Real estate is one of the biggest industries globally, and lately, it has started tech adoption at an unparalleled speed. Considered among the evergreen sectors and the industry that created more wealth than any other business, new technology can prove to be a much-needed value addition. But how do property owners and buyers identify the right tech tools that help them get better deals?
Well, Bill Sohl Luxury Homes Team has the right answer for all the readers looking to buy or sell property in Parkland and other regions. Especially after the pandemic, the real estate industry has experienced strong demand for tech-driven solutions that help and convenience, and provide competitive advantages. Let’s get started:
#1 AI-Based Smart Chatbots For Real Estate Buyers
One of the greatest challenges for both buyers and sellers in real estate is to go through basic information regarding a property. It consumes a significant amount of time without productive output entering the equation. With the help of smart chatbots with AI algorithms and deep NLP-based backends, we can expect a significant reduction in repetitive discussions.
Also, the prospective buyer can access the information 24/7, thereby speeding up the slow sales cycle of the property market. On the other hand, sales representatives can get filtered leads which help them work in a more focused manner and even get refined insights into the doubts of prospective property buyers. Thus, conversational chatbots are going to be a game-changer for the property market in the days to come.
#2 AR/VR For Virtual Apartment Tours
Another aspect of the real estate sales cycle that stretches the time consumed in buying or selling a property is sightseeing. Many times, a person willing to buy an office in Parkland may be located in New York City, and it would take a lot of planning before they actually visit the property.
Considering the fact that a person would be seeing at least four properties before moving ahead with the purchase, the buying process turns out to be pretty sluggish. AR/VR tools can turn the tables for good. It will allow buyers to have a realistic feel of the property and explore it as if they were doing it in person without stepping outside their homes.
#3 Fractional Property Investment Platforms
Bill Sohl finds that fractional property investment is a rising trend in Parkland, FL, and he believes that all posh regions will follow the trend. In simple words, fractional property investments allow individuals to invest a small amount of money in properties, thereby lowering the entry barrier for young people. Also, it can help with portfolio diversification for individuals planning to invest directly in real estate.
This can be termed as a revolutionary step towards adding liquidity to the property market just like equities, giving you the best of both worlds. It isn’t mainstream yet, but it will surely provide a big boost to real estate investments and even build a reliable substitute for mortgages.
#4 Big Data For Real Estate
Big data is one of the modern technologies that will impact real estate to a great extent. It will help people understand the trends in the property market with the help of enormous government and private databases. This wasn’t possible previously, and thus, most people missed on the timing part of the property investment cycles.
Big data will also help take recent events into consideration, thereby providing sales reps with better insights for pitches. On the other hand, it will help buyers find the right deal without getting carried away with impulsive buying instincts.
#5 Blockchain-Based Smart Contracts
Smart contracts are long known to be an amazing solution for the documentation-related issues faced by the real estate industry. It can help solve issues like lack of transparency without risking any sensitive data. Also, it can help execute and track transactions, thus adding a layer of security for all participants.
This can be incredibly useful for the rentals market since documentation is among the prime challenges. Smart contracts will also form the backbone of fractional property investment platforms, along with NFTs being the other important application of blockchain. This will ultimately lower the risk of fraud, trespassing, and encroachment while digitizing the process.
#6 Consumer Internet of Things (CIoT) Solutions For Homes And Offices
Remember the Home Alone movie series? They happen to be on the favorites list of the entire Bill Sohl Luxury Homes Team. Consumer Internet of Things (CIoT) solutions will help build future smart homes, and its adoption has already begun in Parkland, FL. This will help people have a much better ownership experience as smart homes enabled by IoT solutions will raise their standard of living.
It will also help reduce risks associated with theft, burglary, fire breakout, and other such hazards by alarming the community and concerned authorities. Thus, it will help function as a tool for community management, too, apart from upgrading the current scope of amenities.
Wrap Up
No doubt, technological disruptions are touching the real estate industry a bit late when compared to other sectors, but it will redefine the dynamics in the next few years. The added convenience and sales cycle optimization will provide excellent results for all stakeholders. On top of that, these innovations will also help with cost optimization for property sellers and save a significant amount for buyers.
If you want to get more insights regarding any of these new technology innovations with respect to the real estate industry or even beyond this list, feel free to connect with Bill Sohl Luxury Homes Team. We hope that this article gives you an in-depth understanding of the new tech in real estate.
