Latest Technology Trends in Real Estate

Industry
How Mobile Technology Impacts the Real Estate Industry

The massive growth in the use of mobile devices has made the realtors consider it a suitable platform for real
estate marketing, communication, and transactions. According to a report, 98 percent of realtors believe that a
mobile device is essential in their day-to-day work. Based on another survey, 96 percent of realtors agreed that
using a mobile device to access property data saves a significant amount of time during the workday. Further,
buyers are also using mobile devices to cover various aspects of the home search process.

Mobile apps are enabling the realtors across the globe to send customized reports to clients through app-based
messaging. Additional functionalities in certain apps enable agents to provide customized reports to clients and
offer job-specific tasks such as aggregating buyer queries, viewing data, scheduling real estate meetings, and
digitalizing processes.

The growth of social media as a form of communication is also contributing to the real estate. And mobile
technology is the key to the above trend as most of the people use their mobile devices to access social media
platforms. Realtors are trying to leverage the above trend by increasing their presence on social media. Apart from
marketing, such platforms also allow the realtors to interact with their potential customers. Property buyers are
also using social media for buying suggestions and tips from friends as well as to view their agents’ social media
pages.

Mobile applications are increasingly getting designed to cater to sale and property leasing. Customers, as well as
realtors, are finding such applications convenient and safe. Mobile technology is also cutting down the need of the
apartment owners to put up billboards or pay for an advertisement in a local newspaper.

Based on the current trends, mobile platforms are expected to dominate the real estate activities in the future
completely. Firms that align their goals and strategies according to the emerging mobile trends will dominate the
market.

How Technology Can Help Property Renters

The increasing demands for residential spaces, commercial buildings, and other types of properties have motivated
the property professionals to develop strategic property management solutions. Today, property renting platforms
and applications gain popularity across the globe as property renting not only meets the property space demands
but also creates new business models.

The innovative portals allow tech-savvy property providers or active users of property renting and selling online
platforms to understand customer demands and attract customers with customized suggestions. In the past few
years, the ways of property renting have experienced huge transformations. Some of the next-generation solutions
for property renting are co-working spaces, co-living spaces, and more.
With the help of numerous digital platforms, property providers can understand their customer and client
demand. Today, an active property renting business carries all-around expertise, from handling tenants to offering
next-generation property services. In recent years, properties with AI-based IoT devices and appliances have
experienced rapid growth in tenant interests. The demand for high-standard residencies has motivated the
property providers to install latest smart equipment, such as highly connected security cameras, sensor-based
lightings and air-conditions, and more. For commercial properties like corporate buildings, co-working spaces, shop
spaces, and shopping complexes are the best examples of tech-influenced property renting business.

Affordable and efficient renting plans can deliver benefits to both the property providers and tenants. Technology
helps the property managers extend the utilization of property and gain more advantage with the same building.
Implementing innovative office devices like smart projectors, smart lightings, seamless WiFi networks, and more
help the property managers manage and schedule the usage of certain areas of the building.

Like AI-based IoT devices and online property renting and selling portals, technologies like cloud computing and
data analytics also contribute to boosting the property renting businesses. The cloud-based operations help the
professionals digitalize the documentation processes by streamlining connectivity with the customers in a single
platform. Data analytics allows property providers to analyze and extract valuable insights from the growing data
while identifying new business opportunities. Property providers realize that the adoption of innovative solutions
can help them bring necessary transformation in their property renting businesses; hence, technology-based
renting solutions are vital for property businesses.

Source : Proptech Outlook

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