Real estate has suffered a drought-like recession due to the COVID-19 pandemic, as have several other industries. As such, there are some big changes in the real estate industry that clients and agents need to prepare for.
Today, I’m going to talk about the future of the real estate industry and its future trends.
Future Real Estate Market Statistics
- The global real estate market will grow by more than 55% from $29 trillion in 2012 to $45.3 trillion in 2020 6.3 billion.
- By 2050, the urban population will increase by 75% from now and reach 6.3 billion.
- By 2025, 14 new megacities with potential future real estate markets will emerge, taking the current figure from 23 to 37.
- Global construction output is projected to double from $8.7 trillion in 2012 to $15 trillion by 2025.
- By 2050, there could be 200 million environmental migrants worldwide, most of them potential homebuyers.
Problems and lack of opportunities are not due to fewer homebuyers. However, realtors are associated with the old ways of reaching out and interacting with potential clients. The above statistics prove that there is a lot of room for improvement on the realtor side.
2021 was supposed to be an amazing year and a great year for business opportunities, but everything went wrong when someone decided to eat bats
But there is still time to save this year and use it as a win-win-win for the future of the real estate industry.
I look forward to future developments in real estate management. There is a wider range of opportunities, some major economic and social changes, and many new technological trends that will improve the future of sales in the housing market around the world.
The Future of Real Estate and the Impact of Digital Technology
From an operational perspective, real estate has a relatively low-tech infrastructure. And when the scene changes. Only 40% of her realtors sell properties on social media and on her online realtor website.
Technology will be more than just a trend by the end of 2021. becomes critical. Technology is the driving force behind active customer engagement, advanced data mining for prospect information, and driving operational efficiency.
Prospects want a seamless experience when searching for their dream home, office, or business. People prefer only her website or app for the most personal and customized real estate. And building such a platform requires better use of technology.
Top 7 Real Estate Trends for 2021
Technology is the perfect partner for real estate in 2020. A similar effect can be seen in the real estate industry.
Mobile apps have changed the way realtors work.
1. Smartphone Apps for Real Estate
Smartphones have been a lifesaver and a success promoter for business across all verticals. So, the same impact can be seen in the real estate industry. Mobile apps have changed how real estate agencies work.
With the help of mobile apps, clients can access all property information at any time and agents can automate many tasks with smartphone apps. It also facilitated collaboration between her two parties involved.
Real estate listing apps and portal sites have not only simplified operations, but also saved the time and effort behind the entire real estate process from viewing properties to purchasing.
2. AR and VR in Real Estate
Through virtual and augmented reality, realtors, estate agents and potential home buyers can offer and receive personalized property visit experiences from anywhere in the world. AR and VR capabilities allow customers to check out properties without physically visiting them and easily compare different options while staying in the same location.
AR/VR app capabilities now offer virtual tours of properties with 360-degree views of the exterior and interior of all properties. It’s no exaggeration to say that the real estate industry has a bright future for AR and VR.
The best part is that by overlaying a computer-generated image on top of the virtual simulation, the property listing can be virtually staged, showing the unfinished rooms, and the viewer’s preferences and choices. Being able to change the appearance of the house on site.
AR/VR capabilities save valuable time and money for both property seekers and agents. Buyers are increasingly expected to use VR technology to tour homes and benefit from spatial visualization without having to visit the property of choice.
3. Automating Tasks in the Real Estate Industry
Realtors have many jobs and tasks. Doing all the tasks manually takes a lot of time and resources
Automation makes it easier to complete this paperwork and routine tasks, helping you focus your skills and time on selling your property.
By automating critical tasks such as monthly invoice processing, sending emails, online chats, and various other administrative and communication tasks, real estate companies can save a lot of money and time to focus on sales. I was able to do.
For example, email marketing is a popular and mandatory method of reaching potential customers. Still, you can’t fully dedicate your resources to sending hundreds or thousands of emails every day. This is where bulk email automation systems like MailChimp and Emma come into play.
Synchronized and timely e-mail campaigns greatly aid broker marketing efforts, and automated invoices and regular reminders ensure faster payouts.
