Many people still think that the real estate industry is relatively a conventional sector as compared to the other industries in the world. But that’s not completely true as the realty sector has also been transforming and adopting modern approach in the business.
With the rapid innovation, the realty players have also shifted their focus towards the latest market trends like the arrival of the concepts of Artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and other tech-based approaches. This is the reason why, the proptech startups are gradually catching the eyes of people.
Take a look at some of the emerging proptech trends in the world that will really dominate the realty business in future.
1. Virtual home tours
Virtual Reality (VR) is not a new phenomenon in the tech world, considering its solid presence in the sectors like gaming, retail, defense etc. However, one can say that it is a recent entry in the industry of Real Estate. Ever since the world has been hit by the COVID-19 pandemic, the demand for virtual home tours has increased. In the post-covid era, many realty agents across the world are relying on virtual tours to show the properties, maintaining the protocols of social distancing.
Moreover, 3D videos of the property also provide the buyers a sense of belongingness. With the help of these videos, the buyers can check even the smallest details regarding the property meticulously. Hence, there is nothing wrong in saying that virtual home tours will become an important aspect for the tech-savvy buyers in the ‘new normal’ world.
2. E-signing agreements
As we have mentioned above, the COVID-19 pandemic has enforced every sector across the world to transform its structure digitally. Having said that, e-signing agreements have also become a mainstream norm in the real estate industry. After all, modern problems demand modern solutions.
With the increasing usage of online platforms for reducing the paperwork, the global digital signature market, which valued $1,534.8 million in 2019, is now expected to reach around $23,949.7 million by 2030.
3. Realty sector tapping into proprietary advertising solutions
When it comes to the advertising factor in real estate industry, it can be difficult to determine whether your campaigns are hitting the mark or not. In some cases, you might also find yourself wondering what’s should be a good conversion rate for a real estate advertisement? But when you deep dive-in and analyse all the marketing statistics, you will then understand the criteria of getting better leads.
Many local agents are using emerging digital advertising platforms to generate local listings and to build their presence in the market.
4. Fractional real estate investment
In the Commercial Real Estate, the mode of ownership has evolved dramatically over the past few years. Instead of bearing the entire expense of the luxurious property, the millennials are looking to share passive ownership of that unit. This trend has just gone beyond the stock and crypto markets. Hence, one can say that the fractional investment is the next big thing in the real estate industry.
5. Smart homes
Transforming the old or conventional residential properties into smart homes is the new way to grab the attention of potential buyers in the modern era. In fact, according to a latest study, 62% of the millennials give preference to the properties equipped with all the smart technologies.
Moreover, home automation is no longer about the extensive components or messy wires. You can turn your house into a smart home with a few digital devices including a voice assistant, smart security system, automated lighting etc.
6. Growing number of ibuyers
Technology has changed the way we do business and real estate is no exception. Eliminating the old and hectic process of buying and selling the properties, you can now take the ibuyer approach.
Ibuyer is basically a company that uses computer-generated statistics of market data, information supplied by sellers, and in some cases, inputs from the local agents, to give you instant cash on residential properties.
The growing numbers of ibssuyer companies in the market has proven that the people are now heading towards the technology-driven era in all sorts of spheres across the world.