The Future of Real Estate: 6 Interesting Tech Trends That Will Transform the Real Estate Industry in 2023 and Beyond

Tech Qiah

Over the last couple of years, digital technology found a way to overhaul virtually any facet of our lives and all corners of the business landscape. The real estate industry wasn't excluded from this process.

Future of Real Estate

This shouldn't come off as too big of a surprise since, even though heavily rooted in personal impressions, the real estate market, much like any other sector, depends on modern marketing, business practices, and digital-based workflow management to stay competitive.

This opens the sector to a whole wave of innovations that are closely tied to the development of the latest-gen tech. Let us take a look then at some of the most important tech trends that are now driving the real estate sector and see how you can use that to the benefit of your company.

Streamlining the repetitive tasks

The first things that probably cross anyone’s mind when thinking about real estate sales are tireless realtors, open houses, and property tours. If we take a look behind this front, we will, however, see dozens upon dozens of repetitive tasks like document processing that make these activities possible.

One of the greatest benefits of tech like AI and ML comes in the fact that they are capable of streamlining and simplifying these tasks. The ability to get through these proceedings faster gives them more time to focus on the productive activities that require a real human touch.

Streamlining the repetitive tasks

Advanced analytics and price refinement

This is one of the activities where Artificial Intelligence has an absolute advantage over humans. To put it simply, the latest-gen tech is far more capable of working with robust sets of data, noticing patterns, and drawing out sensible conclusions.

Making sense of the market and coming up with the pricing that will hold scrutiny of the open market absolutely requires this level of data handling. So, we can safely say that in the following years, the reliance on AI to perform this groundwork and supply real estate agents with ready-made results is only going to grow both in scope and volume.

The rise of online marketplaces

Let’s get this straight – the real estate market will always rely upon in-person meetings to be possible. However, no one can deny that the rise of new online real estate marketplaces did a great job of making the search for properties more streamlined. 

So, if you, for instance, look for luxury apartments for rent, you can do the vast majority of research from the comfort of your laptop. Once you narrow down the list to only a couple of selected properties, you can start scheduling the tours. Since this simplified process benefits all parties, it will only start taking stronger roots as time goes by.

The rise of online marketplaces

A growing number of virtual tours

This topic is very closely tied to the one we have covered just above. So, finding the property with the features you need is great, but these parameters still won't give you a great idea about how this space flows in real life. High-quality images can address this issue but only to an extent. 

So, it's really no surprise that virtual tours that, in the way of virtual shopping, allow you to assess the layout from the first view perspective, are gaining a lot of traction. If this trend keeps picking up steam, real-life tours and meetings will become only the very last step in the purchase process.

Higher level of cloud integration

Keeping in mind the trends reshaping the other industries, this development can't be called anything but inevitable. Cloud integration simply offers countless benefits ranging from the elimination of paper documents to streamlined communication and simplified collaboration. 

These things may look a bit superfluous but only at first glance. Behind these small perks come endless opportunities for outsourcing, file-sharing, and handling real estate activities 24/7 regardless of the location. The companies capable of leveraging these online resources will get a considerable market advantage.

Higher level of cloud integration

Breakthroughs in real estate marketing

Last but not least, we would like to remind you that the bulk of the real estate industry activities rely on some form of marketing. This is the area where the latest-gen tech probably made the biggest leaps and bounds. 

No matter whether we are talking about ChatGPT and its growing influence on digital marketing strategies, or higher reliance on voice search and short-form video content, no one can deny that the digital marketing landscape is evolving at a lightning pace. Real estate companies who want to stay competitive will need to learn to leverage these trends as soon as possible.

Final thoughts

So, when all is said and done we can summarize that, even though it may not be so obvious at first glance, the real estate industry is undergoing a tectonic overhaul and digital technology can be found at the root of practically all these changes. Sure, in-person meetings and property tours will still remain an integral part of this sector. But, they will make only an integral component and no longer the vast majority of real estate market activities.

Still, all these changes are for the better. As long as the real estate industry is capable of working at optimal efficiency, the sector can do nothing but thrive.


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