The global real estate market has grown tremendously over the last decade. According to a PWC industry survey, the global stock of the market grew by 55% from 2012 when it was US$29.0 trillion to US$45.3 trillion in 2020. This growth is in the backdrop- of innovative technology in the real estate industry. Investment in real estate tech has increased over the same period. For instance, a report by Deloitte says 92% of real estate investors plan to increase investment in tenant experience-related technology.
If you are in the real estate market, you have to stay on the lookout for new technology trends that affect the industry. By embracing these technologies, you have a head start in the competitive real estate market. Early adopters in real estate technology reap more benefits from innovative trends.
Below are some of the tech trends you should watch and embrace in 2020.
Cloud technology has revolutionized business software across industries. In real estate, cloud property management software promises improved security, scalability, greater accessibility and cost-efficiency. If you have a real estate company, it is time to shift to the cloud for all your operations. It is one of the major trends that will continue in 2019 as real estate entrepreneurs look for more efficiency in their operations.
Customer support is essential for a real estate business. You have to provide immediate feedback to prospective leads. Real estate chatbots will revolutionize customer support in 2020. Already, some real estate agents have started using voice bots and chatbots to deliver a better customer experience. It saves resources and boosts productivity as your employees can focus on revenue generation.
Automation is a major trend today across industries and it is set to continue into 2020. For instance, programmatic advertising in 2019 will reach $45.94 billion. In real estate, helps in tasks such as online chats, property accounting, email marketing and invoice processing among other business processes.
If your real estate doesn’t have an app yet, it is time to review your business strategy. Consider that 90% of mobile time by users is on mobile apps. The average American will also look at their phone every 80 times a day. This makes mobile apps a necessity if you want to reach your target market easily.
Millennials who are home buyers today are always online and use these apps for everything. Mobile apps are an emerging trend and this will continue into 2020.
Big data is no longer a buzzword but a practical technology which businesses in other industries have learnt to leverage. In real estate, companies have multiple contact points with potential customers. All data collected from these interactions comes handy in targeted marketing.
With big data, it is now easier to predict customer purchase intent and behavior. Such insight is possible by looking at past customer engagement, trends, and patterns.
Other real estate technology trends to watch for in 2020 include artificial intelligence (AI), Internet of Things (IoT), smart buildings, Virtual Reality (VR) and Augmented Reality (AR) and fractional property investment to mention a few.
Adopting new technology trends gives you a competitive edge in your niche market. These technologies also help with lead generation, improving customer experience and much more. It is a smart move to differentiate your business in a crowded market.