outsourcing through us.
Low Cost Property Accounting Services for Real Estate Firms: AP | AR | Reconciliations | Month End Closing | Financials | Year End Accounting | Reporting – VIEW MORE
Contact us for a customized NO OBLIGATION proposal for outsourcing your accounting activities.