The economic uncertainties witnessed in 2023 made the business sector think of ways of changing their outlook, accelerating the latest trends, and embracing technology to safeguard their businesses proceeding into 2023.
The real-estate business has had to adapt and modernise new technologies in creating resilient businesses that can thrive in this information age coupled with the unpredictability of the economy.
The COVID-19 pandemic posed a lot of challenges to the real estate and management industry. Digitizing their operations gave the industry a chance to prosper and sustain itself. The pandemic restrictions led to remote working and speeding up the adoption of technologies.
The article focuses on the most important technologies for real estate in 2023. The various digital tools will help real-estate business:
• Increase operational efficiencies
• Embrace flexibility
• Increase agility
• Ensure faster yields.
These are the topmost important technological trends for real estate in 2023.
1. Use of Smartphone Apps
The number of smartphone users all across the world has increased tremendously over the decade and is set to continue in 2023. With this level of connectivity of the real-estate customers, the agencies are rushing in to develop different smartphone apps to help them connect easily with customers.
These are the reasons smartphone apps are convenient for agencies.
• Both agencies and customers can get updates in real-time.
• Smartphone apps have secure message systems.
• Customers can get to access information at any given time in regards to their properties.
• There is operational ease between customers and the agencies.
• Smartphone apps help both customers and agencies save resources and time.
• Customers have ease collaborating with the real-estate agency.
• Smartphone apps can help agencies advertise their new properties through ads.
2. Virtual Reality Tours (VR)
The restrictions that were imposed following the COVID-19 pandemic made it hard for agencies to go on in-person tours with their customers as it was disallowed. This led to an increase in virtual reality tours popularity.
The use of Virtual reality has become more popular in the real estate business and has been embraced in 2023. With too much at stake in the industry due to uncertainties in the economy, agencies are adopting this tool.
A virtual reality tour is a 3D simulation that is computer generated that provides potential customers with a walkthrough in a house or apartment that is up for sale without setting foot on the property.
Virtual Reality benefits:
- It saves both the agencies and customers time
• Buyers can take multiple tours of property in a short period without actually visiting them in person.
• Real estate agents can market their property using little investments.
• Agents and builders can use virtual tours to show customers different ideas they can use spaces for or decorations.
• Minimizing in-person visiting makes agents use virtual tours to explore international markets/buyers.
• Virtual tours allow agents and sellers to create the best 3D tours for their buyers.
• The listings that are more appealing to customers get more offers.
3. Real-estate Websites
Businesses use websites to increase their turnarounds. The events of 2023 forced the real estate industry to focus on embracing and utilizing websites more in 2023. The 2023 lockdown had website visits soaring up in numbers.
Real estate businesses adopt websites to increase yields by attracting potential buyers and customers who go online-searching for a property.
Real estate companies have different features on their websites like high-quality images of their property, listings, customized search options, blogs, integrated CRM systems, buying and rental cost calculators, and integrated maps.
Websites such as WeBuyAnyHome.com facilitate the sale of real estate with their sell house fast services. It offers the highest guaranteed offer with no fees. There are no delays and no hassle.
The benefits of using Websites are:
- Customers can leave their feedback and review.
2. The customer reviews help evaluate and upgrade products and services.
3. The agencies can get leads that are qualified.
4. Increased and improved marketing of brands with growing subscribers and a monthly or weekly newsletter for customers.
5. There is advertisement resource utilization like content marketing, optimization of SEO, and PPC.
4. Predictive Analytics employment
It is the advanced branch of Analytics used for future predictions of events and outcomes. Predictive analytics employ techniques ranging from machine learning algorithms, data mining, statistics, artificial intelligence, and modeling to make predictions.
The use of Predictive Analytics is becoming popular in real estate embraced in 2023, as stet by fortuneacademy.com. It uses a combination of real estate behavioral analytics, real-time data, and historical data in making predictions by analyzing current data.
Reasons Predictive Analytics is a preferred technology in 2023
The technology is used by agencies to evaluate and find the best property in the market. This is due to its ability to detect and analyze parameters such as rental incomes, occupancy rate, and value of a property.
- It helps agencies and real estate managers understand the history of potential buyers interested in the property.
- It helps managers estimate the value of renovations needed and analyze the improvements required by the property.
- It also estimates the amount buyers can willingly pay.
5. Optimization of Customer Relationship Management Software (CRM)
CRM software is a system that combines strategies, technology, and practices that companies use in analyzing and managing their customers’ data and interactions throughout their history with the company.
It helps manage customer relationships as well as maintaining realtors, tenants, customers, and companies.
The points of contact with the company can be through phone calls, direct mails, companies’ websites, social networks, and live chat. CRM systems contain information on a customer’s buying preferences, personal information, concerns, and purchasing history.
CRM Systems benefit real estate businesses through:
• Management of transactions across all sales stages.
• Access to company data is role-based hence no leakages.
• Automation of campaigns.
• Automation of data eases workflow and business processes.
• Options for third-party integration services.
• Improvement of sales growth through customer relationships and assisting in retaining customers.
• Data on customers can help the customer support provide faster and better services to customers.
• Customer information access provides businesses with the data to identify market trends and insights.
6. AI and Machine Learning
AI helps machines to perform complex and sophisticated tasks. This goes from evaluation, problem-solving, decision making to pattern recognition, and comprehension. Often, machine learning comes as the core approach used by AI.
This type of software automates repetitive and time-consuming tasks. It delivers intelligent recommendations and performs many other tasks.
AI and machine learning improve your business performance.
- AI is used to streamline data management in real estate.
• The algorithm in recommendation apps identifies the customer’s preferences and suggests objects based on its findings.
• AI enhances the advertising campaign by scanning data and identifying the most popular or demanded types of real estate objects.
• AI deals with large property management.
• Machine learning-based software can recognize patterns in the data and generate actionable insights.
• Machine learning has paved the way for chatbots. Those apps become the primary mode of communication for customer service inquiries.
• Then the algorithm suggests the most suitable offers on its marketplace.
Adoption of new technology by the real estate industry will help in customer-driven approach adoption and improving operations internally. The technological trends have sped up in 2023 to avoid economic downward dives and due to the uncertainties brought about by the COVID-19 pandemic. The technologies adopted by the real-estate industry will offer task automation in management, finance, operations, and marketing.