There are 27,000 real estate agents just in New York City alone. In 2017, 17,000 agents did not close a deal. Change is already upon the industry and the proof is in the numbers. But change can look like a lot of things; one of them being technology, or the lack thereof. Today, success is measured by the quality of your technology. Are you doing enough to set your firm apart from the rest? Most aren’t, which is why zbrella is looking at the top three hottest real estate tech trends that could increase your rate of maturity and financial success.
Top 3 Real Estate Tech Trends:
1. Augmented Reality/Virtual Reality
Augmented and virtual reality (AR and VR respectively) are undoubtedly some of the biggest buzzwords among real estate tech trends. So big, in fact, that by 2025, the market for AR/VR software revenues are estimated to reach $2.6 billion. Major players like Sotheby’s is already using VR to sell luxury homes in the United States to buyers remotely located in Asia, while camera systems from Matterport are already being used by real estate agents to easily create 3D walkthroughs of interior spaces. The potential of real estate tech trends like AR/VR has already been tapped into, and the results are conclusive: increased revenue from increased sales. AR/VR broadens the pool of prospects by allowing buyers to shop remotely, making this real estate tech trend one of the most lucrative on the market.
2. Big Data
Big data and the art of artificial intelligence (AI) plus machine learning are keywords we hear often in the digital world. It makes our list of top three real estate tech trends, however, because big data is so much more than tech-words, it’s hard information that translates into dollars signs and numbers in the real estate industry. Coldwell Banker is in the midst of implementing an application for their sales team that will give them more detailed information on buyers, such as accurate pricing, buyer identification, and geographic targets. Essentially, big data is allowing them to see who is buying, what they’re interested in, and how to properly market and sell to them. That type of data is invaluable to a real estate firm and opens up huge potential to generate massive revenue based off of big data and analytics. Big data is positioning itself to be the single most important item that will drive a comprehensive view of the housing market to enable agents to make decisions that will sell more houses and increase profits.
Chatbots make the list of top real estate tech trends because they’re approachable, easy, and practical for many firms new to the world of tech. And lots of firms are already working with this type of tech, giving them leverage in an industry that largely struggles with change and tech adoption. AskDoss is the latest voice activated intelligent personal assistant to crop up in Real Estate and most likely won’t be the last. It works by speaking a real estate search into AskDoss, upon which the software delivers accurate, instant answers. Many Real Estate portals are already incorporating the chatbot tech into their search engines to accommodate consumers in 2018 and forward who want the mobility and ease of speaking directly to their computers. Other companies recognize the value chatbots and voice assistants deliver by greatly reducing the amount of time employees’ take in helping potential buyers search for what is on the market, find answers to search queries, and retrieve information about house prices and availability.
zbrella’s team of expert Technology Consultants and Enterprise-Engineers can help assess the quality of your technology and ensure that your Real Estate agency is operating at peak performance. We assist you throughout the entire process and implement technologies that drive effective change, boost efficiency, and maintain quality control. Our team does it all. Learn more about how we can improve your Real Estate agency via technology here, or contact us at 800-750-4296.