For years, the real estate industry has been shaped by changing market conditions and consumer behaviors. More recently, it is also impacted by the tech trends that influence the way brokers and agents work. It’s no wonder that the real estate technology investments have been on the rise. The need for making more profitable property decisions, reducing inefficiencies and providing better customer service experiences have made this industry turn to technology.
Here are a few real estate tech trends to watch out in 2019
Chatbots for lead generation & customer service In a field where time is of the essence, there is no point wasting time on leads that you know will not buy. Real estate companies are taking advantage of AI and machine learning to analyze and provide pre-qualified leads. These chatbots are also useful when it comes to quickly address customer queries, hence helping in the entire sales process.
AI for property management & valuation
Especially when dealing with multiple properties, property management could be daunting and extremely demanding. AI and machine learning algorithms can help to ease off the pressure by automating tasks such as setting the rent, screening tenants, helping property managers inspect the premises remotely and to provide more accurate real estate evaluations.
Blockchain for fraud prevention
With the ability to streamline and establish transparent and secure transactions, blockchain technologies are gaining ground in the real estate industry as well. They provide secure means to manage, validate and store property documents in order to prevent fraud.
The real estate industry keeps evolving according to the needs of the market. The 3D visualization technology gives buyers and sellers new ways to visualize the properties. Real-time options with customized palettes, materials and finishing do help buyers in their decisions. AI is also being used to standardize the processes for due diligence and regulatory compliances.
Technology will definitely change the face of the real estate industry beginning with 2019 and into the future.