Real estate is no exception to the seismic industry changes that come with advancements in technology. Learn how to harness the latest trends and tools to maximize profitability. In fact, the potential for success with these tools is so strong that many investors are eager to jump into the real estate business. Today’s resources make it possible to perform with more confidence and efficiency than ever before. Whether your real estate goal is to retire with one million or one hundred million dollars, these high-tech tools can boost your productivity and profit today.
Blockchain for Improved Data Security
Blockchain can be used to secure records and safeguard data, and it could change the way real estate transactions are carried out. Many people have heard of blockchain in conjunction with cryptocurrencies like Bitcoin. A blockchain is a series of records where each successive record is marked with the specific piece of data from the one that came before it; the records that are part of a blockchain are decentralized and stored on multiple computers for safekeeping, making them virtually tamper-proof. Using blockchain technology to create and maintain records can reduce the opportunity for fraud or other kinds of theft or mismanagement. It also allows for the secure recording and storage of sensitive information like property, homeowner, and client data. Blockchain technology that’s worked into today’s workflows can provide long-term benefits down the road.
Virtual and Augmented Reality Engages Buyers
Virtual reality (VR) and augmented reality (AR) once seemed like something out of science fiction, and today, they’re becoming a familiar consumer technology. This is great news for real estate companies because the value in providing a new and exciting way to allow clients to virtually tour properties can’t be understated. Prospective clients could virtually view a home before visiting it in person, or refresh their thoughts on it by seeing it again online after an in-person showing. In fact, prospective clients viewing a vacant house could have their experience enhanced dramatically by touring it through VR or AR; they could really “see” the potential in a home that’s complete with furniture, and be confident in their purchase of a particular property. This approach to connecting clients and properties can also help agents and their clients craft a strong offer on a piece of property.
Stay Ahead of the Curve with Big Data, AI, and Machine Learning
In real estate, as in most industries, staying ahead of the curve is critical for success. And incorporating big data, artificial intelligence (AI), and machine learning into company operations can improve efficiency and help identify trends. This leads to better strategic decision-making and supports the potential for long-term company growth.
Big data is a set of information that’s far larger than what the traditional data analysis tools can work with. AI and machine learning allow for connections to be made among data sets that might otherwise be overlooked because of their sheer size. Working with big data allows companies to utilize a far larger pool of information for research. It’s like the difference between using a single volume of an encyclopedia versus entering a search query into Google and getting everything the Internet has to offer; the ability to get a far larger and more nuanced result to your query is dramatically improved with these technologies.
Imagine being able to see a coming change to housing prices because of a projected influx of college graduates seeking homes in the area. Or develop a new model of market analysis based on the changing ratio of retirees and young families in a given area. Being proactive instead of reactive allows for greater risk-taking and greater rewards. Big data, AI, and machine learning make it possible.
Provide 24/7 Service with Chatbots
Ever wish there was an assistant available at all hours to handle routine questions and requests for clients, such as whether a property is still available or the price of a particular house or condo? A high-quality chatbot can provide those basic services to clients online. The use of chatbots to empower buyers and sellers in their real estate research and information gathering helps guide their decision-making, and it frees up agents to handle more complex tasks. A chatbot can be turned on 24/7, and when properly selected and programmed, can provide a company with a powerful tool for client outreach, marketing, and lead generation.
Enhanced Communication Through Peer to Peer Networks
Communication is a major issue for most real estate companies, both internally and externally. Between staff meetings and social media outlets, agents are promoting their clients’ properties and needs while prospective buyers are either actively engaging or sometimes avoiding contact with agents. It’s quite complex! By adopting a peer-to-peer communication method, it’s possible for real estate agents to more quickly and effectively connect and share information; by opening up a mode of peer-to-peer communication with clients, it’s possible to strengthen customer relations by adding value to the property information that’s shared. By setting your company up as transparent, trustworthy, and client-focused, you may persuade clients that your agents can make the best deals for buyers and sellers.
Leverage Your Resources
Implementing the right tech tools for your real estate business can improve client and investor relationships and the company's bottom line, whether you find yourself collaborating with developers or entrepreneurs. While technology trends and tools may change from day to day, industries must always find a way to adapt. Blockchain, virtual and augmented reality, big data, AI, and machine learning, chatbots, and peer-to-peer communication are today’s trends; staying on top of these, as well as what tomorrow brings, can be the secret of your success. Regardless of whether it’s an experienced or fledgling real estate company, technology can be used by everyone. It’s just a matter of seizing the opportunity.
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