Internet of Things

How IoT Will Transform The Real Estate Industry

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Especially for the real estate industry, IoT at a first glance does not seem very relevant, but if you take a closer look, IoT has the potential to radically change the way things work. With changing customer preferences and everchanging demands, businesses will see IoT playing an increasingly important role in real estate.

How IoT Will Transform The Real estate Industry

So, what exactly does IoT mean for the real estate industry?

Disruptive technologies fuel the growth of smart spaces. There has been a steady rise in devices and sensors being used for capturing data. IoT enables real estate providers to create differentiated value to customers by providing smart solutions to control various systems at home, office and other spaces. Capturing data from sensors combined with the power of analytics gives IoT the potential to offer insights that could transform the way real estate industry traditionally works.

IoT makes spaces ‘smart’

On a constant quest for automation that could make life easier, IoT offers real estate industry with smart devices that not only do that but also offer operational efficiency and better economic benefits. Data from devices can be gathered, analyzed and users can be notified of any irregularities in the functions.

IoT has a significant impact on energy efficiency

Especially in the real estate industry, IoT could play a key role in capturing the pattern of energy consumption and initiate preventive maintenance. This will ensure smooth operations and can be directly translated to tangible benefits such as operational cost reduction and intangible benefits such as seamless operations.

IoT helps faster decisions

Because IoT gathers enough data and has the ability to analyze it, maintenance decisions could be more predictive rather than reactive. It speeds up the entire decision-making process.

Many times, the lack of inoperability between the devices create a hindrance in the effective use of IoT. IoT, applied in the right way could add value to many processes in the real estate industry and will drive the way businesses work in the future.

Augmented Reality

How AR will help Real Estate Industry to grow?

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Augmented Reality has become popular technologies that are gaining traction in almost every industry. Some of the real estate agencies have already made use of this modern technology create refreshing and interactive demonstrations about their properties right to people’s mobile screens. Even though AR is just at the start of its path, augmented reality in real estate is already providing serious business opportunities. It has gained value as a marketing method and the tool encourages clients into conversations and in turn purchases. AR is beneficial to both real estate agents as well as customers.

How AR will help Real Estate Industry to grow

So, how does augmented reality aid real estate business?

  • AR offers excellent ways to provide visualization of their catalog. Plain text descriptions say very little about the property to the buyers. Photographs can put up a better show and give a realistic picture. 3D models are still better than images but can still be lacking in offering a complete presentation. Visiting the site could be too time-consuming and tiring!
  • Augmented Reality tools and AR mobile apps help combat all the above issues and enable you to experience the property like you would on-site. Without leaving the office, you can browse, compare and analyze various properties.
  • New marketing options: AR presents new opportunities in marketing for the real estate industry. AR is more interactive with features like geotags to locate items and to help customers discover themselves. Animated contact us options and call to actions give a better experience.
  • AR gives a clear understanding of the property as it gives a clear visualization of the property. You can accurately visualize large buildings and agents can show apartments to clients by adjusting the style, furniture, surroundings etc.
  • It offers better engagement so that customers get more interested and more involved to buy. One has a better chance of dealing with engaged potential customers and turning them into real ones.
  • Most real estate customers love to visit the property themselves before making a final decision. AR helps reduce exploratory visits to the site.

AR will definitely help the Real Estate industry to greatly improve customer experiences and ultimately progress in a positive direction.

Industry

How MLS Feeds Benefit Real Estate Industry?

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Today’s businesses are all conducted in a data-driven ecosystem. The businesses that truly succeed are those that can harness this data and channelize it in the right direction.

How MLS Feeds Benefit Real Estate Industry?

MLS or multiple listings service is a database and software used by real estate brokers, representing sellers under a listing contract to share the information about properties with other brokers who may represent potential buyers or wish to work with the seller’s broker to help the buyer for the property asset. The listing data stored in a multiple listing service’s databases is the proprietary information of the broker who has obtained a listing agreement with a property’s seller.

So, how does it aid the real estate industry?

The main benefit of MLS systems is that the subscriber may search and retrieve information about all homes for sale by all participating brokers. These systems also contain hundreds of fields of information about the features of each of the listed properties. The fields are determined by real estate professionals with knowledge in the local market space.

  • MLS keeps everyone from the broker, buyer, and seller on the same page. Better collaboration helps in better decision making and speeding up the process. It also introduces transparency and accountability.
  • MLS feeds to make sure that users get the most updated information about the properties.
  • Benefits for sellers: Sellers get greater exposure to their listing and the listing is shown to only those who are ready-to-buy. The deal can be sealed in a better and quicker way.
  • Benefits for buyers: As a buyer, the MLS system brings more choices and you can buy a home that fits your criteria and budget with greater ease.

Introducing MLS feeds to real estate websites has become one of the positive ‘must haves’ in the real estate industry. It has transformed the real estate industry business strategies and will definitely influence the buying and selling strategies in the future.

BlockChain

Real Estate takes the Tech Revolution on the Road

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Real estate industry has seen notable changes over the past few years. The industry is fragmented and in numerous ways, and technology has still managed to revolutionize that way many real estate operations are conducted. Technology solutions are plenty and the desire to migrate from traditional means of working has dramatically increased recently.

Real Estate takes the Tech Revolution on the Road

Recently, the tech trends have completely swept the real estate industry

Virtual reality

VR or Virtual Reality is becoming more popular among consumers in the real estate industry. Realtors, who wish to provide their customers with great experiences while browsing properties for either purchase or rent, are taking advantage of Virtual Reality tools and 360-degree videos. These technologies offer 3D virtual tours for the properties right from their devices. These technology products incorporate videos, photos and the VR facilities allow users to navigate floor plans digitally. 3D home tours are becoming a convenient means for decision making for real estate consumers.

Cloud

Cloud is another platform with a wide-ranging impact on the real estate sales process. Anyone who has ever purchased real estate, truly understands how lengthy and frustrating the process is. Thanks to the cloud and data management applications that operate on the cloud, the entire process – including the electronic signatures, the entire process can now be completed within minutes.

Blockchain

Blockchain gets a lot of attention and there is definitely a place for cryptocurrencies in real estate transactions. Blockchain technology’s security, transparency, and efficiency really matter when it comes to real estate buyers, sellers, and renters. These benefits will allow the industry to standardize and scale online transactions. Real estate transactions from a buyers or renters perspective are pretty mysterious. Once the offer is made, the process is not transparent to the buyer. Consumers are also not transparently track the offer too. Many times the agents are looked upon suspiciously because they cannot share any more details until the deal is final.

Technology will definitely aid the real estate industry because it helps reduce administrative costs, introduces transparency, auditability, data security, and overall efficiency.