Automation Tasks in Real Estate Industry
- SMS Marketing
- Email Marketing
- Business Blog Posts
- Website Chat
- Social Media Marketing
- Customer Support Issues
- Corporate Data Protection
4. Big Data in Real Estate
Big Data (BD) Intelligence (BI) goes hand in hand when we talk about digitizing business real estate. Big data opens multiple doors for realtors, and business intelligence opens the right doors. The excellence and capabilities of mobile real estate apps are unimaginable without big data and business intelligence.
Big Data and Business Intelligence can be involved in the process of interaction with property owners, realtors and customers. Understanding the data collected helps answer the question of what happens.
Real estate firms understand that in a digital world, the mindset of extracting insights from data reduces the upfront work required and delivers ROI. The future of realtors looks bright with big data as it always presents better opportunities.
Data Science and Analytics Shaping the Future of the Real Estate Industry
Over the next year, technology will give companies ways to analyze data as part of their long-term strategy.
5. IoT and Smart Home
It’s obsolete if your home isn’t as smart as your phone. Technology has changed the real estate scene a lot, and if your property has his IoT equipment, you will definitely get a higher market value.
Major technology trends to be implemented in the new decade. Smart applications such as automatic lighting, air conditioning, and entertainment systems are proving to be very attractive to customers. IoT has great potential to fundamentally redefine the real estate industry.
Agents and property owners can better manage their properties through centralized management using IoT technology. Buyer demand for smart home controls is also expected to grow in the coming years. It is clear that IoT is the best choice for the future of property management.
The best thing about IoT and real estate is that a real estate agent can integrate his IoT into his marketing plan and use this powerful technology tool when selling real estate. Beacon technology makes apartment hunting unrealistic.
These beacons are built into salable objects. When a potential buyer comes within range of the beacon, the mobile phone receives the signal from the beacon and a link is sent to the mobile phone, allowing the buyer to begin viewing the property.
See Also: What is the Metaverse?
6. AI & Chatbots
In the real estate industry, lead generation is both the most important and the most difficult task. You never know which request will be the next big bonus check of the season. But it takes 100 refusals to get to that one big real estate deal of his.
Anyone who’s ever made a sales call knows the frustration behind the rejections, the wasted time, and the loss of potential customers to dealing with rejecters. So how do you get someone to continue to serve your customers with the same consistency without getting discouraged by mistakes? The answer is AI chatbots.
Sale is a game of urgency. If you want to remain competitive in the industry, you must respond to all real estate inquiries with speed. AI chatbots can provide an “always-on” channel to answer customer questions in real-time.
- More Qualified Leads
- Multi-Channel Support
- Quick Search MLS Lists
- Automated Scheduling
- Conversation History and Logs
- Available 24/7
- Highly Customizable
- Automating the Follow-Up Process
7. Blockchain in Real Estate
Blockchain wars have always been polite and exciting technology in any industry. And in real estate, blockchain enables secure and transparent transactions and the creation of smart contracts without the need for intermediaries.
Real estate transactions and the entire paperwork process behind the transaction will be digitized and hardened in terms of security and tamper resistance. With blockchain technology, the process is not completed by an intermediary who verifies the legitimacy of the transaction through a network of thousands of computers scattered around the world.
Check the details of the real estate business on the network. Files and participants’ digital signatures are stored on all computers on the network along with a unique identification code
This approach using blockchain technology makes it impossible to hack or tamper with your files. Blockchain is changing the way real estate transactions are conducted by eliminating various structural inefficiencies in the real estate industry.
Blockchain Benefits in Real Estate:
- Decentralizing Digital Records
- Reducing Potential for Fraud
- Avoiding Paperwork with Digital Smart Contracts
- Avoiding Intermediaries
- Real-Time Real Estate Information
- Liquidity Through Tokenization
Time To Digitize Your Real Estate Business
Some people buy real estate when the market seems to be cooling down, while others only catch up when prices soar. This proves that the future of the real estate industry is very bright.
The future of the real estate market is technology driven and promising. Most of the upcoming real estate trends we’ve talked about here are related to smartphone apps in some way. So the first step is to find the best mobile real estate app development company.