What are the Top Real Estate Technology Trends in 2024?

There’s a growing technology infusion in the real estate industry. Real estate companies are utilizing technology both for penetrating new markets and improving operational efficiency. The important software development trends in real estate are as follows:

1. Artificial intelligence (AI): The biggest one among software development trends in real estate

Artificial intelligence (AI) will likely be a key one among the real estate technology trends. AI isn’t just one technology. It has many capabilities like machine learning (ML), natural language processing (NLP), computer vision, etc. Each one of these capabilities has many use cases. There’s also a steady stream of research and development on AI. That will make AI important in all sectors including real estate.

AI can transform the real estate sector in the following ways:

• AI solutions can generate better leads.
• Real estate companies can market their content more effectively using AI.
• Real estate agents, property management companies, property owners, and potential buyers can judge the current and future value of real estate assets better with the help of AI.
• AI makes home searches easier for prospective clients.
• Property managers can manage residential and commercial real estate properties better with the help of AI.
• With IoT and artificial intelligence algorithms assistance, businesses can manage office space more effectively.
• AI helps real estate companies hire smarter agents.
• AI-based solutions expedite real estate transactions.
• Real estate investors can make better investment decisions with the help of AI tools.
• AI solutions can help mortgage lenders improve the lending process.

2. Business intelligence (BI)

Any real estate company stores plenty of structured data. This includes transactional data, customer data, pricing data, financial data, etc. Real estate companies focus considerably on historical data too.

Therefore, business intelligence is an important computing technology in the global real estate market. Real estate companies can use it to derive reports and valuable insights from structured data.

These help them to gain new customers and retain existing customers. They can also make smarter investment decisions, thanks to these insights. Real estate companies use important BI tools like Tableau, QlikView, and Power BI.

3. Big data

In addition to massive repositories of structured data, the real estate sector has vast sets of unstructured data. That makes big data important in real estate.

Big data can help real estate companies in the following ways:

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• It expands the scope of data analysis considerably. Insights gained from massive sets of unstructured data help mortgage lenders, insurance companies, and other stakeholders.
• Property investors can use big data analytics for better property evaluation. They can use solutions based on AI, ML, and big data for this. The analysis includes various factors like crime rate, proximity to school, flood zone maps, neighborhood, etc.
• Realtors can identify their prospective buyers better by using big data-based tools. These solutions analyze data from search engines and online ads to identify the target audience.
• Real estate development can benefit from big data. Real estate companies can use big data solutions to analyze the regional development plans of the local government. Interviews and speeches of government functionaries contain references to infrastructural development projects in a given region. Big data-based tools can gain insights from these. Analysis of social media data can indicate which demographic group wants to live in an area. These insights can guide real estate development projects.
• Home insurance companies can use big data-powered solutions for risk mitigation.
• Real estate investors can use big data-based solutions to predict the future business performance of real estate companies. They can refine their investment decisions based on that.

4. Virtual Reality (VR) / Augmented Reality (AR)

Virtual reality (VR) and augmented reality (AR) are important technology trends in the real estate industry. They offer the following:

• Prospective buyers can take VR-powered virtual tours of properties. Real estate companies can market their properties better to potential buyers in other locations.
• Prospective clients can take a VR-based bike tour of the neighborhood before they decide to buy a property.
• AR-powered real estate marketing solutions help customers get important information about properties of their choice.
• Real estate development companies can VR and AR to help with architecture design and construction.

5. Blockchain

Thanks to its immutability, security, transparency, and efficiency, blockchain offers the following in the real estate sector:

A. Tokenizing assets

Blockchain-based real estate applications can tokenize assets. Real estate companies can reduce the cost of exchanging assets by tokenizing them. Tokenization expedites many tasks in real estate deals. Real estate companies can offer tokenized assets to a larger pool of investors.

B. Alternative financing

Blockchain can help you to create alternative financing models. For real estate companies, such non-traditional business models provide access to new lenders. They can loans more easily.

C. Managing mortgages

Banks need to follow paperwork-intensive and manual processes for managing mortgages. Activities like underwriting and issuing loans require hard work. Blockchain can simplify these with its immutability, smart contracts, and transparency.

D. Property management

Property management companies often have complex and sub-optimal property oversight processes. Delay in sharing data contributes to this. Blockchain helps them to share data instantly and securely. This provides a high-quality property management experience.

E. Land and property registration

The real estate industry is closely dependent on land and property registration processes. Many countries all over the world follow paperwork-intensive and manual processes for these. These processes involve too many stakeholders. Multiple touchpoints make the registration process time-consuming.

If owners lose the registration documents, then they need to go through a complex process to get replacement documents. Mismanagement and fraud are common in paperwork-based land and property registration.

Blockchain replaces these with digital asset management. Immutable blockchain networks prevent fraud. Real estate development companies can expedite their projects.

F. Identity management in the real estate industry

Identity management is important in the real estate industry. Mortgage lenders need it for KYC/AML purposes. Real estate companies need it for background checks, etc. However, traditional identity management processes are complex and time-consuming.

Blockchain-based identity management solutions can help the stakeholders in the real estate market. Immutable and mathematically-verified digital identity can expedite many processes significantly.

6. Internet of Things (IoT)

The growing penetration of the Internet of Things (IoT) is one of the key software development trends in real estate. IoT offers the following advantages:

A. Prospective buyers get better information about properties

IoT devices use sensors and cameras to collect plenty of data about their surroundings. Real estate companies can use them smartly. They can collect data about the neighborhood, infrastructural conditions, etc.

Real estate companies can present this data in a user-friendly way on their website. Prospective buyers can then get important information about a property even before they speak to a real estate agent.

B. Virtual tours of properties become more realistic

We talked about virtual tours of properties, however, IoT makes them more realistic. IoT sensors can provide real-time images of properties. Real estate companies can include them as part of virtual tours.

C. Smart homes

Real estate companies try to differentiate their properties, and smart homes can help. IoT makes smart homes possible. IoT solutions can control the HVAC (“Heating, Ventilation, and Air Conditioning”) systems, which can increase HVAC efficiency.

IoT solutions can contribute to the lighting efficiency of a property. Property owners save on energy bills, and they reduce their carbon footprint. That’s a differentiator for a real estate company.

7. Real estate management software

The global economy benefits from the growth of the real estate industry, however, the complexity of this sector grows steadily. Real estate companies must proactively handle various aspects like marketing, property management, property rental, real estate development, risk management, and regulatory compliance.

Robust real estate management software is crucial for them. Developing such software will remain a key real estate tech trend for the foreseeable future.

8. Developing property websites for property buyers and sellers

Real estate companies fully recognize that more and more people now search for new homes online. They are either building their websites or revamping them. Their customers might look for residential and commercial buildings to buy or rent. They might look for land value or other property data. Real estate companies want to provide that on their website in a user-friendly manner.

9. Mobile app development for the real estate industry

Real estate companies recognize the global shift towards mobile applications. They are launching mobile apps to reach out to their customers, in addition to providing a user-friendly website. Several popular real estate companies have launched mobile apps, e.g. Zillow, Trulia, and Redfin.

10. Localization and geolocation

Localization and geolocation are enabling real estate agents to deliver differentiated services. They can now help clients to better appreciate the land value. They use information like county maps, flood zone maps, etc. for this. Geolocation technology makes this possible.

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