After the COVID-19 pandemic swept across the world, the real estate market experienced a series of changes that might reshape the future of property for good. It’s still too early to know which of those changes are temporary and which ones will be structural. One thing’s for sure, though – the acceleration in the adoption of real estate innovations will drastically change the way the real estate business conducts itself.
That doesn’t mean that the real estate sector was stagnant in its tech adoption. Truth be told, the industry had been innovating for years giving way to the rise of proptech. What’s changed is the pace of the adoption in line with most industries around the world. Today, real estate agencies are going through a digital acceleration process that’s highly dynamic and that will bring numerous changes to how we rent or buy properties.
It’s only natural. 95% of people looking for properties are already using technology to hunt for alternatives. And now we have to add the pandemic-related restrictions that push agencies to look for new ways to showcase the properties they are offering. Here are some of the technologies that real estate agencies are quickly adopting to face the effects of the pandemic and meet the new consumer demands which will surely reshape the sector for the upcoming years.
1. Artificial Intelligence For Better Services
AI is called to revolutionize practically all business activities and real estate isn’t the exception. Proof of that is the widespread adoption of chatbots across real estate agencies to help with customer service. Through these intelligent assistants, real estate agents can automatically answer questions, filter prospects, and provide a better experience overall.
But that’s far from being the only use of AI in real estate. This tech is also a great addition to real estate management platforms as it allows for customers to receive better suggestions on properties they might be interested in, all based on data analyzed through AI-based algorithms.
Real estate agents also benefit from AI when embedded in their systems. Managing multiple properties is easier with it, generating leads can be scaled exponentially, and even predicting future market scenarios is now possible with a more reliable level of accuracy. Thus, AI provides better services for consumers and agents alike, a huge reason why so many agencies are already using it pushing AI to a standard proptech.
2. Virtual Reality For Showcases
While pretty much all potential buyers will search for online photos and information about a property they are interested in, it’s obvious that they’ll want to visit it as soon as possible to have a better idea of the property itself. Surely, nothing can replace an in-person property visit but, with virtual reality, real estate agents are as close as they’ll ever be to an alternative.
Through the use of VR boxes, real estate agents can provide a more faithful representation of a property than that they could ever provide with images and descriptions. Virtual reality brings both spatiality and an exploration component that allows renters and buyers to have a better idea of a property’s layout and details. Thus, anyone interested in a home can check homes from the comfort of their own sofas and shortlist the ones that they liked best.
What’s more – a virtual tour of a property can embed details about the construction as well as layers with additional information (such as the electrical installation or the plumbing). By doing that, real estate agents can limit the number of visits they have to arrange (and reserve them to truly interested people). As for consumers, checking homes anywhere and anytime is an unbeatable experience that can help them make up their mind about a property in the most comfortable way.
3. Augmented Reality For Unconstructed Properties
While a virtual reality tour is a fantastic way to showcase already-built homes, augmented reality is the best option for unconstructed properties. With it, real estate agents can clearly represent the finished property without having to resort to sketches or miniature models. Just by using AR, agencies can better showcase how all rooms will look once the construction is done.
The best thing about AR is that real estate agents can take people through a visit and invite them to use this tech to customize the rooms under construction to see how they’d look with the potential buyer’s style and interiors already applied. In other words, people can use an AR device to point to a room and modify its look at will, painting walls, placing digital furniture, and playing with light fixtures.
Thus, AR can bring sketches and architectural plans to life by using digital components that allow buyers to easily visualize the final product. This is a very engaging way to sell properties under construction, one that provides real estate agents with a perfect aid when closing a deal.
The Tech-Driven Future of the Real Estate Sector
Real estate is undergoing a major renovation that will forever change how we all buy or rent properties. The pandemic has accelerated the adoption of the key technologies we’ve mentioned above and will drive them to the mainstream in the short term. In other words, we’ll see more and more of AI, VR, and AR in real estate agencies real soon.
That’s not all. The real estate field will keep pushing for more innovations with the help of other cutting edge technologies such as the Internet of Things, Big Data, and even blockchain. The benefits of applying all of those technologies will lead to a more immersive, engaging, and secure experience for consumers and will provide agents with more sophisticated tools to carry out their businesses.
The entire world has increased the pace at which it is adopting new technologies to respond to the new challenges brought about by the pandemic. The real estate industry isn’t far behind and is doing its part, a smart move to meet the highly dynamic demands of the real estate market that’s coming in the post-pandemic landscape.