The digital transformation of the real estate industry has been active since the turning point of Covid-19. The pandemic has contributed to the discovery of many industry issues and has significantly impacted industry trends in the U.S. and globally. The perspective has shifted from big cities to suburbs, commercial buildings have lost demand, and customer behavior has changed. Digital technology has embraced almost every aspect of the industry.
According to the National Association of REALTORS, about 97% of potential buyers start their home search online, and 58% of millennials have found a home using mobile devices. Digital transformation is influencing the creation of a global online marketplace, increasing demand for mobile apps and platforms that allow you to book or rent a home in a few clicks.
Real estate companies, agents, and brokers conduct transactions and advise clients remotely, saving time and optimizing work. The relationship ecosystem is evolving, providing improved digital experiences and modern collaboration tools.
Five reasons to adapt the real estate industry to the digital age:
- Predict customer behavior and expectations.
- Automate sales and data collection.
- Provide a conflict-free digital experience.
- Boost employee productivity and more time off.
- Generate online agreements and automated transactions.
Top 7 Trending Technologies To Make Businesses More Competitive in Real Estate
In 2023, the generation of future owners is gradually changing, and the demand for unique digital experiences is increasing. Millennials make up more than 65% of first-time home buyers in today’s U.S. market, with Generation X coming in second at 24%.
Technology can keep businesses running smoothly 24/7, increase profits and reach a vast online audience, taking real estate entrepreneurs to the next level.
The future is in digital innovations in smart contracts, big data, AI, 360° virtual views, and new ways of interacting.
Agents, companies, investors, and lenders in this industry have improved their approach to business and clients by embracing digitization. What can we expect from the technological impact on real estate in 2023 and onward?
- Virtual Reality (VR)
- Big Data and advanced analytics
- Artificial Intelligence (AI) and chatbots
- Apps for real estate deals
- Smart contracts and blockchain technology
- Multichannel digital payments