Real Estate Technology Trends of 2020

Looking for the right property may be a strenuous and time-consuming task, but Real Estate ensures that you get a property of your taste served on a platter and have several options to consider before making your choice. You come across several real estate agents who may get successful in helping you choose the right property, but that's not it; then, the next step involves going through the pain of getting all the paperwork done to secure its legality credibility to your name. To narrow down all this, Real Estate apps and agent websites are growing and becoming a new trend to search for the right property of one's choice. All these apps are a part of Prop Tech.

Property Technology (Prop Tech) is being used on a wide scale and makes use of Information Technology that acts as a bridge between the client and companies/property dealers/ brokers, etc. It enables dealers and clients to buy, sell, and manage real estate easily. Prop Tech consists of 3 major segments- Smart homes, Sharing Real Estate, and Real Estate FinTech. Smart homes are coming into demand, whereby clients get the perks of a security surveillance system, a thermostat to adjust the temperature of your home automatically, and smart bulbs and appliances that can be regulated using your smartphones easily. Sharing Real Estate enables one to rent, share a part of their property or the whole property. Real Estate FinTech is extremely helpful in reducing the amount of paperwork involved in purchasing or renting any property.

The main agenda of Prop Tech is to minimize the use of resources and thereby to maximize its efficiency and results. It is time-saving, money-saving, and facilitates easy Real Estate transactions. Real Estate apps are one of the top technology trends that are transforming the Real Estate Industry. Such apps facilitate the interaction between property owners, agents, and clients without much hassle.

Cryptocurrencies & Block-Chain in Real Estate

Usage of cryptocurrencies for buying properties has already been introduced years ago, and it proved to be very beneficial, so later, Bitcoins were also added to this list as a means of buying homes. Blockchain technology as a means of transaction is budding as it leads to new opportunities and earning profits in business. Blockchain helps minimize the risk of fraud that may occur in the Real Estate property agreement papers by letting the seller and buyer view the documents digitally, where cryptography helps reduce the possibilities of forgery. Blockchain is widely used because of its great transparency, increased security, and easier traceability.

VR & AR Technologies

In 2020, during this pandemic era, there are lots of people willing to buy a property but are procrastinating due to safety issues. Visual and Augmented Reality is another huge Real Estate Technology Trend that enables the client to view the property of their choice sitting on their couches. Potential buyers can easily view houses using this VR technology and have virtual property tours without the discomfort of stepping out of their homes. It is time-saving, easy to access, and can view lots of properties according to their desire to choose the most favorable one.

AI in Real Estate

Amidst all these new trends Artificial Intelligence(AI) also lends a great helping hand. It analyses the client's demands and needs regarding the property and recommends them relevant matches and offers. AI helps provide a very personalized experience to each client or owner by suggesting the metrical analysis of the rise in property rates shortly, the requirement of maintenance, etc. No doubts, AI is smart in computing large scale data within no time and savoring your demands. Up next is the Push Technology apps that are gaining speed.

Smart Phones

Nowadays, since the number of people using smartphones increases day by day, push technology is an easy way through which real estate agencies and brokers can send their details, information on new properties, and deals via notifications to their potential customers directly. Notifications help establish a personalized connection with every client and lure them into availing of better offers and discounts or reconnecting and serving your old clients shortly.

Data Science

All the Real Estate apps are based on data storage, analysis, computing, and Big Data, providing insights into the available data with any real estate business that focuses on customer and seller interaction. Without Big Data, it would be time-consuming to analyze all the data available and assist the client in the best possible way. It helps regulate marketing strategies for potential customers as it is an insight into the customer's psyche as to what the customer is looking for.

Cloud Management

Next is the Cloud Property Management Software, which helps the tenants and owners in keeping track of the property at any point of time so that one can easily check the present rates of their property, the deals and offers that can help them benefit, the management that their property requires, etc. Easy access to the contract and other documents both by the tenants and owners.

The modernization in this new era helps people access complex businesses just at the touch of their screens. These new transformations in technology and the Real Estate apps have smoothened the process of buying and selling even in this era of pandemic and have proven to be beneficial.