Real-Estate technology trends for 2021
Real estate Companies have not been immune to the technological changes in the industry. In fact, after the pandemic, real-estate management companies have taken a deep dive into technology and have adopted digital tools that can make their businesses resilient. From managing residential and commercial properties through contactless technology, to maintaining uninterrupted communication with buyers through virtual mediums, taking them on a 3D video tour of the property to attract prospective new buyers, property managers is better prepared to deal with the new normal.
In 2021, real-estate management companies focus on operations, management, finance, and even marketing to ensure rapid turnover, improved return on investment and improved customer relationships in the long run.
The real estate industry has traditionally been a bit slow to adopt new technological trends in management; however, the boom in real-estate management technologies and new real-estate management trends is taking center stage in the market today.
Use of Cloud Based Services - The cloud is what makes us mobile and lets us keep our work activities at our fingertips. Cloud Computing has been revolutionizing every industry, and the real estate sector is no exemption. Cloud services can be used for marketing, property management and customer relationship management. By storing all the customer data in the cloud, it can be accessible from anywhere. Features like data-mining, shared storage and remote access.
Not only does cloud computing make property managers' lives easier, but it also reduces operational costs and speeds up decision making.
Smart Buildings for the Smart City - Smart homes are characterized by capabilities that streamline our lives, save our time and have been part of marketing campaigns of various real- estate property management companies to accomplish tasks without any help. The use of sensors in various basic household utilities will help in optimal management of those facilities and will help in repair and maintenance.
In addition, smart security systems that allow buyers to monitor properties through their mobile devices and touch less access have gained prominence in the last few months to reduce the spread of the virus.
Big data - Big data can give real estate companies a broad view of the market. Equipped with buyers' superior knowledge of past activities and preferences, managers can provide them with more relevant qualities. Real-estate management companies can source clients' data from websites, property management systems, or CRM.
Real companies have taken refuge in Big Data, AI and ML to improve efficiency in internal collaboration, customer service and leadership management. With the help of artificial intelligence and machine learning, insights are drawn into energy, water and power consumption through intelligent chat bots deployed on multiple platforms, including property websites and social media.
Virtual Reality And Augmented Reality - Both virtual reality and augmented reality play a role in the industry. Many managers are now offering 360-virtual tours to their rental properties. Once the customer pointed out the phone camera in the brochure, some companies offered paper brochures, which appear as 3D-objects on the customers' mobile screens.
VR and AR will also be helpful for cases when the apartment comes with virtual furniture by evacuating it. In this way, the renters will be able to get a better understanding of the space before actually moving.
Machine learning and AI – Given the fact that digital communication differs from in-person meetings, asset managers are looking for ways to make online communication in the best possible way possible. This is where AI comes into play.
Chatbots, virtual robots and assistant renter-manager-landlord make communication faster and more efficient. They are capable of handling a wide variety of operations - answering generic questions, knowing customers' preferences, or even capturing virtual displays.
Another major advantage of artificial intelligence is that it is able to assess pricing trends, and make similar predictions and analysis.
Customer relationship - Real-estate companies were not the main focus of meeting customer needs and demands to ensure relationships. Investing in digital devices that can streamline and automate processes, provide information to home buyers easily and enhance the experience by improving customer engagement. Integration of devices to make customized portals and online transactions easier for owners, tenants and prospects will be a part of customer service.
Written by Ritu Srivastava